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The global bus market reached a value of US$ 43.84 Billion in 2021. Looking forward, IMARC Group expects the market to reach a value of US$ 68.79 Billion by 2027, exhibiting a CAGR of 7.20% during 2022-2027. Keeping in mind the uncertainties of COVID-19, we are continuously tracking and evaluating the direct as well as the indirect influence of the pandemic. These insights are included in the report as a major market contributor.
A bus is a large motor vehicle designed for facilitating the movement of people within a city or to remote locations along a fixed route and schedule. It is one of the widely used forms of public transport across the globe that reduces air pollution and requires less fuel to move passengers and minimal investments to launch new lines or routes. At present, there is a rise in the number of people travelling via bus on account of inflating fuel prices, increasing traffic congestion and roadway expansion costs, and changing consumer preferences.
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Due to rising environmental concerns, there is an increase in the number of people opting for public transport. This represents one of the key factors bolstering the growth of the market. Moreover, buses help individuals in social inclusion and avail benefits of education, employment, and healthcare facilities. They are also used for advertising about different products and political and public information campaigns. In addition, as they are operated by professional drivers, buses have a lower accident rate than other automobiles. This, coupled with the introduction of smart traffic lights (STL) management systems to reduce road congestion, is driving the market. Besides this, key players are focusing on strategic developments and mergers and acquisitions (M&A) to expand their geographical presence. Furthermore, governments of numerous countries are encouraging the adoption of electric buses to reduce the emissions of greenhouse (GHGs) gases, which is positively influencing the market. Some of the other factors, such as concessionary travel bus passes, rising automation in the transportation industry, rapid urbanization, and the increasing use of big data to optimize routes, vehicle dispatch, and schedules, are facilitating the growth of the market.
IMARC Group provides an analysis of the key trends in each sub-segment of the global bus market, along with forecasts at the global, regional and country level from 2022-2027. Our report has categorized the market based on type, fuel type, seat capacity and application.
Breakup by Type:
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Breakup by Fuel Type:
Breakup by Seat Capacity:
Breakup by Application:
Breakup by Region:
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The competitive landscape of the industry has also been examined along with the profiles of the key players being AB Volvo, Anhui Ankai Automobile Co. Ltd., Ashok Leyland (Hinduja Group), BYD Company Ltd., IVECO S.p.A, Mercedes-Benz Group AG, NFI Group, Solaris Bus & Coach sp. z o.o. (Construcciones y Auxiliar de Ferrocarriles S.A.), Suzhou Eagle Electric Vehicle Manufacturing Co. Ltd., Tata Motors Limited, Traton Group (Volkswagen AG), Xiamen King Long United Automotive Industry Co. Ltd. and Zhengzhou Yutong Bus Co. Ltd.
|Base Year of the Analysis||2021|
|Segment Coverage||Type, Fuel Type, Seat Capacity, Application, Region|
|Region Covered||Asia Pacific, Europe, North America, Latin America, Middle East and Africa|
|Countries Covered||United States, Canada, Germany, France, United Kingdom, Italy, Spain, Russia, China, Japan, India, South Korea, Australia, Indonesia, Brazil, Mexico|
|Companies Covered||AB Volvo, Anhui Ankai Automobile Co. Ltd., Ashok Leyland (Hinduja Group), BYD Company Ltd., IVECO S.p.A, Mercedes-Benz Group AG, NFI Group, Solaris Bus & Coach sp. z o.o. (Construcciones y Auxiliar de Ferrocarriles S.A.), Suzhou Eagle Electric Vehicle Manufacturing Co. Ltd., Tata Motors Limited, Traton Group (Volkswagen AG), Xiamen King Long United Automotive Industry Co. Ltd. and Zhengzhou Yutong Bus Co. Ltd.|
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The global bus market was valued at US$ 43.84 Billion in 2021.
We expect the global bus market to exhibit a CAGR of 7.20% during 2022-2027.
The emergence of electric buses to reduce GHG emissions, along with the growing application of Big Data software to optimize routes, vehicle dispatch times, schedules, etc., is currently driving the global bus market.
The sudden outbreak of the COVID-19 pandemic had led to the implementation of stringent lockdown regulations across several nations resulting in temporary restrictions on public transports and growing shift towards private vehicles to combat the risk of the coronavirus infection.
Based on the type, the global bus market can be categorized into single deck and double deck. Currently, single deck buses exhibit clear dominance in the market.
Based on the fuel type, the global bus market has been segmented into diesel, electric and hybrid, and others. Among these, diesel represents the largest market share.
Based on the application, the global bus market can be bifurcated into transit bus, intercity/coaches, and others. Currently, transit bus accounts for the majority of the total market share.
On a regional level, the market has been classified into North America, Europe, Asia-Pacific, Middle East and Africa, and Latin America, where Asia-Pacific currently dominates the global market.
Some of the major players in the global bus market include AB Volvo, Anhui Ankai Automobile Co. Ltd., Ashok Leyland (Hinduja Group), BYD Company Ltd., IVECO S.p.A, Mercedes-Benz Group AG, NFI Group, Solaris Bus & Coach sp. z o.o. (Construcciones y Auxiliar de Ferrocarriles S.A.), Suzhou Eagle Electric Vehicle Manufacturing Co. Ltd., Tata Motors Limited, Traton Group (Volkswagen AG), Xiamen King Long United Automotive Industry Co. Ltd., and Zhengzhou Yutong Bus Co. Ltd.
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