Home
Automotive & Logistics
Electric & Hybrid Vehicles
Bus Market Size, Share, Growth, Industry Trend | Report 2031

Bus Market

Name: Growth Market Reports
Address: 500 East E Street, Ontario, 91764, USA
Telephone: +1 909 414 1393

Segments - by Type (Single-decker and Double-decker), Fuel (Diesel, Electric & Hybrid, and Others), Application (Transit Bus, Intercity/Coaches, and Others), and Region (Asia Pacific, North America, Europe, Latin America, and Middle East & Africa) - Global Industry Analysis, Growth, Share, Size, Trends, and Forecasts, 2023-2031

AL-4563
4.3 Rating
178 Pages

Upcoming
65 Reviews

Author :

Akash Vedpathak

Fact-checked by :

Amulya Agarwal

Editor :

Shreyas Tandon

Report Description

The global bus market size was valued at about USD 49.03 Billion in 2022 and is estimated to surpass USD 98.01 Billion by 2031, expanding at a CAGR of 8% during the forecast period, 2023–2031. The market is propelled by increasing investments, innovations, and advancements in public and private transport sectors.

Rising cost of fuel and concerns about environmental damage is resulting in governments and private transport organizations purchasing electric buses for transport purposes, which is the major driver of the bus market. The use of electric buses for public transport not only reduces fuel costs but also minimizes pollution and reduces other upfront costs, which is fueling their adoption around the world. For instance,

As per the carbon neutrality goals declared by Xi Jinping, President of China, the nation’s “14th Five Year Plan (2021-2025) for a Modern and Comprehensive Transportation System” was published on 18th January 2022. It highlighted green transition development principles, people-oriented development, and focus on innovation. The plan also focuses on the crucial role of New Energy Buses (NEB) in China’s plan to reduce carbon emissions in urban cities. As one of the steps towards “Green & Innovative Mobility” about 72% of China’s urban public buses are anticipated to be electricity-based by 2025.

As the COVID-19 pandemic is normalizing, the demand for city buses and school buses is expected to increase again as several countries have exited lockdown measures after the pandemic. Several regions experienced the highest decline in demand for buses in 2020, with the lockdown and stoppage of business activities. However, such regions are expected to regain the significant demand growth for new buses owing to the return to business as usual worldwide and rising focus on the upgradation of transport facilities.

Buses are a preferred mode of public transportation, as billions of people use public and privately owned buses for their day-to-day traveling needs. With growing demand and advancing techniques in the manufacture of electric vehicles, the prices for the electric bus are expected to come down to that of diesel fuel buses. Studies reveal that the use of electric buses has reduced maintenance and operating costs by about 83%. Thus, furthering its adoption for transport needs.

City buses and local tourist buses are also increasing on the roads with the opening of worldwide economies. The majority of the bus market in North America i.e., the United States and Canada, is comprised of school buses. Around 80% of buses are designated for school transport purposes. The remaining 15% includes city buses and the rest of the 5% buses are coaches. School buses are expected to recover with the end of homeschooling and the opening of schools post-pandemic.

Several governments are focusing on providing the necessary transit to support ridership. There is a rising need for public transit to increase accessibility for the individual. Easy processes and simple-to-use technology attract individuals to use public transport. It can be a more practical and handy method for travel. Mobility-as-a-Service (MAAS) models allow individuals to use apps to facilitate mobile ticketing. The individual can plan a journey to any destination within the city using the multimodal transport system.

Bus Market Dynamics

Major Drivers

Increasing popularity of electric buses especially in Europe, due to the introduction of several measures by governments to control pollution levels is expected to boost the bus market growth. Electric buses are gaining popularity owing to the lower operational costs and environmental benefits. Electric buses have zero tailpipe emissions and are cleaner than gasoline or diesel engines. Electric buses reduce the carbon footprint and the risk associated with cognitive, respiratory, and other health issues.

Growing population and increasing government initiatives to reduce pollution and traffic congestion is boosting the deployment and use of buses, thus fueling the market. Consumers are inclined towards public transport due to rising fuel prices, which is projected to drive the market during the forecast period.

