Global Bus Market Report and Forecast 2023-2028

Global Bus Market Report and Forecast 2023-2028

Market Outlook

According to the report by Expert Market Research (EMR), the global bus market attained a value of USD 47.05 billion in 2022. Aided by the increasing focus on sustainable transportation solutions and the rising demand for public transportation across the globe, the market is projected to further grow at a CAGR of 8.0% between 2023 and 2028 to reach a value of USD 72.31 billion by 2028.

Buses are among the most prevalent modes of public transportation worldwide, providing passengers with efficient, economical, and eco-friendly transportation. Modern buses incorporate advanced features such as enhanced passenger comfort, safety, and accessibility, contributing to their widespread adoption. The escalating demand for public transportation, particularly in urban areas, has led to the growth of the bus market. Buses, with their cost-effectiveness and relatively lower environmental impact, have emerged as a viable alternative to private vehicles in many cities worldwide.

Another factor propelling the growth of the bus market is the rising emphasis on sustainability and the transition to greener transportation solutions. Governments across the globe are introducing stringent regulations and incentives to encourage the adoption of eco-friendly vehicles, including electric and hybrid buses. These initiatives have stimulated the growth of the bus market by driving demand for more environmentally friendly buses. Advancements in bus technologies have further contributed to the market's expansion. The integration of features such as GPS navigation, real-time passenger information systems, and onboard Wi-Fi has enhanced the overall commuting experience for passengers. Additionally, the implementation of advanced safety measures, such as collision avoidance systems and driver monitoring systems, has improved the safety standards of buses, making them more appealing to consumers.

Growing investments in public transportation infrastructure have also played a crucial role in driving the growth of the market for bus. Furthermore, collaborations between public transport operators and bus manufacturers have led to the customisation of buses, catering to the unique requirements of various regions. The bus market is witnessing a surge in demand for electric buses due to their numerous environmental and economic benefits. Electric buses, powered by electricity rather than fossil fuels, emit significantly fewer greenhouse gases and pollutants, leading to cleaner air and reduced noise pollution. As governments and public transportation operators worldwide aim to reduce their carbon footprint and operating costs, the adoption of electric buses is expected to accelerate.

Market Segmentation

The market can be divided on the basis of type, application, fuel type, seat capacity, and region.

Market Division by Type:

• Single Deck
• Double Deck

Market Segregation by Application:

• Transit Bus
• Intercity/Coaches
• Others

Market Breakup by Fuel Type:

• Diesel
• Electric and Hybrid
• Others

Market Division by Seat Capacity:

• 15-30 Seats
• 31-50 Seats
• More than 50 Seats

Market Segregation by Region:

• North America
• Europe
• Asia Pacific
• Latin America
• Middle East and Africa

Competitive Landscape

The EMR report looks into the market shares, plant turnarounds, capacities, investments, and acquisitions and mergers, among other major developments, of the global bus companies. Some of the major key players explored in the report by Expert Market Research are as follows:

• Anhui Ankai Automobile Company
• Daimler Truck Holding AG
• NFI Group Inc.
• AB Volvo
• Solaris Bus & Coach sp. z o.o.
• Others

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*We at Expert Market Research always strive to give you the latest information. The numbers in the article are only indicative and may be different from the actual report.