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Strong Growth Ahead: School Bus Market Size To Grow At Arecord 6.3% Cagr By 2029
School Bus
How Big Is the School Bus Market Size Expected to Be by 2034?
The school bus market has experienced consistent growth in recent years. It is estimated to rise from $18.29 billion in 2024 to $19.52 billion in 2025, with a CAGR of 6.7%. This is driven by population growth, shifts in fuel pricing, environmental awareness, higher demand for electric school buses, and rising concerns over student safety.
The school bus market is projected to grow steadily, reaching $24.93 billion by 2029, at a CAGR of 6.3%. The growth is attributed to environmental concerns, rising demand for electric, hybrid, and propane school buses, increasing urbanization, and technological advancements in vehicle design. Key trends include technological integration in education systems, infrastructure development, adoption of electromobility, and innovations in vehicle design.
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What Are the Emerging Segments Within the School Bus Market?
The school bus market covered in this report is segmented -
1) By Type: Diesel Fuel, Alternative Fuel, Hybrid-Electric, Battery-Powered
2) By Capacity Design Type: Type A, Type B, Type C, Type D
3) By Application: Education, Law Enforcement, Community Outreach
Subsegments:
1) By Diesel Fuel: Standard Diesel-Powered School Buses, High-Efficiency Diesel-Powered School Buses
2) By Alternative Fuel: Compressed Natural Gas (CNG) School Buses, Propane-Powered School Buses, Hydrogen Fuel Cell School Buses
3) By Hybrid-Electric: Plug-in Hybrid Electric School Buses, Non-Plug-in Hybrid Electric School Buses
4) By Battery-Powered: Full Battery Electric School Buses, Long-Range Battery Electric School Buses
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What Long-Term Drivers Are Shaping School Bus Market Trends?
The rise in school enrollments is expected to drive the school bus market. School enrollment signifies the total number of students attending educational institutions. Factors such as improved access to education and literacy efforts support this increase. School buses are crucial for student transportation. The U.S. Census Bureau stated in December 2023 that school enrollment rose by 1.3 million from 2021 to 2022, reaching 75.2 million, with 81.1% of college students attending public institutions in 2022. This increase contributes to the growth of the school bus market.
Who Are the Top Competitors in Key School Bus Market Segments?
Major companies operating in the school bus market are 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.
What Are the Major Trends Shaping the School Bus Market?
Prominent companies in the school bus market are concentrating on technological innovations, such as Type D school buses, to better meet customer needs. Type D school buses, built on a stripped chassis, are designed for densely populated areas and busy routes, offering superior visibility and improved service door placement. In October 2023, GreenPower Motor Company Inc., based in Canada, launched the Mega BEAST, an all-electric Type D school bus. With a 387 kWh battery pack, it offers a range of up to 300 miles per charge, making it ideal for longer routes and rural districts that lack midday recharging infrastructure.
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Which Regions Are Becoming Hubs for School Bus Market Innovation?
North America was the largest region in the school bus market in 2024. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the school bus market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
Frequently Asked Questions:
1. What Is the Market Size and Growth Rate of the School Bus Market?
2. What is the CAGR expected in the School Bus Market?
3. What Are the Key Innovations Transforming the School Bus Industry?
4. Which Region Is Leading the School Bus Market?
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