Existing Restraints

Rising adoption of passenger cars, as several consumers are buying personal cars and SUVs is expected to restrain the market. This subsequently affects the consumer preference for buses for intercity travel and a decline in revenue generation. Lack of independent security systems, such as video surveillance and access control, as well as a unified command and control platform are estimated to hinder the bus market growth.

Emerging Opportunities

Growing use of smart transportation assists is increasing the adoption of buses and is expected to create lucrative opportunities for the market players. Smart transportation utilizes information technology such as Artificial Intelligence (AI) to efficiently manage and coordinate advanced public transportation systems. AI technology can be used to monitor the buses and inform the operators when maintenance is needed. It helps to reduce carbon emissions and fuel consumption by ensuring that the buses are running at optimal efficiency.

Scope of Bus Market Report

The report on the global bus market includes an assessment of the market, size, share, trends, segments, and regional markets. Overview and dynamics have been included in the report.

Attributes	Details
Report Title	Bus Market - Global Industry Analysis, Growth, Share, Size, Trends, and Forecast
Base Year	2022
Historic Data	2016–2021
Forecast Period	2023–2031
Segmentation	Type (Single-decker and Double-decker), Fuel (Diesel, Electric & Hybrid, and Others), and Application (Transit Bus, Intercity/Coaches, and Others)
Regional Scope	Asia Pacific, North America, Latin America, Europe, and Middle East & Africa
Report Coverage	Company Share, Market Analysis and Size, Competitive Landscape, Growth Factors, and Trends, and Revenue Forecast
Key Players Covered in the Report	Ashok Leyland; Mercedes-Benz Group AG.; Tata Motors; BYD Co. Ltd; TRATON GROUP; Volvo Car Corporation; Xiamen King Long International Trading Co., Ltd.; YUTONG; NFI Group.; Anhui Ankai Automobile Co., Ltd; and Solaris Bus & Coach sp. z o.o.

Bus Market Segment Insights

Type Segment Analysis

In terms of type, the bus market can be bifurcated into single-decker and double-decker. The single-decker segment constituted a significant share of the market in 2022. These buses are employed for intercity, intracity, and interstate transportation. Additionally, they are employed to pick up and drop off children from school.

Rising demand for buses for long-distance journeys in numerous countries is fuelling the single-decker buses. Growth in the middle-class population is driving the demand for comfort, which is driving the usage of various buses. An increase in travel and tourism is projected to propel the need for double-decker buses, which are used for sightseeing and parties.

Fuel Type Analysis

Based on fuel, the market can be segmented into diesel, electric & hybrid, and others. The electric & hybrid buses segment constituted a significant share of the market in 2022 and is projected to expand at a rapid pace during the forecast period. Growing need for electric buses is attributed to various measures taken by governments to reduce pollution. Additionally, improving infrastructure and the availability of charging stations in developing and developed countries are promoting the use of electric buses and thus, fueling segment growth.

The demand for electric & hybrid buses for sustainable and energy-efficient public transport continues to drive the segment. The electrification of public transport in various countries has driven the demand for electric buses, thereby boosting the segment. Furthermore, fuel is a major operating cost of any vehicle. The use of electric buses for public transport helps mitigate the increasing cost of fuel. The maintenance cost and operating costs of electric buses are 83% lower than those of diesel buses.

Application Segment Analysis

On the basis of application, the bus market can be divided into transit buses, intercity/coaches, and others. The transit bus segment is expected to register a robust growth rate during the forecast period. Increasing use of public transport is reducing the use of private vehicles, which in turn, is reducing congestion on the road and decreasing traffic.

Regional Analysis

In terms of region, the global bus market can be split into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. Asia Pacific is expected to dominate the market during the projection period, due to the higher population. In emerging countries such as China and India, consumers’ preference for public transport is high as it is cost-effective compared to other travel.

The market in North America is anticipated to expand at a rapid pace in the coming years, due to increasing demand for buses and rising populations in the region. Several countries are taking the delivery of new electric school buses and some states are planning to include more electric buses in the coming years, which is expected to boost the market in the region.

