Dublin, June 12, 2023 (GLOBE NEWSWIRE) -- The "Saudi Arabia Bus Market By Bus Length Market Share Analysis, By Fuel Type Market Share Analysis, By Application Type Market Share Analysis, By Region, Competition, Forecast and Opportunities, 2028F" report has been added to ResearchAndMarkets.com's offering.
Saudi Arabia Bus Market was valued at USD 666.31 million in 2022 and is forecasted to grow at a CAGR of 7.38% to reach USD 1,029.32 million in the year 2028.
The government of Saudi Arabia is constantly investing in expanding the nation's bus network, which will enable citizens to travel readily throughout the country using public transportation options. The country's public transportation facility supplier, Saptco, is expanding its bus fleet each year, and demand for buses is rising because of the expansion of the institutional sector of the economy.
Additionally, SAPTCO runs intercity bus services across the nation, offering a wider network than train travel. Buses typically cost less and have frequent run periods. As a result, the Saudi Arabian Bus Market is further boosted by the usage of buses.
Increase in Tourism in the Country
Every year around 20 million tourists visit Saudi Arabia, generating around USD 5.96 billion in revenue. Also, Saudi Arabia is a religious place that has two main cities, Mecca and Medina, where people come in larger numbers for worshipping; buses are the better option for tourists who travel intercity and intracity.
The government of Saudi Arabia has provided government bus services for the devotees who come to visit these cities to help bus service tourists and make it easy to travel around the different cities in the country. There has been a surge in sales of buses in the past few years due to growth in the tourism sector.
The corporate sector has a high demand for buses as many companies offer transportation facilities to their employees. Owing to the ease of transmission and riding comforts, numerous people have started relying on buses for transportation in the country. Such buses are found to be convenient for use by women and old age people employed in the corporate sector since they are occupied into continuously variable transmission (CVT), have additional space, the comfort of foot resting area, etc.
In addition to that, bus manufacturing brands like Mercedes-Benz AG, TATA Motors Limited, Zhongtong Bus Holding Co., Ltd, AB Volvo, etc. are launching their models in this segment, and hence this is expected to fuel the growth of the bus market in Saudi Arabia.
Increase in Electric and Hybrid Technology in Bus
An increase in electric and hybrid technology is driving the demand for zero-emission buses gradually. With changing technology advancements, global automotive manufacturers are providing better features and specifications available for the passengers, such as electric and hybrid bus vehicles.
Bus manufacturers, such as Mercedes-Benz AG and Anhui Ankai Automobile Co., Ltd., Scania AB, etc., are investing in electric engines to make them future-ready for daily passengers who travel by bus. Bus owners have started preferring zero-emission buses gradually over the ICE (Internal Combustion Engine) buses due to better functioning and lower maintenance cost.
Bus fleet owners are expelling out their older buses with IC engines and are purchasing new zero-emission vehicles generously, and this trend is expected to increase the demand for buses in the forthcoming years.
Growing Penetration of Chinese Brands
In Saudi Arabia the buses offered by the Chinese brands are at a comparatively lower price with all the same features compared to other bus brands in Saudi Arabia. Nowadays, Chinese brands offer better quality and features that a bus needs, such as steering adjustment, sun visor, mobile charging points, stability at high speeds, etc., which are mandatory for safe driving on the roads.
Companies like Zhongtong Bus Holding Co., Ltd, MAN SE, etc. provide buses that are equipped with the latest technology, and many school and corporate offices interestingly order these buses in high numbers.
Moreover, Chinese buses manufacturers have prominent dealers in the country; they have a strong client base which has increased the demand for the Chinese brand buses in the country; such brands are gaining penetration and popularity in the country and hence, are aiding the growth of Saudi Arabia Bus Market throughout the country.
Competitive landscape
Company Profiles: Detailed analysis of the major companies present in Saudi Arabia Bus Market.
- Mercedes-Benz AG (Juffali Commercial Vehicles)
- TATA Motors Limited (Manahil International Company)
- Hyundai Motors Company (Mohamed Yousuf Naghi & Brother Group)
- Zhongtong Bus Holding Co., Ltd (Zahran operation & Maintenance)
- MAN SE (Haji Husein Alireza & CO)
- Anhui Ankai Automobile Co., Ltd. (Hafil transport Company)
- Scania AB (General Contracting Company)
- AB Volvo (Zahid Tractor & H.M Co. Ltd)
- Ashok Leyland Limited (AG Auto)
- Eicher Motors Limited (Arabian Truck& Construction Equipment Co.)
Report Scope:
Saudi Arabia Bus Market, By Bus Length Type:
- (Small (Up to 8 m)
- Small Medium (8 m - 10 m)
- High Medium (10 m - 12 m)
- High (Above 12 m)
Saudi Arabia Bus Market, By Fuel Type:
- Diesel
- Petrol
- CNG
- Others
Saudi Arabia Bus Market, By Application:
- Inter City
- Intra City
- School Bus & Others
Saudi Arabia Bus Market, By Region
- Northern & Central Region
- Western Region
- Eastern Region
- Southern Region
For more information about this report visit https://www.researchandmarkets.com/r/4x28kv
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