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Buses And Coaches Market Expansion Outlook: $21.61 Billion in 2029
Buses And Coaches
What Is the Projected CAGR for the Buses And Coaches Market from 2024 to 2025?
The market size of buses and coaches has experienced a consistent growth over the past few years. Predictions point towards an increase from $16.87 billion in 2024 to $17.55 billion in 2025 with a compound annual growth rate (CAGR) of 4.1%. This progression in the historical phase can be credited to the expansion of emerging markets, favorable conditions of low-interest rates, quick urbanization, and advances in technology within the market.
What are the Expected Market Size and CAGR for Buses And Coaches by 2029?
The market for buses and coaches is predicted to experience robust expansion in the upcoming years, soaring to $21.61 billion in 2029 with a compound annual growth rate (CAGR) of 5.3%. This growth during the forecast period is expected due to factors such as the initiative to reduce carbon emissions, the increasing demand for mini-buses and coaches, as well as beneficial government policies. Key trends to watch in the forecast period are the push for vehicle electrification to boost energy efficiency, the adoption of autonomous vehicle technology, the use of predictive maintenance practices in vehicles to decrease malfunctions, investments in 3D printing technologies to improve manufacturing processes, and the funding of hybrid drive systems.
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Which Factors Are Driving the Global Buses And Coaches Market Expansion?
The bus and coach market is projected to expand due to the escalating demand for bus travel in the future. Red Bus Creators have suggested that the bus industry in India is surging at a pace of 30-40% annually. A tremendous 80% annual growth is displayed by the Redbus entity solely in India. Consequently, the burgeoning need for buses propels the development of the bus and coach market.
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Which Segment Currently Holds the Largest Share of the Buses And Coaches Market?
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
Which Major Trends Are Shaping the Future of the Buses And Coaches Industry?
Leading businesses operating in the bus and coach market are concentrating on creating advanced technological solutions like electromobility platforms. The aim is to boost sustainability, decrease emissions, and optimize operations in public transport. An electromobility platform is a holistic system that combines electric vehicles (EVs) and their supporting technologies, including charging infrastructure, energy management, and software solutions. The goal of this platform is to accelerate the uptake of electric transportation, by optimizing performance, enhancing user friendliness, and encouraging sustainable mobility solutions. For example, AB Volvo, a financial services company based in Sweden, unveiled the BZR Electric in March 2024, with the aim of improving their electric bus offerings for city, intercity, and commuter operations. This features a modular energy storage system that offers customizable battery configurations to suit various operational requirements, improving efficiency and passenger capacity. Moreover, it includes advanced active safety systems, prioritizing the safety of vulnerable road users like cyclists and pedestrians. The safety measures exceed EU safety regulations, with features such as a collision warning system that detects both vehicles and pedestrians.
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Which Key Players Dominate the Buses And Coaches Industry Globally?
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
What Are the Fastest-Growing Regions 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
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