TOKYO, JAPAN, Aug. 02, 2022 (GLOBE NEWSWIRE) -- According toFacts and Factors has published a new research report titled “Bus Market By Application (Transit, Motor Coaches, School Buses, Others), By Type (Single Decker, Double Decker, Articulated Bus), By Fuel Type (Diesel, Petrol, Electric, CNG, Bio-fuel, Others), By Seating Capacity (15-30 Seats,31-55 Seats, More Than 55 Seats), By Body Built (Fully Built, Customizable), and By Region - Global Industry Insights, Growth, Size, Share, Comparative Analysis, Trends and Forecast 2022 – 2028” in its research database.
“According to the latest research study, the demand of global Bus Market size & share in terms of revenue was valued at USD 42.15 billion in 2021 and it is expected to surpass around USD 61.41 billion mark, by 2028, growing at a compound annual growth rate (CAGR) of about 6.08% during the forecast period 2022 to 2028.”
What isBus? How big is the Bus Industry?
Market Overview:
A bus is a big, motorized vehicle that takes people around a city or to places outside of it on a set route and schedule. It is one of the most popular ways to get around in public around the world because it reduces air pollution, uses less fuel to move people, and doesn't require much money to set up new lines or routes.
But even though E-buses are good for the environment and don't need much maintenance. The cost to buy one of these vehicles is higher than that of a regular bus, though. This is one of the main reasons why many governments and administrations don't use e-buses for public transportation.
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Our Free Sample Report Consists of the Following:
- Introduction, Overview, and in-depth industry analysis are all included in the 2022 updated report.
- The COVID-19 Pandemic Outbreak Impact Analysis is included in the package
- About 214+ Pages Research Report (Including Recent Research)
- Provide detailed chapter-by-chapter guidance on Request
- Updated Regional Analysis with Graphical Representation of Size, Share, and Trends for the Year 2022
- Includes Tables and figures have been updated
- The most recent version of the report includes the Top Market Players, their Business Strategies, Sales Volume, and Revenue Analysis
- Facts and Factors research methodology
(Please note that the sample of this report has been modified to include the COVID-19 impact study prior to delivery.)
Report Scope
| Report Attribute | Details |
| Market Size in 2021 | USD 42.15 Billion |
| Projected Market Size in 2028 | USD 61.41 Billion |
| CAGR Growth Rate | 6.08% CAGR |
| Base Year | 2021 |
| Forecast Years | 2022-2028 |
| Key Market Players | AB Volvo, Anhui Ankai Automobile Co. Ltd., Ashok Leyland (Hinduja Group), BYD Company Ltd., IVECO S.p.A, Mercedes-Benz Group AG, NFI Group, Solaris Bus & Coach sp. z o.o. (Construcciones y Auxiliar de Ferrocarriles S.A.), Suzhou Eagle Electric Vehicle Manufacturing Co. Ltd., Tata Motors Limited, Traton Group (Volkswagen AG), Xiamen King Long United Automotive Industry Co. Ltd., Zhengzhou Yutong Bus Co. Ltd., and Others |
| Key Segment | By Application, Type, Fuel Type, Seating Capacity, Body Built, and Region |
| Major Regions Covered | North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa |
| Purchase Options | Request customized purchase options to meet your research needs. Explore purchase options |
Global Bus Market: Growth Factors
People are increasingly using public transportation as a result of growing environmental concerns. This is one of the most important reasons for boosting industry expansion. Additionally, buses assist persons in social inclusion and access to advantages such as education, work, and healthcare. They are also utilized for product advertising as well as political and public awareness campaigns. Moreover, since buses are driven by expert drivers, they have a lower accident rate than other types of vehicles. This, along with the implementation of smart traffic light (STL) management systems to alleviate road congestion, is propelling the industry. Aside from that, important firms are concentrating on strategic developments and mergers and acquisitions (M&A) to broaden their regional reach.
Furthermore, governments in a number of countries are pushing the usage of electric buses in order to minimize greenhouse gas emissions, which are favorably influencing the market. Other factors promoting market expansion include discounted travel bus passes, expanding automation in the transportation business, rapid urbanization, and the increasing use of big data to optimize routes, vehicle dispatch, and scheduling.
Browse the full “Bus Market - Global Industry Insights, Growth, Size, Share, Comparative Analysis, Trends and Forecast 2022 – 2028” Report at https://www.fnfresearch.com/bus-market
Bus Market: COVID-19 Impact Analysis
As a consequence of the COVID-19 epidemic, there was a decline in the global demand for buses. The epidemic, which caused lockdowns in most regions of the world, had a tremendous influence on transportation because of the disruptions that it caused. In addition, the production of the buses was impeded because businesses were going out of business and there was a shortage of workers. People are increasingly avoiding riding public transit out of fear that the COVID-19 virus will spread further. People who own their own cars are more likely to use them regularly, whereas those who once relied on public transportation may switch to using alternative modes of mobility such as walking or biking instead.
Since the beginning of the epidemic, there has been a shift away from relying on public transportation, particularly buses, and toward the use of privately owned automobiles, walking, and biking instead. As a direct consequence of this, the demand for buses is currently quite low. It is anticipated that the declining demand for the utilization of public buses will continue for at least a couple of more years, which will have a negative impact on the global bus business.
