Bus Market

Bus Market by Types (Single-decker and Double-decker), Fuel (Diesel, Electric & Hybrid, and Others), Applications (Transit Bus, Intercity/Coaches, and Others), and Regions (Asia Pacific, North America, Europe, Latin America, and Middle East & Africa) Global Industry Analysis, Growth, Share, Size, Trends, and Forecasts, 2022-2030

  • Report ID: CG-4563
  • Author: Growth Market Reports
  • Rating: 4.9
  • Total Reviews: 1
  • No. Of Pages: 178
  • Format:
  • Pub. Date: Upcoming
  • Share:

The global bus market was valued at about USD 45.4 billion in 2021 and is estimated to surpass USD 68 billion by 2030. The market is projected to expand at a CAGR of 8% between 2022 and 2030. Growth of the market is attributed to innovations and advancements in the public transport.


Bus Market Key Takeaways

A bus is a four-wheeled motor vehicle deployed to carry passengers on a fixed route. It is integral in public transportation and is extensively used in urban areas. It can also be used for scheduled transport, tourism, and school transport. A bus is utilized for advertising, such as in public information campaigning, promotion, and political campaigning. Fuel constitutes a major part of the operating cost of any vehicle. With the increasing costs of fuel, using an electric bus for public transport not only reduces the fuel cost but also reduces other upfront costs. Buses are a preferred mode of public transportation, as billions of people use buses for their day-to-day. The prices for the electric bus are expected to come down to that of diesel fuel buses. The use of electric buses has reduced maintenance and operating costs by about 83%. The noise, vibration, and harshness levels in electric buses are minimal, unlike traditional diesel buses, which improve comfort for the passengers. For instance, the Government of India’s ministry of road transport & highways has introduced schemes for providing central assistance to the state road transport undertaking to strengthen the public transport system. It employs technology such as GPS/ GSM in vehicles for tracking, automatic fare collection, and electronic ticket vending for the inter-city and rural areas. This, in turn, is increasing security for people who are travelling alone, and creating opportunities in the market.

The COVID-19 pandemic has prompted governments around the world to impose restrictions on transport, thus hampering the market. Physical distancing, enforced during the pandemic, has restrained mobility and preferences, encouraging many people to use private vehicles to reduce the risk of infection.

Market Trends, Drivers, Restraints, and Opportunities:

  • Consumers are inclined towards public transport due to rising fuel prices, which is projected to drive the market during the forecast period.
  • Growing population and increasing government initiatives to reduce pollution and traffic congestion is boosting the deployment and use of busses, thus fueling the market.
  • Lack of modern infrastructure to support smooth bus transport is impeding the market.
  • 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 market growth.
  • Growing use of smart transportation assists in increasing the adoption of busses and utilizes information technology and Artificial Intelligence to efficiently manage and coordinate advanced public transportation systems, this is anticipated to propel the market.

Scope of the 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

2021

Historic Data

2019–2020

Forecast Period

2022–2030

Segmentation

Types (Single-decker and Double-decker), Capacity Types (15-30 Seats, 31-50 Seats, and More Than 50 Seats), Fuel (Diesel, Electric & Hybrid, and Others), Applications (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

Zhengzhou Yutong Bus Co., Daimler AG, Volvo, Traton Group, Tata Motors Limited, Ashok Leyland, Anhui Ankai Automobile, NFI group Inc. Solaris Bus & Coach SA, BYD Co. Ltd

Bus Market Segment Insights:       

High demand for single-decker buses

In terms of types, the bus market can be bifurcated into single-decker and double-decker. The single-decker segment constituted a significant share of the market share in 2020. These busses 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 busses. Growth in the middle-class population is driving the demand for comfort, which is driving the usage of various buses. Increase in travel and tourism is projected to propel the need for double-decker busses, which are used for sightseeing and parties.


Bus Market By Types

Rising need for electric buses

Based on the by fuel types, 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 busses 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 cost of electric buses are 83% of the lower than those of diesel buses.

Transit segment to grow significantly

On the basis of applications, the bus market can be divided into transit bus, intercity/coaches, and others. The transit bus segment holds a significant share of the market. Increasing use of public transport is reducing the use of private vehicles, which in turn, is reducing congestion on the road and decreasing traffic.

North America is expected to witness the fastest growth rate

In terms of regions, the global bus market can be split into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. North America is expected to hold a significant share of the market due to increasing demand for busses and rising populations in the region.


Bus Market By Regions

Segments

By Types
  • Single-decker
  • Double-decker
By Fuel Types
  • Diesel
  • Electric & Hybrid
  • Others
By Applications
  • Transit Bus
  • Intercity /Coaches
  • Other Application
By Regions
  • North America
  • Europe
  • Latin America
  • Asia Pacific
  • Middle East & Africa
Market Players

Competitive Landscape

Key players in the bus market include he major players in the market include Ashok Leyland, Daimler AG, Tata Motors, Triton, Volvo, Xiamen King Long United, and Zhengzhou Yutong Bus Co. These market participants are engaging in organic and inorganic strategies such as mergers & acquisitions, partnerships, product developments, agreements, and collaborations, to garner market share.

Bus Market By Key Players

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 (000’ 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 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 Intercity /Coaches 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 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 Intercity /Coaches 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 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 Intercity /Coaches 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 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 Intercity /Coaches 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 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 Intercity /Coaches 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 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 Intercity /Coaches 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 Daimler AG Tata Motors Triton Volvo Xiamen King Long United  
By Types
  • Single-decker
  • Double-decker
By Fuel Types
  • Diesel
  • Electric & Hybrid
  • Others
By Applications
  • Transit Bus
  • Intercity /Coaches
  • Other Application
By Regions
  • North America
  • Europe
  • Latin America
  • Asia Pacific
  • Middle East & Africa
Market Players

Key players in the bus market include he major players in the market include Ashok Leyland, Daimler AG, Tata Motors, Triton, Volvo, Xiamen King Long United, and Zhengzhou Yutong Bus Co. These market participants are engaging in organic and inorganic strategies such as mergers & acquisitions, partnerships, product developments, agreements, and collaborations, to garner market share.

Bus Market By Key Players

Buy Report