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School Bus Market Segments 2024-2033 | Size, Share And Insights
School Bus Market Segments
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According to The Business Research Company's, The school bus market size has grown strongly in recent years. It will grow from $17.21 billion in 2023 to $18.29 billion in 2024 at a compound annual growth rate (CAGR) of 6.3%. The growth in the historic period can be attributed to increased population, fluctuations in fuel prices, increased awareness about environment, rise in demand for electric school buses, and increased concerns for student safety.
The school bus market size is expected to see strong growth in the next few years. It will grow to $23.46 billion in 2028 at a compound annual growth rate (CAGR) of 6.4%. The growth in the forecast period can be attributed to environmental awareness, growing demand for electric school buses, rise in urbanization, growing demand for hybrid school buses, and growing demand for propane school buses. Major trends in the forecast period include innovations in vehicle design, integration of technology in education systems, infrastructure development, integration of advanced technologies, and adoption of electromobility.
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Market Drivers and Trends:
The increasing number of school enrollments is expected to propel the growth of the school bus market going forward. School enrollment refers to the process of arranging to attend an institution and specific classes, which includes the number of students currently attending a school or course. Increasing school enrollments are driven by rising global literacy initiatives and improved access to education, especially in developing regions. A school bus is used to safely transport students to and from school and school-related activities. For instance, in December 2023, according to the United States Census Bureau, a US-based principal agency of the U.S. Federal Statistical System, total school enrollment experienced a growth of 1.3 million from 2021 to 2022, reaching a total of 75.2 million students enrolled. In 2022, 81.1% of students enrolled in college attended a public university or college. This is a 2.3% point increase from 2020. Therefore, the increasing number of school enrollments is driving the growth of the school bus market.
Major companies operating in the school bus market are focusing on technological advancements, such as type-D school buses, to better serve customers. A Type D school bus is a type of school bus that is constructed using a stripped chassis. It is typically used for transporting students in densely populated areas and along highly trafficked routes, offering enhanced front service doors and better visibility for the driver. For instance, in October 2023, GreenPower Motor Company Inc., a Canada-based electric bus manufacturer and distributor, launched the Mega BEAST, an all-electric Type D school bus boasting the longest range and largest battery pack in the school bus market. The Mega BEAST is equipped with a 387 kWh battery pack, enabling it to travel up to 300 miles on a single charge. This extended range makes it ideal for longer routes, rural areas, and school districts without facilities for mid-day recharging.
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Major Key Players of the Market:
Toyota Motor Corporation, Mercedes Benz Group AG, Ford Motor Co., Daimler Truck AG, AB Volvo, Traton SE, Tata Motors Ltd., Mahindra and Mahindra Ltd., Navistar Inc., Ashok Leyland Ltd., Yutong Bus Co. Ltd., Eicher Motors Ltd., Blue Bird Corporation, Thomas Built Buses, SML Isuzu Ltd., The Lion Electric Co., Collins Bus Corporation, IC Bus, GreenPower Motor Co. Inc., Van Con Inc., JCBL Limited, Starcraft Corp., Superior Coach Corp., Endera Motors, Trans Tech Bus Inc.
School Bus Market 2024 Key Insights:
• The school bus market size is expected to see strong growth in the next few years. It will grow to $23.46 billion in 2028 at a compound annual growth rate (CAGR) of 6.4%.
• Increasing School Enrollments Drive Growth In The School Bus Market
• Technological Advancements In The School Bus Market
• North America was the largest region in the school bus market in 2023
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Learn More About The Business Research Company
The Business Research Company (www.thebusinessresearchcompany.com) is a leading market intelligence firm renowned for its expertise in company, market, and consumer research. With a global presence, TBRC's consultants specialize in diverse industries such as manufacturing, healthcare, financial services, chemicals, and technology, providing unparalleled insights and strategic guidance to clients worldwide.
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