According to a new report by Expert Market Research titled, “Latin America Bus Market Share, Size, Report and Forecast 2024-2032″, the Latin America bus market size reached a volume of 51.77 thousand units in 2023. Aided urbanisation, increasing government initiatives for public transportation systems, and the rising need for eco-friendly transit solutions, to further grow at a CAGR of 4.40% between 2024 and 2032 to reach 76.39 thousand units by 2032.
The bus market in Latin America encompasses various types of buses including transit buses, intercity coaches, and minibuses which cater to the diverse transportation needs of the region. The market is witnessing a shift towards the adoption of electric and hybrid buses due to growing environmental concerns and the rising price of fossil fuels.
The primary driver of the Latin America bus market growth is the expanding urban population, which increases the demand for efficient public transportation systems. Governments across the region are investing in transportation infrastructure to improve connectivity and reduce traffic congestion in urban centres.
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Additionally, there is a significant push towards sustainable transportation in response to environmental concerns. Countries like Brazil, Mexico, and Chile are leading the way in adopting green initiatives, including incentives for electric and hybrid buses. These efforts are supported by international agreements on climate change and local policies aimed at reducing carbon emissions. The rising tourism sector in Latin America also plays a crucial role in driving the demand for buses, especially coaches and minibuses that are used extensively in travel and tour services.
As per the Latin America bus market analysis, Brazil is the largest market within Latin America, driven by extensive public transportation networks and ambitious plans to increase the adoption of electric buses in cities like São Paulo and Rio de Janeiro. Mexico is another key market, where the government is focusing on modernising its public bus fleets to improve urban mobility.
Argentina and Chile are notable for their proactive measures in integrating electric buses into their public transportation systems, with Santiago de Chile being a regional leader in terms of the number of electric buses in operation.
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Fully assembled buses are the preferred choice among buyers and are more commonly utilised by the general public due to their affordability. As a result, it is anticipated that fully assembled buses will dominate the market. These buses are often produced in large quantities, leading to reduced production costs, and buyers have the option to purchase them in bulk. Typically, these buses are utilised for travel within cities. On the other hand, for intercity travel, where ticket prices are generally higher, customisable buses with unique body designs are popular. This allows buyers to incorporate custom features that distinguish their brand and attract more customers. Given the longer distances travelled, passengers are willing to pay a premium for their tickets. Customisable buses can include specialised seating arrangements and dedicated storage space for luggage, leading to Latin America bus market expansion.
Market Segmentation
The market can be divided based on the fuel type, bus type, length, body type, and region
Market Breakup by Fuel Type
• Diesel
• Electric / Hybrid
• CNG
• Fuel Cell
• Others
Market Breakup by Bus Type
• Intercity Bus
• Intracity Bus
Market Breakup by Length
• Up to 6 Meter
• 6 -8 Meter
• 8 – 10 Meter
• 12 Meter
Market Breakup by Body Type
• Fully Built
• Customisable Body
Market Breakup by Region
• Brazil
• Mexico
• Argentina
• Colombia
• Others
Competitive Landscape
The EMR report looks into the market shares, plant turnarounds, capacities, investments, and mergers and acquisitions, among other major developments, of the leading companies operating in Latin America bus market. Some of the major players explored in the report by Expert Market Research are as follows:
• Daimler Truck AG
• AB Volvo
• MAN SE
• Marcopolo S.A.
• IVECO S.p.A.
• Scania AB
• Agrale SA
• Ford Motor Company
• Toyota Motor Corporation
• BYD Co. Ltd.
• Others
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