Bus Market Share, Future Trends, Sales Analysis, Forecast Report 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.

The bus market is witnessing substantial growth, primarily attributed to the growing preference for public transportation systems due to their cost-effectiveness in comparison to private vehicles. Moreover, continuous technological advancements, including the introduction of digital ticketing and live tracking solutions, are playing a significant role in expanding the market. Government authorities in various countries are also enacting favorable policies to encourage the adoption of electric-powered buses, responding to the increasing levels of air pollution, which serves as another crucial driver of market growth.

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

The bus market is witnessing significant growth primarily due to the increasing preference for public transportation systems, driven by their cost-effectiveness compared to private vehicles. Furthermore, ongoing technological advancements, such as the introduction of digital ticketing and live tracking solutions, are further contributing to the expansion of the market. Government authorities in various countries are implementing favorable policies to promote electric-powered buses in response to rising air pollution levels, serving as another key driver of market growth. Additionally, the development of smart traffic light (STL) management systems aimed at reducing road congestion is positively impacting the global market. Moreover, the growing demand for intelligent communication technology (ICT) integrated into buses and the need to connect rural areas with urban centers are stimulating market growth. The emerging trend of automation in the transportation industry and the increasing adoption of Big Data for route optimization are expected to fuel the bus market in the coming years.

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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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