Market Overview 2022-2027:
The latest research study “Bus Market: Global Industry Trends, Share, Size, Growth, 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.
Industry Definition and Application:
A bus is a large motor vehicle designed to ease the movement of individuals along a fixed route and schedule within a city or to remote locations. It is one of the most commonly used modes of public transportation across the world. It aids in reducing air pollution as it requires less fuel to move passengers and minimal investments to introduce new routes or lines. As a result, bus is gaining immense traction among travelers due to the increasing traffic congestion, elevating roadway expansion costs, changing consumer preferences, and inflating fuel prices.
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The global bus market is primarily driven by the increasing number of people opting for public transport and the rising environmental concerns. Moreover, the emerging applications of buses for the advertisement of different products and political and public information campaigns are positively influencing the market growth. Additionally, several favorable initiatives by governments of numerous countries to promote the adoption of electric buses to minimize the emissions of greenhouse gases (GHGs) have catalyzed market growth.
Besides this, various key players are focusing on strategic developments and mergers and acquisitions (M&A) to expand their geographical presence. Furthermore, buses are operated by professional drivers and have a lower accident rate than other automobiles. In line with this, the introduction of smart traffic lights (STL) management systems to reduce road congestion is contributing to market growth. Other factors, including the rising automation in the transportation industry, concessionary travel bus passes, and increasing usage of big data to optimize routes and vehicle dispatch, are also anticipated to drive the market further.
|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|
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
Breakup by Geography:
- North America:( United States, Canada)
- Asia-Pacific: (China, Japan, India, South Korea, Australia, Indonesia, Others)
- Europe: (Germany, France, United Kingdom, Italy, Spain, Russia, Others)
- Latin America: (Brazil, Mexico, Others)
- Middle East and Africa
Competitive Landscape with Key Player:
- AB Volvo
- Anhui Ankai Automobile Co. Ltd.
- 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.
- Ashok Leyland (Hinduja Group)
- BYD Company Ltd.
- IVECO S.p.A
- Tata Motors Limited
- Traton Group (Volkswagen AG)
- Xiamen King Long United Automotive Industry Co. Ltd.
- Zhengzhou Yutong Bus Co. Ltd.
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