Bus Market Growth, Demand and Challenges of the Key Industry Players 2028

Author: Elena Anderson, Marketing Manager |

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Global Bus Market Research Report:

The latest report by IMARC, titled “ Bus Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028” " the global bus market reached a value of US$ 47.1 Billion in 2022.

A bus is a type of motor vehicle that is generally used for carrying passengers on a fixed schedule and route. It is widely utilized for goods transport, brand or product promotion, private charter, tourism, and student and public transport. There has been a considerable increase in the preference for buses for travel purposes due to the increasing traffic congestion across urban locations and continual improvements in public mobility services.

Along with this, rapid advancements in the public transportation sector, such as the advent of digital ticketing and live tracking solutions are providing an impetus to the demand for buses among the masses.

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Global Bus Market Trends:

The global market is primarily driven by the increasing demand for the public transportation systems since they are relatively cheaper than private and personal vehicles. In line with this, the widespread adoption of buses by educational institutions, corporate offices and hospitals is propelling their demand. Along with this, numerous leading manufacturers and sellers are heavily investing in launching electric-powered buses due to an enhanced focus on sustainable development, which is creating a positive market outlook. Additionally, the increasing initiatives by the governments of several countries to promote the utilization of electric buses on account of the rising pollution levels are acting as another major growth-inducing factor.

Furthermore, smart tracking solutions and intelligent communication technology (ICT) are widely being equipped with buses, which is anticipated to favorably impact the market. Other factors, including the growing need to connect rural areas to cities and the augmenting fuel prices across the globe, are also positively influencing the market growth. On account of the aforementioned factors, the market is anticipated to reach a value of US$ 71.5 Billion by 2028, exhibiting a CAGR of 6.8% during 2023-2028.

Looking forward, the market value is projected to reach a strong growth during the forecast period (2023-2028).

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Market Summary:

Breakup by Type:

• Single Deck

• Double Deck

Breakup by Fuel Type:

• Diesel

• Electric and Hybrid

• Others

Breakup by Seat Capacity:

• 15-30 Seats

• 31-50 Seats

• More than 50 Seats

Breakup by Application:

• Transit Bus

• Intercity/Coaches

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• Others

Breakup by Region:

• North America

• United States

• Canada

• Asia-Pacific

• China

• Japan

• India

• South Korea

• Australia

• Indonesia

• Others

• Europe

• Germany

• France

• United Kingdom

• Italy

• Spain

• Russia

• Others

• Latin America

• Brazil

• Mexico

• Others

• Middle East and Africa

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Competitive Landscape with Key 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.

View Full Report with TOC & List of Figure: https://www.imarcgroup.com/bus-market

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We are the trusted business partners to the world's leading corporates, governments, and institutions

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