Dublin, April 04, 2023 (GLOBE NEWSWIRE) -- The "Buses And Coaches Global Market Report 2023" report has been added to ResearchAndMarkets.com's offering.
The global buses and coaches market will grow from $42.76 billion in 2022 to $45.99 billion in 2023 at a compound annual growth rate (CAGR) of 7.5%. The buses and coaches market is expected to grow to $60.17 billion in 2027 at a CAGR of 6.9%.
North America was the largest region in the buses and coaches market in 2022. Asia Pacific was the second-largest region in the buses and coaches market. The regions covered in the buses and coaches market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, Africa.
The increasing demand for travel by bus is expected to drive the growth of the bus and coach market over coming years. According to the Red Bus Creators, the bus sector in India is expanding at a rate of 30-40% year on year. The Redbus organisation is exhibiting a massive 80% growth year-on-year in India itself. Therefore, the growing demand for buses drives the growth of the bus and coach market.
Fluctuating prices of metals such as iron and steel are expected to limit the growth of the bus and coach market in the coming years. The automotive industry uses various structural components for bus manufacturing, including iron, steel, and other metals, and fluctuating metal prices increase operational expenses.
According to Trade Economics, iron ore, a raw material for iron manufacturing, is $27 per metric tonne for the start of 2020. In March, the price of iron ore was $82, and in October it was $118. The steel price in February 2020 was $507 (3370 Yuan) per metric ton, and in October it was $545 (3631 Yuan) per metric ton. Therefore, the fluctuating price of metals hinders the bus and coach market.
The autonomous bus is a key trend gaining popularity in the bus and coach market. The number of autonomous bus pilots is growing, and many manufacturers have already confirmed the introduction of autonomous bus deliveries In September 2021, Volvo Buses announced testing autonomous driver support, a new concept involving a system that assists the driver when approaching and stopping at bus stops, requiring high precision and safety.
In August 2021, Creative Bus Sales, a US-based bus dealer, acquired the US-based bus manufacturer Alliance Bus Group for a undisclosed amount. These acquisition marks a significant strategic shift for Creative, allowing us to better serve its existing customers, while offering unparalleled sales, service, and support to new clients. Alliance Bus Group manufactures a wide variety of buses and passenger vans and offers bus training and maintenance services.
The countries in the buses and coaches market are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, the UK, USA.
Reasons to Purchase
- Gain a truly global perspective with the most comprehensive report available on this market covering 50+ geographies.
- Understand how the market has been affected by the coronavirus and how it is responding as the impact of the virus abates.
- Assess the Russia - Ukraine war's impact on agriculture, energy and mineral commodity supply and its direct and indirect impact on the market.
- Measure the impact of high global inflation on market growth.
- Create regional and country strategies on the basis of local data and analysis.
- Identify growth segments for investment.
- Outperform competitors using forecast data and the drivers and trends shaping the market.
- Understand customers based on the latest market shares.
- Benchmark performance against key competitors.
- Suitable for supporting your internal and external presentations with reliable high quality data and analysis
Scope
Markets Covered
1) By Type: Diesel Buses; Hybrid Buses; Electric Buses; Ethanol Buses
2) By Application: General; Personal; Recreational; Tourist; Other Applications
3) By Body Built: Fully Built; Customizable
Key Attributes:
| Report Attribute | Details |
| No. of Pages | 175 |
| Forecast Period | 2023 - 2027 |
| Estimated Market Value (USD) in 2023 | $45.99 billion |
| Forecasted Market Value (USD) by 2027 | $60.17 billion |
| Compound Annual Growth Rate | 6.9% |
| Regions Covered | Global |
Key Topics Covered:
1. Executive Summary
2. Buses And Coaches Market Characteristics
3. Buses And Coaches Market Trends And Strategies
4. Buses And Coaches Market - Macro Economic Scenario
5. Buses And Coaches Market Size And Growth
6. Buses And Coaches Market Segmentation
7. Buses And Coaches Market Regional And Country Analysis
A selection of companies mentioned in this report includes
- Daimler
- VDL Bus and Coach
- Scania
- Volvo
- Marcopolo
- Eicher Motors Limited
- TATA Motors
- Ashok Leyland
- Solaris Bus and Coach SA
- IVECO
- Hyundai Motor Company
- VanHool
- Zhengzhou Yutong Bus
- Alexander Dennis
- Xiamen King Long United Automotive
- Zhengzhou Yutong Bus Co. Ltd.
For more information about this report visit https://www.researchandmarkets.com/r/6ke9um
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