According to the latest report by IMARC Group, titled "Bus Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027," the global bus market reached a value of US$ 43.84 Billion in 2021. A bus is a type of motor vehicle that is generally used for carrying passengers on a fixed schedule and route. It is widely utilized for goods transport, brand or product promotion, private charter, tourism, and student and public transport. There has been a considerable increase in the preference for buses for travel purposes due to the increasing traffic congestion across urban locations and continual improvements in public mobility services. Along with this, rapid advancements in the public transportation sector, such as the advent of digital ticketing and live tracking solutions are providing an impetus to the demand for buses among the masses.
We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.
Global Bus Market Trends:
The global market is primarily driven by the increasing demand for the public transportation systems since they are relatively cheaper than private and personal vehicles. In line with this, the widespread adoption of buses by educational institutions, corporate offices and hospitals is propelling their demand. Along with this, numerous leading manufacturers and sellers are heavily investing in launching electric-powered buses due to an enhanced focus on sustainable development, which is creating a positive market outlook. Additionally, the increasing initiatives by the governments of several countries to promote the utilization of electric buses on account of the rising pollution levels are acting as another major growth-inducing factor. Furthermore, smart tracking solutions and intelligent communication technology (ICT) are widely being equipped with buses, which is anticipated to favorably impact the market. Other factors, including the growing need to connect rural areas to cities and the augmenting fuel prices across the globe, are also positively influencing the market growth.?On account of the aforementioned factors, the market is anticipated to reach a value of US$ 68.79?Billion by 2027, exhibiting a CAGR of 7.20% during 2022-2027.
- On the basis of the type, the market has been bifurcated into single and double decks.
- Based on the fuel type, the market has been segmented into diesel, electric and hybrid, and others.
- On the basis of the seat capacity, the market has been classified into 15-30, 31-50 and more than 50 seats.
- Based on the application, the market has been categorized into transit bus, intercity/coaches and others.
- On the basis of the region, the market has been divided into North America (the United States and Canada), Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia and others), Europe (Germany, France, the United Kingdom, Italy, Spain, Russia and others), Latin America (Brazil, Mexico and others) and the Middle East and Africa.
- The competitive landscape of the market has been studied in the report with the detailed profiles of the key players operating in the market.?Some of these players 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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