The latest research study “Global Bus Market Share, Size, Growth, Trends, Opportunity and Forecast 2022-2027” by IMARC Group, finds that 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.
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.
Industry Definition and Application:
A bus represents a large motor vehicle that is designed for facilitating the movement of people between locations along a fixed route and as per a predetermined schedule. It can be single-deck or double-deck in nature. Buses are among the most widely utilized forms of public transportation across the globe. They help reduce air pollution levels, require less fuel to move more passengers, and entail minimal investments to launch new routes or lines.
Global Bus Market Trends and Drivers:
The inflating fuel prices and traffic congestion levels across countries are primarily driving the bus market. In addition to this, buses connect socially excluded individuals living in far-flung areas with educational, employment, and healthcare facilities. This is further catalyzing the market growth. Moreover, since they are operated by professional drivers, buses typically have a lower accident rate than other vehicles, which is also augmenting the global market. Apart from this, the introduction of smart traffic lights (STL) management systems to reduce road congestion is acting as another significant growth-inducing factor. Furthermore, the launch of beneficial policies by government bodies aimed at encouraging the adoption of electric buses so as to reduce the emissions of greenhouse (GHGs) gases is also bolstering the market growth. Besides this, the rising popularity of concessionary travel bus passes and the expanding usage of Big Data to optimize routes, vehicle dispatch times, schedules, etc., are expected to stimulate the bus market in the coming years.
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|Bus Market Report Scope|
|Market size value in 2021||US$ 43.84 Billion|
|Market forecast in 2027||US$ 68.79 Billion|
|Growth Rate||CAGR of 7.20% from 2022 to 2027|
|Base year for estimation||2021|
|Report coverage||Revenue forecast, company ranking, competitive landscape, growth factors, and trends|
|Segments covered||Type, Fuel Type, Seat Capacity, Application and Region|
|Regional scope||North America, Europe, Asia-Pacific, Latin America, Middle East and Africa|
|Key companies profiled||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.|
|Market Dynamics||Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID 19 impact and future consumer dynamics, market condition analysis for forecast period,|
|Customization preview||If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized.|
The report has been segmented the market into following categories:
Breakup by type:
- Single Deck
- Double Deck
Breakup by Fuel Type:
- Electric and Hybrid
Breakup by Seat Capacity:
- 15-30 Seats
- 31-50 Seats
- More than 50 Seats
Breakup by Application:
- Transit Bus
- North America
- United States
- South Korea
- United Kingdom
- Latin America
- Middle East and Africa
List of Major Key Players:
The major players in the market are 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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