Bus Market: SegmentationAnalysis
The global bus market is segregated based on Application, Type, Fuel type, Seating Capacity, and Body Built.
In terms of Type, rising demand for Double-Decker Buses for long-distance travel to support market growth. In certain locations, the rising demand for branded buses for long-distance journeys is boosting the market growth. With the rise of the middle class, there is a greater desire for comfortable travel, which is increasing the usage of intercity buses. In the aftermath of the COVID-19 outbreak, demand for double-decker buses that may provide greater safety and cleanliness is increasing, providing additional impetus to the industry's expansion. The introduction of consumer-oriented services and solutions to improve public transit and mobility services is raising demand for buses, driving the market growth. Furthermore, increased demand for buses equipped with contactless payment systems, particularly in the aftermath of the COVID-19 outbreak, is boosting industry growth.
In terms of Fuel, the growing popularity of Electric Buses supports market growth. The growing popularity of electric buses is contributing considerably to industry growth. Due to the different steps implemented by governments to reduce pollution levels. Furthermore, the region's widespread availability of charging stations is spurring the deployment of electric buses, bolstering industry growth. Furthermore, the growing need for environmentally friendly and energy-efficient public transportation is propelling the bus sector forward. The electrification of public transportation in different nations is also causing a boom in demand for electric buses, increasing the bus industry's total growth.
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Competitive Landscape
The report contains qualitative and quantitative research on the global Bus Market, as well as detailed insights and development strategies employed by the leading competitors. The report also provides an in-depth analysis of the market's main competitors, as well as information on their competitiveness. The research also identifies and analyses important business strategies used by these main market players, such as mergers and acquisitions (M&A), affiliations, collaborations, and contracts. The study examines, among other things, each company's global presence, competitors, service offers, and standards.
Some of the main competitors dominating the global Bus market include -
- AB Volvo
- Anhui Ankai Automobile Co. Ltd.
- Ashok Leyland (Hinduja Group)
- BYD Company Ltd.,
- IVECO S.p.A
- Mercedes-Benz Group AG
- NFI Group
- Solaris Bus & Coach sp. z o.o. (Construccionesy Auxiliar de Ferrocarriles S.A.)
- Suzhou Eagle Electric Vehicle Manufacturing Co. Ltd.
- Tata Motors Limited
- Traton Group (Volkswagen AG)
- Xiamen King Long United Automotive Industry Co. Ltd.
- Zhengzhou Yutong Bus Co. Ltd.
Key Insights from Primary Research:
- As per the analysis shared by our research analyst, the Bus market is estimated to grow annually at a CAGR of around 6.08% over the forecast period (2022-2028).
- In Terms Of Revenue, the Bus market size was valued at around USD 42.15 billion in 2021 and is projected to reach USD 61.41 billion, by 2028. Due to a variety of driving factors, the market is predicted to rise at a significant rate.
- Based on type segmentation, Transit Bus segment holds a significant share. The market's growth can be attributed to the growing requirement for transportation and urban population.
- By fuel type, the diesel segment is projected to have the leading market share, during the forecast period.
- On the basis of geography, The Asia Pacific region is anticipated to maintain a significant part over the projected timeframe.
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Key questions answered in this report:
- What is the market size and growth rate forecast for Bus industry?
- What are the main driving factors propelling the Bus Market forward?
- What are the leading companies in the Bus Industry?
- What segments does the Bus Market cover?
- How can I receive a free copy of the Bus Market sample report and company profiles?
Regional Analysis:
Due to rising demand and population, the APAC region dominates the industry with a major market share. Top Chinese businesses have concentrated their efforts on seizing transit growth, and the market has grown as a result. APAC countries with fast-rising populations, such as China and India, are likely to rise further throughout the forecast period. This, in turn, will boost the need for public transportation, particularly double-decker and articulated buses. In addition, increased demand for services to create a healthy environment, thereby driving bus replacement and modernization.
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The global Bus market is segmented as follows:
By Application Segment Analysis
- Transit
- Motor Coaches
- School Buses
- Others
By Type Segment Analysis
- Single Decker
- Double Decker
- Articulated Bus
By Fuel Type Segment Analysis
- Diesel
- Petrol
- Electric
- CNG
- Bio-fuel
- Others
By Seating Capacity Segment Analysis
- 15-30 Seats
- 31-55 Seats
- More than 55 Seats
By Body Built Segment Analysis
- Fully Built
- Customizable
By Region
- North America
- U.S.
- Canada
- Rest of North America
- Europe
- France
- UK
- Spain
- Germany
- Italy
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- South Korea
- Rest of Asia Pacific
- The Middle East & Africa
- Saudi Arabia
- South Africa
- Rest of the Middle East & Africa
- Latin America
- Brazil
- Argentina
- Rest of Latin America
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Key Offerings:
- Market Size & Forecast by Revenue | 2022−2028
- Market Dynamics – Leading Trends, Growth Drivers, Restraints, and Investment Opportunities
- Market Segmentation – A detailed analysis by Application, Type, Fuel Type, Seating Capacity, Body Built, and Region
- Competitive Landscape – Top Key Vendors and Other Prominent Vendors
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