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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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