Press release
Middle East And Africa Bus Market Size To Grow At A CAGR Of 4.10% In The Forecast Period Of 2023-2028
The report studies the latest updates in the market, along with their impact across the market. It also analysis the market demand, together with its price and demand indicators. The report also tracks the market on the bases of SWOT and Porter's Five Forces Models.
Middle East and Africa Bus Market Size, Share, Price, Trends, Growth, Key Players, Report and Forecast
The key highlights of the report include:
Market Overview (2018-2028)
• Forecast CAGR (2023-2028): 4.10%
Surge in disposable income is increasing tourism across Middle East and Africa, in regards with this development, an exponential growth in the demand for buses is being witnessed. In addition, the increasing population requires an expansion in transportation channels. The increased mobility stemmed with rising population has called for increase in number of public vehicles. Introduction of initiatives of governments in the region such as free of cost travelling for women is expected to contribute towards the growth of the market for buses.
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Furthermore, the growing trade and commerce sector is also contributing towards the rapid expansion of the Middle East and Africa bus market. Over the forecast period, the predicted increase in demand for public transportation by working and business professionals is anticipated to offer tremendous growth opportunities to the market.
Growing demands for convenient intercity and intracity transportation for availing better employment opportunities is also expected to drive the growth of the market. Various industries rely on public transport services for the availability of skilled workforce, this requirement too is expected to have a positive impact towards the Middle East and Africa bus market growth. However, the growing popularity of vehicle ownership and air travel can possibly pose challenges for the bus market in Middle East and Africa.
Middle East and Africa Bus Industry Definition and Major Segments
A bus is a large vehicle that takes multiple passengers to different locations. The main advantage of this mode of transportation is its cost efficiency; buses make it easier for people without personal vehicles to commute intercity as well as intracity. They are widely used by students and tourists because of their low costs, and extensive seating and storage capacities.
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On the basis of fuel type, the market is segmented into:
• Diesel
• Electric / Hybrid
• CNG
• Others
Based on bus type, the market is bifurcated into:
• Intercity Bus
• Intracity Bus
On the basis of length, the market is segregated into:
• Up to 6 Meter
• 6-8 Meter
• 8-10 Meter
• 12 Meter
• 18 Meter
Based on body type, the market is divided into:
• Fully Built
• Customisable Body
On the basis of country, the market is classified into:
• Saudi Arabia
• United Arab Emirates
• South Africa
• Egypt
• Nigeria
• Others
Middle East and Africa Bus Market Trends
The key trends in the Middle East and Africa bus market include the growing investments made by the governments of countries in the region towards renewable energy and clean transportation technologies. These efforts towards sustainable development are likely to surge the demand for public buses which in turn will contribute towards the growth of the market. Widespread concerns among populations and governments regarding increasing pollution and decreasing sustainability has led to growing investments in electric buses. Fossil fuel-powered buses release harmful gases and smoke which in turn contribute to increase in air pollution.
Increasing public inclination towards public buses for travelling long as well as short distances for tourism purposes is also contributing to the growth of the Middle East and Africa bus market. Buses make the journey more convenient and comfortable because of their overhead storage cabinets that make it easier to store luggage, this facility makes covering large distances extremely convenient for passengers. The low ticket prices have also contributed immensely towards the increasing popularity of public buses. Surge in the tourism sector has intensely contributed towards the application of buses as well.
In length terms, 8 to 10 meter buses contribute significantly to the Middle East and Africa bus market, owing to increasing convenience for drivers to move around smaller cities and towns in the region. Standardised purchase of 8 to 10 meter buses is relatively inexpensive and convenient, these trends too contribute significantly towards the overall growth of the market.
Key Market Players
The major players in the Middle East and Africa bus market are:
• Yutong Bus Co., Ltd.
• Daimler Truck Holding AG
• AB Volvo
• MAN SE
• Toyota Motor Corporation
• Marcopolo S.A.
• Higer Bus Company Limited
• Scania AB
• Hyundai Motor Company
• BYD Motors Inc.
• Others
The report covers the market shares, capacities, plant turnarounds, expansions, investments and mergers and acquisitions, among other latest developments of these market players.
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