Segments

Type

Single-decker
Double-decker

Fuel Type

Diesel
Electric & Hybrid
Others

Application

Transit Bus
Intercity /Coaches
Other Application

Region

North America
Europe
Latin America
Asia Pacific
Middle East & Africa

Key Players

Ashok Leyland
Mercedes-Benz Group AG
Tata Motors
BYD Co. Ltd
TRATON GROUP
Volvo Car Corporation
Xiamen King Long International Trading Co., Ltd.
YUTONG
NFI Group.
Anhui Ankai Automobile Co., Ltd
Solaris Bus & Coach sp. z o.o.

Competitive Landscape

Key players in the bus market include the major players in the market include Ashok Leyland; Mercedes-Benz Group AG.; Tata Motors; BYD Co. Ltd; TRATON GROUP; Volvo Car Corporation; Xiamen King Long International Trading Co., Ltd.; YUTONG; NFI Group.; Anhui Ankai Automobile Co., Ltd; and Solaris Bus & Coach sp. z o.o.

These market participants are engaging in organic and inorganic strategies such as mergers & acquisitions, partnerships, product developments, agreements, and collaborations, to garner market share.

On November 10, 2022, BYD unveiled the Type A battery-electric school bus, “the Achiever”, at the transporting students with Disabilities and Special Needs (TSD) conference. Type A is equipped with innovative vehicle-to-grid (V2G) technology that is helping students to have a cleaner and more suitable future.

