Saudi Arabia Bus Market Size & Growth Analysis is Expected to Reach $409.8 Million By 2030, Anticipated to grow at a CAGR of 4.2%

The Saudi Arabia bus market size is expected to reach USD 409.8 million by 2030, according to a new study by Polaris Market Research.

As part of the automotive sector expansion initiatives, increasing public transportation facilities in the nation is expected to fuel demand for buses throughout the forecast period. Furthermore, increased investment by many bus service companies, including SAPTCO, HAFIL, Careem, and others, is likely to boost the number of orders in Saudi Arabia, which will fuel the industry's growth.

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Increasing investments to meet the socio-economic development goals and favorable vehicle manufacturing regulations to improve public transport. Furthermore, the rising urban population, along with government initiatives to increase city connections, are expected to fuel the product demand.

Consumers for bus lines in Saudi Arabia include those from lower socio-economic categories which can only travel by bus rather than taxis or private vehicles. Tourists use public transportation to some extent as well. On the other hand, the arrival of new bus transit operators is likely to alter customer behavior toward using public transportation. Furthermore, the King's Vision 2030 project's sustainable transportation strategy is anticipated to improve public transport in the country, which is expected to propel industry growth.

Increasing imports of buses from different countries are expected to boost industry growth. For example, in April 2020, 213 luxury buses were sent from a seaport in east China's Xiamen city to Saudi Arabia. The buses built initially by China's largest bus manufacturer, Xiamen King Long United Automotive Industry Company, were the first lot to be supplied to the Saudi market in 2020.

Some of the key players operating in the industry include Alexander Dennis Limited (ADL), AB Volvo, Ashok Leyland Limited, Ankai Automobile Co. Ltd, Beiqi Foton Motor Co., Ltd., Eicher Motors Limited, Daimler AG, Hyundai Motor Company, MAN SE, Mercedes Benz AG, Mitsubishi Fuso Truck and Bus Corporation, Toyota Motor Corporation, King Long United Automotive Industry Co., Ltd., Tata Motors Limited, Scania AB, and Zhengzhou Yutong Bus Co., Ltd.

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Polaris Market Research has segmented the Saudi Arabia bus market report on the basis of type, seating capacity, and fuel type:

Saudi Arabia Bus, Type Outlook (Volume - Thousand Units, Revenue - USD Million, 2018 - 2030)

• Single Deck
• Double Deck

Saudi Arabia Bus, Seating Capacity Outlook (Volume - Thousand Units, Revenue - USD Million, 2018 - 2030)

• 15-30
• 31-50
• Over 50

Saudi Arabia Bus, Fuel Type Outlook (Volume - Thousand Units, Revenue - USD Million, 2018 - 2030)

• Diesel
• Electric/Hybrid
• Others

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This release was published on openPR.