openPR Logo
Press release

Bus Market To Grow 6.1% by 2032 | Top Manufacturers: AB Volvo, Ashok Leyland, BYD Company

02-01-2024 01:32 PM CET | Logistics & Transport

Press release from: IMARC Group

Bus Market

Bus Market

IMARC Group, a leading market research company, has recently releases report titled "Bus Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2024-2032" The global bus market size reached US$ 50.3 Billion in 2023. Looking forward, IMARC Group expects the market to reach US$ 86.9 Billion by 2032, exhibiting a growth rate (CAGR) of 6.1% during 2024-2032. 

Request For Sample Copy of Report For More Detailed Market insight: https://www.imarcgroup.com/bus-market/requestsample

Factors Affecting the Growth of the Bus Industry:

Increasing Demand for Eco-Friendly Transportation:

The rising focus on lowering carbon emissions and promoting sustainable transportation is leading to the development of electric and hybrid buses. Governments worldwide are implementing stringent emission norms and offering incentives for electric vehicle (EV) adoption, propelling the shift from traditional diesel buses to eco-friendly alternatives. This is not only driven by environmental concerns but also by the long-term economic benefits of lower operating costs associated with electric buses. Companies are investing in research operations to enhance battery technology, improve charging infrastructure, and increase the range and efficiency of these vehicles.

Tourism and Private Fleet:

Buses are a favored mode of transportation for tourists due to their cost-effectiveness and the ability to accommodate groups. The increasing number of travel and tour companies investing in comfortable and luxurious buses for sightseeing and long-distance travel is strengthening the market growth. Moreover, private players are increasing their fleet of buses for catering to corporate needs, educational institutions, and private events. This diversification in usage, from city tours to inter-city travel, necessitates various types of buses, such as minibuses and luxury coaches.

Government Initiatives and Public-Private Partnerships (PPPs):

Many governments are actively promoting public transportation to reduce traffic congestion and environmental pollution. This includes substantial investments in public transit infrastructure and subsidies for bus procurement, especially for low-emission and electric buses. In addition, public-private partnerships (PPPs) are becoming common in the transportation sector. These partnerships often involve the government working with private companies to finance, build, and operate bus services, leading to better management, service quality, and technological integration. These collaborative efforts not only ease the financial burden on public sectors but also encourage innovation and efficiency in bus services.

Top Companies Operating in Bus Industry:

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

Bus Market Report Segmentation:

By Type:

Single Deck
Double Deck

Single deck exhibits a clear dominance in the market attributed to its versatility and widespread use in various transportation applications.

By Fuel Type:

Diesel
Electric and Hybrid
Others

Diesel represents the largest segment due to its widespread availability and cost-effectiveness.

By Seat Capacity:

15-30 Seats
31-50 Seats
More than 50 Seats

Based on the seat capacity, the market has been classified into 15-30 seats, 31-50 seats, and more than 50 seats.

By Application:

Transit Bus
Intercity/Coaches
Others

Transit bus accounts for the majority of the market share, driven by the rising demand for public transportation services in urban areas.

Regional Insights:

North America (United States, Canada)
Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, Others)
Europe (Germany, France, United Kingdom, Italy, Spain, Russia, Others)
Latin America (Brazil, Mexico, Others)
Middle East and Africa

Asia Pacific dominates the market, owing to its growing population and increasing investment in public transportation infrastructure.

Global Bus Market Trends:

The rising focus on passenger comfort and accessibility is propelling the market growth. Modern buses are being designed with ergonomic seating, climate control, wireless fidelity (Wi-Fi) connectivity, and universal serial bus (USB) charging ports to enhance the passenger experience. This is not only prevalent in long-distance coaches but also in urban transit buses. Furthermore, the growing emphasis on making buses more accessible to people with disabilities is positively influencing the market. Features like low-floor designs, wheelchair ramps, and audible announcements are becoming standard. This shift towards passenger-centric design is a response to the rising user expectations for comfort and convenience in public transportation, aiming to make bus travel more appealing to a broader demographic.

Other Key Points Covered in the Report:

COVID-19 Impact
Porters Five Forces Analysis
Value Chain Analysis
Strategic Recommendations

Contact US

IMARC Group
134 N 4th St. Brooklyn, NY 11249, USA
Email: sales@imarcgroup.com
Tel No:(D) +91 120 433 0800
United States: +1-631-791-1145 | United Kingdom: +44-753-713-2163

About Us

IMARC Group is a leading market research company that offers management strategy and market research worldwide. We partner with clients in all sectors and regions to identify their highest-value opportunities, address their most critical challenges, and transform their businesses.

IMARC Group's information products include major market, scientific, economic and technological developments for business leaders in pharmaceutical, industrial, and high technology organizations. Market forecasts and industry analysis for biotechnology, advanced materials, pharmaceuticals, food and beverage, travel and tourism, nanotechnology and novel processing methods are at the top of the company's expertise.

This release was published on openPR.

Permanent link to this press release:

Copy
Please set a link in the press area of your homepage to this press release on openPR. openPR disclaims liability for any content contained in this release.

