Bus Market is to grow at an 8.5 % CAGR, with Asia-Pacific leading the market through 2032

Bus Market to Hit USD 35.68 Bn by 2032

The Bus Market was USD 18.58 Bn in 2024 and is expected to expand at a CAGR of 8.5 % from 2025 to 2032, reaching USD 35.68 Bn by 2032. Changes in urbanization, environmental concerns, technology improvements, and shifting transportation choices are some of the drivers driving the bus industry. Buses are scalable and cost-effective for transporting big groups of people. There is a growing shift toward hybrid and electric buses to comply with these environmental standards. Technological advancements Electric bus, Autonomous buses or Driverless buses offer several advantages including decreased emissions, quieter operations, and cheaper running expenses. In the United States, the Institute for Transportation and Development Policy (ITDP) reports that more than 60 nations have more than 180 BRT systems in operation.

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Bus Market Segmentation

By Type: Transit buses constitute the largest market share in the bus market, holding approximately 40-45% of the total bus market. The school bus segment represents around 20-25% of the total bus market. This segment is particularly in the countries like the U.S. and China. The Coach/Intercity Bus are employed for long-distance transportation between areas and cities, which holds approximately 15-20% of the total market. Shuttle buses are usually smaller vehicles that are used for short-distance travel. This segment holds approximately 10-15% of the total market.

Bus Market Regional Analysis

United States: In 2024, the bus market in the United States was estimated to be worth USD 12.5 billion. The U.S. has around 480,000 school buses in service across the country. The U.S. The United States provided billions of dollars to encourage the electrification of buses and other public transportation as part of the Infrastructure Investment and Jobs Act (2021).

Germany: In 2022, there were around 4,883 new bus registrations for vehicles weighing more than 3.5 tons in Germany. The bus market saw a growth of over 12.5%, with approximately 5,493 new buses registered. In 2024, the overall number of new buses had a minor decrease of 2%, reaching 5,382 units.

China: In the first half of 2024, a total of 241,700 buses were sold by Chinese manufacturers. China has already switched to electric public buses for a significant number of its fleets as of 2023, especially in major cities like Beijing, Shanghai, and Shenzhen. Key players, such as BYD, Zhengzhou Yutong Bus, and King Long, dominate the Chinese market.

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Bus Market Competitive Landscape

Daimler AG: Daimler AG acquired 10% of Tesla for approximately $50 million. The trucks and buses division of Daimler AG has been spin off into a distinct company called Daimler Truck AG.

Volvo Group: In 2021, Daimler Truck AG and Volvo Group formed a joint venture named Cellcentric. The Volvo Group purchased UD Trucks, a well-known commercial vehicle manufacturer in Japan.

MAN Truck & Bus (Volkswagen Group): In 2021, Traton SE successfully acquired Navistar for approximately $3.7 billion. The Volkswagen Group purchased a 16.6% share in Navistar, a significant American truck manufacturer, through its Traton SE company.

Recent Developments:

MAN has introduced the Lion's City E, a city bus that runs entirely on electricity and has a large-capacity battery for extended operation.
Toyota developed the hydrogen fuel cell bus known as the Sora. The Sora has zero emissions and is fueled by Toyota's Mirai fuel cell technology.
Irizar created the i6S e-comfort, which provides upscale amenities, including Wi-Fi, reclining seats, and personal climate settings for long-distance travel and tourism.

Conclusion

Autonomous driving technology, like that used in Navya and EasyMile shuttles, will be integrated into buses to enhance traffic flow, save operating costs, and increase safety.
Incorporating cleaner technology, improving operational effectiveness, and developing seamless transportation solutions that support smarter, more sustainable cities are key to the bus market's future.

For additional reports on related topics, visit our website:

♦ Electric Bus Market https://www.maximizemarketresearch.com/market-report/global-electric-bus-market/23325/

♦ Semi-autonomous & Autonomous Bus Market https://www.maximizemarketresearch.com/market-report/semi-autonomous-autonomous-bus-market/152506/

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