A bus is a large motor vehicle designed to facilitate the movement of people between locations along a fixed route and on a set schedule. It can be inherently single-deck or double-deck. Buses are among the most frequently used means of public transport worldwide. They help reduce air pollution, use less fuel to carry more passengers and require minimal investment to launch new routes or lines.
The global bus market reached a value of US$43.84 billion in 2021. Looking ahead, IMARC Group expects the market to reach a value of $68.79 billion by 2027with a CAGR of 7.20% over the period 2022-2027.
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Note: We regularly track the direct impact of COVID-19 on the market as well as the indirect impact of related industries. These observations are integrated into the report.
|Base year: 2021|
|Forecast year: 2022-2027|
Trends and drivers on the bus market:
Rising fuel prices and traffic congestion in individual countries are primarily driving the bus market. In addition, buses connect socially excluded people in remote areas with educational, work and health facilities. This further catalyzes the market growth.
In addition, since buses are operated by professional drivers, they tend to have a lower accident rate than other vehicles, which also boosts the global market. Apart from that, the introduction of intelligent traffic light management systems (STL) to reduce road congestion acts as another important growth factor.
In addition, the introduction of beneficial policies by government agencies aimed at encouraging the adoption of electric buses to reduce greenhouse gas (GHG) emissions is also bolstering the market growth. In addition, the rising popularity of discount bus tickets and the increasing use of big data to optimize routes, vehicle turnaround times, timetables, etc. are expected to stimulate the bus market in the coming years.
Analysis and Segmentation of Global Bus Market 2022-2027:
The competitive landscape of the market has been studied in the report that provides the detailed profiles of the major market players.
AB Volvo, Anhui Ankai Automobile Co. Ltd., Ashok Leyland (Hinduja Group), BYD Company Ltd., IVECO SpA, Mercedes-Benz Group AG, NFI Group, Solaris Bus & Coach sp. z oo (Construcciones y Auxiliar de Ferrocarriles SA), Suzhou Eagle Electric Vehicle Manufacturing Co. Ltd., Tata Motors Limited, Traton Group (Volkswagen AG), Xiamen King Long United Automotive Industry Co. Ltd. and Zhengzhou Yutong Bus Co.Ltd.
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The report has segmented the market by region, type, fuel type, seating capacity, and application.
Breakdown by type:
Breakdown by fuel type:
- electric and hybrid
Allocation according to seating capacity:
- 15-30 seats
- 31-50 seats
- More than 50 seats
Separation by application:
- transit bus
Breakdown by region:
- North America: (United States, Canada)
- Asia Pacific: (China, Japan, India, South Korea, Australia, Indonesia, others)
- Europe: (Germany, France, UK, Italy, Spain, Russia, others)
- Latin America: (Brazil, Mexico, others)
- Middle East and Africa
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Key highlights of the report:
- Market performance (2016-2021)
- Market Outlook (2022-2027)
- Porter’s Five Forces Analysis
- Market drivers and success factors
- SWOT analysis
- value chain
- Comprehensive mapping of the competitive landscape
If you require specific information that is not currently in the scope of the report, we can provide it to you as part of the customization.
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