Table Of Content

1. Executive Summary
2. Assumptions and Acronyms Used
3. Research Methodology
4. Bus Market Overview
  4.1. Introduction
     4.1.1. Market Taxonomy
     4.1.2. Market Definition
  4.2. Macro-Economic Factors
     4.2.1. Industry Outlook
  4.3. Bus Market Dynamics
     4.3.1. Market Drivers
     4.3.2. Market Restraints
     4.3.3. Opportunity
     4.3.4. Market Trends
  4.4. Bus Market - Supply Chain
  4.5. Global Bus Market Forecast
     4.5.1. Bus Market Size (US$ Mn) and Y-o-Y Growth
     4.5.2. Bus Market Size (000â€™ Units) and Y-o-Y Growth
     4.5.3. Bus Market Absolute $ Opportunity
5. Global Bus Market Analysis and Forecast by Types
  5.1. Market Trends
  5.2. Introduction
     5.2.1. Basis Point Share (BPS) Analysis by Types
     5.2.2. Y-o-Y Growth Projections by Types
  5.3. Bus Market Size and Volume Forecast by Types
     5.3.1. Single-decker
     5.3.2. Double-decker
  5.4. Absolute $ Opportunity Assessment by Types
  5.5. Market Attractiveness/Growth Potential Analysis by Types
6. Global Bus Market Analysis and Forecast by Applications
  6.1. Market Trends
  6.2. Introduction
     6.2.1. Basis Point Share (BPS) Analysis by Applications
     6.2.2. Y-o-Y Growth Projections by Applications
  6.3. Bus Market Size and Volume Forecast by Applications
     6.3.1. Transit Bus
     6.3.2. Intercity /Coaches
     6.3.3. Other Application
  6.4. Absolute $ Opportunity Assessment by Applications
  6.5. Market Attractiveness/Growth Potential Analysis by Applications
7. Global Bus Market Analysis and Forecast by Region
  7.1. Market Trends
  7.2. Introduction
     7.2.1. Basis Point Share (BPS) Analysis by Region
     7.2.2. Y-o-Y Growth Projections by Region
  7.3. Bus Market Size and Volume Forecast by Region
     7.3.1. North America
     7.3.2. Latin America
     7.3.3. Europe
     7.3.4. Asia Pacific
     7.3.5. Middle East and Africa (MEA)
  7.4. Absolute $ Opportunity Assessment by Region
  7.5. Market Attractiveness/Growth Potential Analysis by Region
  7.6. Global Bus Demand Share Forecast, 2019-2026
8. North America Bus Market Analysis and Forecast
  8.1. Introduction
     8.1.1. Basis Point Share (BPS) Analysis by Country
     8.1.2. Y-o-Y Growth Projections by Country
  8.2. North America Bus Market Size and Volume Forecast by Country
     8.2.1. U.S.
     8.2.2. Canada
  8.3. Absolute $ Opportunity Assessment by Country
  8.4. North America Bus Market Size and Volume Forecast by Types
     8.4.1. Single-decker
     8.4.2. Double-decker
  8.5. Basis Point Share (BPS) Analysis by Types
  8.6. Y-o-Y Growth Projections by Types
  8.7. North America Bus Market Size and Volume Forecast by Applications
     8.7.1. Transit Bus
     8.7.2. Intercity /Coaches
     8.7.3. Other Application
  8.8. Basis Point Share (BPS) Analysis by Applications
  8.9. Y-o-Y Growth Projections by Applications
  8.10. Market Attractiveness/Growth Potential Analysis
     8.10.1. By Country
     8.10.2. By Product Type
     8.10.3. By Application
  8.11. North America Bus Demand Share Forecast, 2019-2026
9. Latin America Bus Market Analysis and Forecast
  9.1. Introduction
     9.1.1. Basis Point Share (BPS) Analysis by Country
     9.1.2. Y-o-Y Growth Projections by Country
     9.1.3. Latin America Average Pricing Analysis
  9.2. Latin America Bus Market Size and Volume Forecast by Country
      9.2.1. Brazil
      9.2.2. Mexico
      9.2.3. Rest of Latin America
   9.3. Absolute $ Opportunity Assessment by Country
  9.4. Latin America Bus Market Size and Volume Forecast by Types
     9.4.1. Single-decker
     9.4.2. Double-decker
  9.5. Basis Point Share (BPS) Analysis by Types
  9.6. Y-o-Y Growth Projections by Types
  9.7. Latin America Bus Market Size and Volume Forecast by Applications
     9.7.1. Transit Bus
     9.7.2. Intercity /Coaches
     9.7.3. Other Application
  9.8. Basis Point Share (BPS) Analysis by Applications
  9.9. Y-o-Y Growth Projections by Applications
  9.10. Market Attractiveness/Growth Potential Analysis
     9.10.1. By Country
     9.10.2. By Product Type
     9.10.3. By Application
  9.11. Latin America Bus Demand Share Forecast, 2019-2026
10. Europe Bus Market Analysis and Forecast
  10.1. Introduction
     10.1.1. Basis Point Share (BPS) Analysis by Country
     10.1.2. Y-o-Y Growth Projections by Country
     10.1.3. Europe Average Pricing Analysis
  10.2. Europe Bus Market Size and Volume Forecast by Country
     10.2.1. Germany
     10.2.2. France
     10.2.3. Italy
     10.2.4. U.K.
     10.2.5. Spain
     10.2.6. Russia
     10.2.7. Rest of Europe
  10.3. Absolute $ Opportunity Assessment by Country
  10.4. Europe Bus Market Size and Volume Forecast by Types
     10.4.1. Single-decker
     10.4.2. Double-decker
  10.5. Basis Point Share (BPS) Analysis by Types
  10.6. Y-o-Y Growth Projections by Types
  10.7. Europe Bus Market Size and Volume Forecast by Applications
     10.7.1. Transit Bus
     10.7.2. Intercity /Coaches
     10.7.3. Other Application
  10.8. Basis Point Share (BPS) Analysis by Applications
  10.9. Y-o-Y Growth Projections by Applications
  10.10. Market Attractiveness/Growth Potential Analysis
     10.10.1. By Country
     10.10.2. By Product Type
     10.10.3. By Application
  10.11. Europe Bus Demand Share Forecast, 2019-2026
11. Asia Pacific Bus Market Analysis and Forecast
  11.1. Introduction
     11.1.1. Basis Point Share (BPS) Analysis by Country
     11.1.2. Y-o-Y Growth Projections by Country
     11.1.3. Asia Pacific Average Pricing Analysis
  11.2. Asia Pacific Bus Market Size and Volume Forecast by Country
     11.2.1. China
     11.2.2. Japan
     11.2.3. South Korea
     11.2.4. India
     11.2.5. Australia
     11.2.6. Rest of Asia Pacific (APAC)
  11.3. Absolute $ Opportunity Assessment by Country
  11.4. Asia Pacific Bus Market Size and Volume Forecast by Types
     11.4.1. Single-decker
     11.4.2. Double-decker
  11.5. Basis Point Share (BPS) Analysis by Types
  11.6. Y-o-Y Growth Projections by Types
  11.7. Asia Pacific Bus Market Size and Volume Forecast by Applications
     11.7.1. Transit Bus
     11.7.2. Intercity /Coaches
     11.7.3. Other Application
  11.8. Basis Point Share (BPS) Analysis by Applications
  11.9. Y-o-Y Growth Projections by Applications
  11.10. Market Attractiveness/Growth Potential Analysis
     11.10.1. By Country
     11.10.2. By Product Type
     11.10.3. By Application
  11.11. Asia Pacific Bus Demand Share Forecast, 2019-2026
12. Middle East & Africa Bus Market Analysis and Forecast
  12.1. Introduction
     12.1.1. Basis Point Share (BPS) Analysis by Country
     12.1.2. Y-o-Y Growth Projections by Country
     12.1.3. Middle East & Africa Average Pricing Analysis
  12.2. Middle East & Africa Bus Market Size and Volume Forecast by Country
     12.2.1. Saudi Arabia
     12.2.2. South Africa
     12.2.3. UAE
     12.2.4. Rest of Middle East & Africa (MEA)
  12.3. Absolute $ Opportunity Assessment by Country
  12.4. Middle East & Africa Bus Market Size and Volume Forecast by Types
     12.4.1. Single-decker
     12.4.2. Double-decker
  12.5. Basis Point Share (BPS) Analysis by Types
  12.6. Y-o-Y Growth Projections by Types
  12.7. Middle East & Africa Bus Market Size and Volume Forecast by Applications
     12.7.1. Transit Bus
     12.7.2. Intercity /Coaches
     12.7.3. Other Application
  12.8. Basis Point Share (BPS) Analysis by Applications
  12.9. Y-o-Y Growth Projections by Applications
  12.10. Market Attractiveness/Growth Potential Analysis
     12.10.1. By Country
     12.10.2. By Product Type
     12.10.3. By Application
  12.11. Middle East & Africa Bus Demand Share Forecast, 2019-2026
13. Competition Landscape
  13.1. Global Bus Market: Market Share Analysis
  13.2. Bus Distributors and Customers
  13.3. Bus Market: Competitive Dashboard
  13.4. Company Profiles (Details: Overview, Financials, Developments, Strategy)
     13.4.1. Ashok Leyland
     13.4.2. Mercedes-Benz Group AG.
     13.4.3. Tata Motors
     13.4.4. BYD Co. Ltd
     13.4.5. TRATON GROUP
     13.4.6. Volvo Car Corporation
     13.4.7. Xiamen King Long International Trading Co., Ltd.
     13.4.8. YUTONG
     13.4.9. NFI Group.
     13.4.10. Anhui Ankai Automobile Co., Ltd
     13.4.11. Solaris Bus & Coach sp. z o.o

