Bus Market Share Will Hit US$ 71.5 Billion By 2028 | Growth With Recent Trends & Forecast

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.

A bus is a specialized motor vehicle tailored for efficiently transporting people within urban areas or to distant destinations, following a predefined route and timetable. Notably, it contributes to reducing air pollution, consumes less fuel per passenger, and demands relatively modest investments when introducing new routes or services. Consequently, buses serve as a popular mode of transportation for commuters. Additionally, they play a crucial role in transporting goods and facilitating brand or product promotions. This versatile vehicle finds widespread use in various settings, including corporate offices, hospitals, educational institutions, and beyond, on a global scale.

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

The increasing number of individuals who are opting for public transport systems, as they are relatively cheaper than private and personal vehicles, is primarily driving the bus market. Additionally, continuous technological advancements, such as the introduction of digital ticketing and live tracking solutions, are further bolstering the market growth. Besides this, the launch of various favorable policies by government bodies across countries to promote the usage of electric-powered buses, on account of the growing levels of air pollution, is acting as another significant growth-inducing factor. Moreover, the development of smart traffic lights (STL) management systems to reduce road congestion is positively influencing the global market. Apart from this, the escalating demand for intelligent communication technology (ICT) that is equipped with buses and the inflating need for connecting rural areas to cities are also stimulating the market growth. Furthermore, the emerging trend of automation in the transportation industry and the rising adoption of Big Data to optimize routes are anticipated to fuel the bus market over the forecasted period.

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

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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