Press release
Global Buses And Coaches Market Share to Reach $64.67 Billion by 2029, Growing at 5.9% CAGR
Buses And Coaches Market Share
The surge in bus travel demand is anticipated to fuel the expansion of the bus and coach industry in the forthcoming years. The Red Bus Creators suggest that India's bus segment is growing annually at a striking pace of 30-40%. The Redbus entity itself is showcasing a tremendous annual growth of 80% in India. Consequently, this escalating demand for buses propels the upsurge in the bus and coach sector.
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How will the growth rate of the buses and coaches market shape industry trends by 2034?
In recent times, the market size for buses and coaches has experienced substantial growth. The market is set to expand from $48.32 billion in 2024 to $51.35 billion in 2025, escalating at a compound annual growth rate (CAGR) of 6.3%. Factors contributing to the growth seen in the historical period include the rise of emerging markets, low-interest rates, fast-paced urbanization, and advancements in technology throughout the market.
The market for buses and coaches is projected to experience robust growth in the coming years, swelling to a value of $64.67 billion in 2029 with a compound annual growth rate (CAGR) of 5.9%. Several factors are fueling this expected growth in the forecast period, including a heightened emphasis on reducing carbon emissions, increased demand for mini-buses and coaches, and supportive government initiatives. Looking forward, key trends predicted during the forecast period involve a shift towards vehicle electrification for improved energy efficiency, the adoption of autonomous driving technologies, the implementation of predictive maintenance solutions to minimize vehicle failures, investment in 3D printing technologies to optimize manufacturing processes, and forging ahead with hybrid drive systems.
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What trends are poised to drive the future success of the buses and coaches market?
Leading corporations engaged in the bus and coach sector are prioritizing the development of cutting-edge technological solutions like electromobility platforms. These platforms aim to boost environmental sustainability, curtail emissions, and increase the efficiency of public transport operations. An electromobility platform is a robust system that combines electric vehicles (EVs) and supportive technologies, including energy management, software solutions, and charging infrastructure. The aim of this platform is to encourage the adoption of electric transport by improving performance, user experience, and promoting eco-friendly mobility solutions. For instance, AB Volvo, a financial services company based in Sweden, introduced BZR Electric in March 2024 to expand their range of electric buses for city, intercity, and commuter operations. It includes a flexible energy storage system that allows for adaptable battery configurations to meet varying operational demands, thus increasing efficiency and passenger capacity. Moreover, it features advanced active safety systems that outdo EU safety regulations, focusing on protecting vulnerable road users like cyclists and pedestrians, with features such as a collision warning system that detects both vehicles and pedestrians.
Which primary segments of the buses and coaches market are driving growth and industry transformations?
The buses and coaches market covered in this report is segmented -
1) By Fuel Type: Diesel, Electric, Hybrid, Other Fuel Types
2) By Body Built: Fully Built, Customizable
3) By Application: General Transit, Personal And Recreational, Tourist, Other Applications
Subsegments:
1) By Diesel: Standard Diesel Buses, Compressed Natural Gas (CNG) Buses, Biodiesel Buses
2) By Electric: Battery Electric Buses (BEBs), Trolleybuses, Hydrogen Fuel Cell Buses
3) By Hybrid: Parallel Hybrid Buses, Series Hybrid Buses, Plug-in Hybrid Buses
4) By Other Fuel Types: Propane Buses, Ethanol Buses, Liquefied Natural Gas (LNG) Buses
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Which geographical regions are pioneering growth in the buses and coaches market?
North America was the largest region in the buses and coaches market in 2024. Asia-Pacific was the second-largest region in the global buses and coaches market share. The regions covered in the buses and coaches market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
Who are the influential players reshaping the buses and coaches market landscape?
Major companies operating in the buses and coaches market include Mercedes-Benz Group 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, Mitsubishi, Fiat Chrysler Automobiles, Scania, 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, Temsa, Hafilat, Karsan, Otokar, Tata Motors
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What Is Covered In The Buses And Coaches Global Market Report?
•Market Size Forecast: Examine the buses and coaches market size across key regions, countries, product categories, and applications.
•Segmentation Insights: Identify and classify subsegments within the buses and coaches market for a structured understanding.
•Key Players Overview: Analyze major players in the buses and coaches market, including their market value, share, and competitive positioning.
•Growth Trends Exploration: Assess individual growth patterns and future opportunities in the buses and coaches market.
•Segment Contributions: Evaluate how different segments drive overall growth in the buses and coaches market.
•Growth Factors: Highlight key drivers and opportunities influencing the expansion of the buses and coaches market.
•Industry Challenges: Identify potential risks and obstacles affecting the buses and coaches market.
•Competitive Landscape: Review strategic developments in the buses and coaches market, including expansions, agreements, and new product launches.
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