You can edit or delete your press release Bus Market To Grow 6.1% by 2032 | Top Manufacturers: AB Volvo, Ashok Leyland, BYD Company here

News-ID: 3369593 • Views:

More Releases from IMARC Group

Vietnam Water Treatment Chemicals Market Share, Demand, Industry Growth And Forecast 2024-2032
Vietnam Water Treatment Chemicals Market Share, Demand, Industry Growth And Fore …
IMARC Group's report titled "Vietnam Water Treatment Chemicals Market Report by Type (Coagulants and Flocculants, Corrosion Inhibitors, Scale Inhibitors, Biocides and Disinfectants, Chelating Agents, Anti-Foaming Agents, PH Adjusters and Stabilizers, and Others), End User (Municipal, Power, Oil and Gas, Mining, Chemicals, Food and Beverage, Pulp and Paper, and Others), and Region 2024-2032" Vietnam water treatment chemicals market is projected to exhibit a growth rate (CAGR) of 4.99% during 2024-2032. The Vietnam water
Furniture Market Size, Sales Revenue, Industry Growth, Forecast 2024-2032
Furniture Market Size, Sales Revenue, Industry Growth, Forecast 2024-2032
IMARC Group, a leading market research company, has recently releases report titled "Furniture Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2024-2032" The global furniture market size reached US$ 660.5 Billion in 2023. Looking forward, IMARC Group expects the market to reach US$ 701.7 Billion by 2032. Request For Sample Copy of Report For More Detailed Market insight: https://www.imarcgroup.com/furniture-market/requestsample Factors Affecting the Growth of the Furniture Industry: Rapid Urbanization: Urban areas are leading
Nanofibers Market Size, Share, and Report 2024-2032
Nanofibers Market Size, Share, and Report 2024-2032
According to IMARC Group latest report titled "Nanofibers Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2024-2032", offers a comprehensive analysis of the industry, which comprises insights on nanofibers market. The report also includes competitor and regional analysis, and contemporary advancements in the global market. The global nanofibers market size reached US$ 1,591.0 Million in 2023. Looking forward, IMARC Group expects the market to reach US$ 9,948.5 Million by
Oxygen Concentrator Manufacturing Plant Report 2024: Business Plan, Capital Investments and Expenses
Oxygen Concentrator Manufacturing Plant Report 2024: Business Plan, Capital Inve …
IMARC Group's report, titled "Oxygen Concentrator Manufacturing Plant Project Report 2024: Industry Trends, Plant Setup, Machinery, Raw Materials, Investment Opportunities, Cost and Revenue," provides a complete roadmap for setting up an oxygen concentrator manufacturing plant. The report covers various aspects, ranging from a broad market overview to intricate details like unit operations, raw material and utility requirements, infrastructure necessities, machinery requirements, manpower needs, packaging and transportation requirements, and more. In addition

All 5 Releases


More Releases for Bus

Bus Charter Services Market 2019 Analysis and Precise Outlook : Barons Bus, Nort …
Latest added Global Bus Charter Services Market research study by AMA Research offers detailed outlook and elaborates market review till 2025. The market Study is segmented by key regions that are accelerating the mercerization. At present, the market players are strategizing and overcoming challenges of current scenario; The study explored is a perfect mix of qualitative and quantitative Market data collected and validated majorly through primary data and secondary
Bus Manufacturing Market Detailed Global Analysis Report by Key Players – FAW, …
A new business intelligence report released by Up Market Research on “Global Bus Manufacturing Market Research Report 2019”. Report provides a comprehensive market analysis with future prospects to 2026. The study have garnered extensive research methodologies and data sources (i.e. Secondary & Primary Sources) in order to generate collective and useful information that delivers latest market undercurrents and industry trends. Get Exclusive FREE Sample Copy Of this Report @ https://www.upmarketresearch.com/home/requested_sample/76328 The report
Global School Bus Market 2019 - Collins Industries, Starcraft Bus, Trans Tech, I …
School Bus Market The global School Bus market research report comprises of the basic insights that are relevant to the global market. The report being an all-inclusive one will be of great help to the users in order to understand not only the market trends, but also the size, forecast trends, production, share, demand, sales, and many such aspects International global School Bus market report has been replete with step by step
Global School Bus Market 2018 - Micro Bird, Starcraft Bus, Trans Tech, Van Con, …
Eminent Market Reports, recently published a detailed market research study focused on the “School Bus Market” across the global, regional and country level. The report provides 360° analysis of “School Bus Market” from view of manufacturers, regions, product types and end industries. The research report analyses and provides the historical data along with current performance of the global PP Pipe industry, and estimates the future trend of School Bus on
Global Bus Market 2018 - Beiqi Foton Motor, JMCG, JAC, BYD, Yangzhou Asiastar Bu …
Eminent Market Reports, recently published a detailed market research study focused on the “Bus Market” across the global, regional and country level. The report provides 360° analysis of “Bus Market” from view of manufacturers, regions, product types and end industries. The research report analyses and provides the historical data along with current performance of the global PP Pipe industry, and estimates the future trend of Bus on the basis of
China Electric Bus Market by Type Pure Electric Bus, Series Hybrid Bus, Parallel …
China electric bus market size is estimated to cross 140,000 units in 2017 and is forecasted to grow at a CAGR of 13.1% during 2018-2025. The market witnessed a significant growth in the historical period, mainly driven by government subsidies. Pure Electric buses, which account for a majority of electric bus sales in the country, would continue to dominate the Chinese electric bus market due to increased government support for