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Buses and Coaches, Global Market Trends, Growth, Insights 2024
Global Buses and Coaches, Market Analysis
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According to The Business Research Company's, The buses and coaches market size has grown strongly in recent years. It will grow from $44.89 billion in 2023 to $47.52 billion in 2024 at a compound annual growth rate (CAGR) of 5.9%. The growth in the historic period can be attributed to emerging markets growth, low interest rate environment, rapid urbanization and technological advancements across the market.
The buses and coaches market size is expected to see strong growth in the next few years. It will grow to $60.25 billion in 2028 at a compound annual growth rate (CAGR) of 6.1%. The growth in the forecast period can be attributed to emphasis on cutting carbon emissions, the rise in demand for mini-buses and coaches and favorable government initiatives. Major trends in the forecast period include focusing on the electrification of vehicles to improve energy efficiency, adopting driverless technology, adopting predictive maintenance solutions in vehicles to reduce breakdowns, investing in 3d printing technology to enhance the manufacturing process and investing in hybrid drive systems.
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Market Drivers and Trends:
The increasing demand for travel by bus is expected to drive the growth of the bus and coach market over the forecast period. According to the Red Bus Creators, the bus sector in India is expanding at a rate of 30-40% year on year. The Redbus organization is exhibiting a massive 80% growth year-on-year in India itself. Therefore, the growing demand for buses drives the growth of the bus and coach market.
The autonomous bus is a key trend gaining popularity in the bus and coach market. The number of autonomous bus pilots is growing, and many manufacturers have already confirmed the introduction of autonomous bus deliveries In September 2021, Volvo Buses announced testing autonomous driver support, a new concept involving a system that assists the driver when approaching and stopping at bus stops, requiring high precision and safety.
Key Benefits for Stakeholders:
• Comprehensive Market Insights: Stakeholders gain access to detailed market statistics, trends, and analyses that help them understand the current and future landscape of their industry.
• Informed Decision-Making: The reports provide crucial data that support strategic decisions, reducing risks and enhancing business planning.
• Competitive Advantage: With in-depth competitor analysis and market share information, stakeholders can identify opportunities to outperform their competition.
• Tailored Solutions: The Business Research Company offers customized reports that address specific needs, ensuring stakeholders receive relevant and actionable insights.
• Global Perspective: The reports cover various regions and markets, providing a broad view that helps stakeholders expand and operate successfully on a global scale.
Major Key Players of the Market:
Mercedes-Benz Group AG (formerly Daimler AG), Volkswagen AG, CNH, INDUSTRIAL N.V. (IVECO subsidiary of CNH Industrial), YUTONG, Volvo, Hyundai Motor Company, Xiamen King Long United Automotive Industry, Ashok Leyland, Zhongtong Bus, ANKAI, Daimler India, Bharat Benz, Mitsubishi, Fiat Chrysler Automobiles, Scania, UD Trucks Corp., Ford Motor Company, Toyota Motor Corporation, BYD Auto, Shaanxi Automobile Group, Beiqi Foton Motor Co., SAIC Motor Commercial Vehicle Co., MAN Truck & Bus SE, Irizar, Solaris, VDL, Gaz Group, NefAZ (KAMAZ affiliate), UAZ, Elegantbus, Cento Bus, Bus Factory, Pacific Tur, Lux Bus America, Vamoose Bus, Enel X Brazil, PSA, Temsa, Hafilat, Karsan, Otokar, Tata Motors, Cania AB
Buses And Coaches Market 2024 Key Insights:
• The buses and coaches market size is expected to see strong growth in the next few years. It will grow to $60.25 billion in 2028 at a compound annual growth rate (CAGR) of 6.1%.
• The Surging Demand For Bus Travel Fueling Growth In The Bus And Coach Market
• The Surge Of Autonomous Buses Is A Pivotal Trend In The Bus And Coach Market
• North America was the largest region in the buses and coaches market in 2023
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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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Learn More About The Business Research Company
The Business Research Company ( https://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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