Bus Market Outlook
According to the report by Expert Market Research (EMR), the global bus market size is projected to grow at a CAGR of 7.9% between 2024 and 2032. Aided by the growing environmental concerns, urbanisation, and technological advancements in the automotive industry, the market is expected to grow significantly by 2032.
Buses play a critical role in public transportation systems around the world. They offer a cost-effective, efficient, and environmentally friendly means of transport, especially in urban and suburban areas. The bus market includes a variety of vehicles, ranging from standard diesel buses to advanced electric and hybrid models.
Several key factors are driving the bus market growth. Firstly, the rising concern over environmental pollution has led to an increased demand for eco-friendly transportation options. Electric and hybrid buses, with their lower emissions, are gaining popularity as governments worldwide implement stricter emission regulations.
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Secondly, rapid urbanisation in emerging economies has escalated the need for efficient public transport systems. Buses, being a vital component of these systems, are experiencing heightened demand to accommodate the growing urban population and mitigate traffic congestion.
Additionally, technological advancements in the automotive sector are revolutionising the bus market. Innovations in battery technology, autonomous driving, and connected vehicles are creating new opportunities and are expected to influence the bus market outlook in the coming years.
Another emerging trend in the market is the adoption of smart, connected buses equipped with advanced technologies like GPS, real-time tracking, and Wi-Fi. These features enhance passenger convenience and operational efficiency.
The Asia Pacific region holds a significant portion of the bus market share, attributed to the high population density and the rapid development of public transportation systems in countries like China and India. Moreover, Europe and North America are also significant markets, with a strong focus on reducing carbon emissions and promoting electric and hybrid buses.
Looking ahead, the market is expected to continue its growth, driven by environmental concerns, technological advancements, and the increasing need for efficient public transportation systems in urban areas.
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Bus Market Segmentation
The market can be divided based on type, application, fuel type, seat capacity, and region.
Market Breakup by Type
- Single Deck
- Double Deck
Market Breakup by Application
- Transit Bus
- Intercity/Coaches
- Others
Market Breakup by Fuel Type
- Diesel
- Electric and Hybrid
- Others
Market Breakup by Seat Capacity
- 15-30 Seats
- 31-50 Seats
- More than 50 Seats
Market Breakup 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 mergers and acquisitions, among other major developments, of the leading companies operating in the global bus market. Some of the major 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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