Dublin, Jan. 21, 2024 (GLOBE NEWSWIRE) -- The "Middle East Bus Market Competition Forecast & Opportunities, 2028" report has been added to ResearchAndMarkets.com's offering.
The escalating demand for sustainable public transit solutions has prompted significant growth in the Middle East Bus Market, with urbanization and population expansion in major cities serving as key market drivers. A recent analysis forecasts that from a valuation of USD 4 billion in 2022, the market is projected to continue its robust growth with a Compound Annual Growth Rate (CAGR) of 4.21% reaching towards 2028. Urban centers are rapidly expanding in the region, necessitating the need for efficient public transportation networks to mitigate traffic congestion and address environmental concerns. The growing preference for buses as a viable alternative to private vehicles underscores the importance of developing advanced, integrated transit systems.
Furthermore, governments in the Middle East are prioritizing investments in public transportation infrastructure, with a particular focus on bus rapid transit (BRT) networks to improve connectivity and mobility throughout urban areas. The thriving tourism sector across the Middle East also stimulates the demand for buses, as cities famed for their attractions require reliable and convenient tourist buses and shuttle services. This is boosting market growth, particularly in nations that hold a prominent position on the global tourism map. As environmental considerations gain traction, the shift towards electric and CNG-fueled buses represents a significant market trend, introducing new opportunities for eco-friendly mobility solutions.
Market Opportunities: The introduction of electric buses emerges as the vanguard for future success, coupled with potential growth in luxury coach services and increasing public-private partnerships to elevate the public transportation experience.
Regional Contributions and Major Players
- Saudi Arabia and the UAE are recognized as regional powerhouses in the Middle East Bus Market, pushing the envelope on modern public transit solutions.
- The rise of electric buses and strict emission standards signals a greener horizon for the region's transportation sector.
- Major industry leaders include Daimler AG, AB Volvo, and Tata Motors Ltd., with players such as MAN Truck & Bus and Hyundai Motor Company revolutionizing the bus experience through technological advancements.
The detailed segmentation analysis covers different aspects of the bus market, ranging from fuel types, seating capacity, body types, to applications in various sectors like transit buses, school buses, and motor coaches. With these comprehensive insights into the Middle East Bus Market, stakeholders can anticipate a transformative phase in the region's transportation landscape.
The report elaborates on the key trends and challenges, enlightening readers on the diverse factors that could influence market trajectories in the coming years. The analysis underscores the need for strategic planning and investment in transit systems to address both present and future demands. Furthermore, the increased collaboration between public entities and private companies through PPP models is setting a precedent for efficiency and sustainability in the region's bus market, ushering in an era of redefined public transport dynamics.
Key Attributes:
| Report Attribute | Details |
| No. of Pages | 140 |
| Forecast Period | 2022 - 2028 |
| Estimated Market Value (USD) in 2022 | $4 Billion |
| Forecasted Market Value (USD) by 2028 | $5.08 Billion |
| Compound Annual Growth Rate | 4.2% |
| Regions Covered | Middle East |
A selection of companies mentioned in this report includes
- Daimler AG
- AB Volvo
- Tata Motors Ltd.
- Ashok Leyland
- Toyota Motor Corporation
- MAN Truck & Bus
- Hyundai Motor Company
- Mitsubishi Fuso Truck and Bus Corporation
For more information about this report visit https://www.researchandmarkets.com/r/4u6kpm
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