Bus Market Analysis 2023-2028: Growth, Industry Size, Trends and Demand

According to the latest report by IMARC Group, "Global Bus Market Size, Share, Growth, Industry Trends, Opportunity and Forecast 2023-2028", the global bus market size reached US$ 47.1 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 71.5 Billion by 2028, exhibiting a growth rate (CAGR) of 6.8% during 2023-2028.

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A bus is a motor vehicle designed to transport passengers from one city or place to another, generally along a fixed bus route and schedule. Some commonly available buses are single-deck, trolleybuses, coach, transit, mini, shuttle, double-decker, electric, and articulated buses. They are cost-effective, provide secure transportation and easy access, minimize pollution and road congestion, and save time which can be used for other crucial tasks. As a result, buses are widely adopted for easy transportation and convenience, eliminating traffic congestion and minimizing carbon emissions across the globe.

What are the growth prospects and trends in the bus industry?

The market is primarily driven by the significant expansion in the public transportation sector. In addition, the escalating demand for public transportation among individuals on account of cost-effectiveness, inflating fuel prices, and improving road networks is contributing to market growth. Moreover, various technological advancements, such as the introduction of intelligent communication technology (ICT) and smart tracking solutions, represent another major growth-inducing factor.

Apart from this, governments of numerous countries are taking initiatives to encourage the use of electric buses and minimize greenhouse gas (GHGs) emissions due to rising environmental awareness, which is providing a positive thrust to the market growth. Along with this, the integration of smart traffic lights (STL) management systems to reduce road congestion and the widespread adoption of buses in hospitals, educational institutions, and corporate offices are propelling the market growth. Furthermore, the increasing automation of the transportation industry, the surging need to connect rural areas to cities, and mergers and acquisitions (M&A) among key market players are also creating a favorable market outlook across the globe.

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Bus Market 2023-2028 Competitive Analysis and Segmentation:

Competitive Landscape With Key Players:

The competitive landscape of the global bus market has been studied in the report with the detailed profiles of the key players operating in the market.

Some of these key players include:

Solaris Bus & Coach sp. z o.o. (Construcciones y Auxiliar de Ferrocarriles S.A.), Suzhou Eagle Electric Vehicle Manufacturing Co. Ltd., Tata Motors Limited, AB Volvo, Anhui Ankai Automobile Co. Ltd., Ashok Leyland (Hinduja Group), BYD Company Ltd., IVECO S.p.A, Mercedes-Benz Group AG, NFI Group, Traton Group (Volkswagen AG), Xiamen King Long United Automotive Industry Co. Ltd. and Zhengzhou Yutong Bus Co. Ltd.

Key Market Segmentation:

The report has segmented the global bus market based on type, fuel type, seat capacity, application and region.

Breakup by type:
• Single Deck
• Double Deck

Breakup by Fuel Type:
• Diesel
• Electric and Hybrid
• Others

Breakup by Seat Capacity:
• 15-30 Seats
• 31-50 Seats
• More than 50 Seats

Breakup by Application:
• Transit Bus
• Intercity/Coaches
• Others

Breakup by Region:
• North America
• Asia Pacific
• Europe
• Latin America
• Middle East and Africa

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Key highlights of the report:
• Market Performance (2017-2022)
• Market Outlook (2023-2028)
• Porter's Five Forces Analysis
• Market Drivers and Success Factors
• SWOT Analysis
• Value Chain
• Comprehensive Mapping of the Competitive Landscape

If you require any specific information that is not covered currently within the scope of the report, we will provide the same as a part of the customization.

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