The new report by Expert Market Research titled, ‘Global Bus Market Growth, Share, Price, Trends, Report and Forecast 2023-2028’, gives an in-depth analysis of the global bus market, assessing the market based on its segments like types, application, fuel type, seat capacity, and major regions like Asia Pacific, Europe, North America, Middle East and Africa and Latin America.
The report tracks the latest trends in the industry and studies their impact on the overall market. It also assesses the market dynamics, covering the key demand and price indicators, along with analysing the market based on the SWOT and Porter’s Five Forces models.
The key highlights of the report include:
Market Overview (2018-2028)
• Forecast CAGR (2023-2028): 8.1 %
The growth of the global bus market is driven by the increasing advancement and innovations in public transport sector. The market is further propelled by the rising population and increasing demand for cheap means of local commute. Additionally factors such as increasing industrialisation and urbanisation is aiding the market growth.
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Meanwhile, the market is expected to be bolstered by the increasing demand for electric bus segment over the forecast period. The rising awareness towards environmental benefits of electric vehicles is likely to propel the demand for electric buses.
Industry Definition and Major Segments
A bus refers to a four wheeled mode of transportation used for carrying a large number of passengers. Buses are primarily used as a form of public transportation in urban areas. They also find application as school transport, tourism, and scheduled transport, among others.
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The major types of bus are:
• Single Deck
• Double Deck
The market based on its applications is segmented into:
• Transit Bus
By fuel type, the market is segmented into:
• Electric and Hybrid
Based on seat capacity, the market is categorised into:
• 15-30 Seats
• 31-50 Seats
• More than 50 Seats
The regional markets for bus include:
• North America
• Asia Pacific
• Latin America
• Middle East and Africa
Regionally, Asia Pacific is anticipated to hold the largest share in the global market for bus and grow at a significant rate over the forecast period. The presence of large mid to low-income population with a preference for commuting with public transport is anticipated to aid the regional growth.
Meanwhile, Europe is projected for a significant share owing to the rising adoption of electric buses. Increasing government regulations to curb pollution and bolstering sustainable and energy-efficient public transport is likely to aid the regional growth over the coming years.
Key Market Players
The major players in the market are Anhui Ankai Automobile Company, Daimler AG, NFI Group Inc., AB Volvo, Solaris Bus & Coach sp. z o.o., and a few others.
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