Methodology

Purchase Premium Report

Buy Now

Request For Sample

Request For Customization

Enquiry Before Buying

Speak With Analyst

Customize This Report

Ask for Research To Be Focused On Specific Regions or Segments
Receive Data As Per Your Format and Definition
Companies Profiled based on Your Requirements
Breaking Down Competitive Landscape as per Your Requirements
Any Level of Customization

Our Clients

Client Testinomials

We needed a highly accurate and precise report, which Growth Market Reports delivered promptly. The company compiled information from a wide array of reliable agencies and sourcess.It is extremely satisfactory to be working with you.
Strategy Head of Major Tech Company

We were very pleased to contact Growth Market Reports as they tailored reports precisely as per our requirements. As we are dealing with the aerospace and defense industry, we need reports of high accuracy and substantial quality.
Major Player in Defense Industry

Extremely delighted to have a well-crafted report on “Global Packaging Solutions Market Research Report” from your team. Thank you for providing me with all our requirements and for incorporating our suggestions.
CMO of Leading Packaging Company from USA

I had a good experience working with Growth Market Reports as they were very open to all constructive changes in the report. I found that the report had its charm embedded with ample of data.
Founder and Managing Partner of Major Korean Company

Our company has been working with Growth Market Reports for some years now and we are very happy with the quality of the reports provided by the company.I, on behalf of my organization, would like to thank you for offering professional reports.
Global Consulting Firm

Quick Contact

+1 909 414 1393

sales@growthmarketreports.com

Growth Market Report

Certified By