Press release
School Bus Global Market Insights: Growth Drivers, Size & Forecasts to 2029
School Bus Market Size
What Is the Forecasted Market Growth Rate of the School Bus Industry?
In the past few years, the size of the school bus market has seen substantial growth. The market size, which was $18.29 billion in 2024, is expected to escalate to $19.31 billion in 2025, reflecting a compound annual growth rate (CAGR) of 5.6%. The growth during the historical period can be traced back to factors such as population increase, variation in fuel prices, heightened environmental consciousness, a surge in the demand for electric school buses, and heightened concerns regarding student safety.
How Will the School Bus Market Size Evolve From 2025 to 2029?
It is anticipated that the school bus market will experience significant expansion in the coming years, reaching a value of $23.5 billion by 2029, representing a compound annual growth rate (CAGR) of 5.0%. This expected growth during the forecast period can be credited to several factors such as increased environmental consciousness, growing desire for electric and hybrid school buses, increasing urban populations, and a rising demand for propane school buses. As we look to the future, key trends to observe include creative advancements in vehicle design, incorporating technological elements into educational structures, development of infrastructure, integration of cutting-edge technologies, and the adoption of electromobility.
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What Are the Main Growth Drivers in the School Bus Market Today?
The upward trend in school registration is predicted to fuel the advancement of the school bus market in the future. School registration involves planning to join an institution and choosing particular classes, accounting for the current student population in a school or course. The rise in school registrations can be attributed to a global emphasis on literacy and improved access to education, particularly in developing regions. A school bus serves as a safe transport for students between their homes and schools, as well as any school-related events. As per the United States Census Bureau, a prominent agency of the U.S. Federal Statistical System, there was an increase of 1.3 million in overall school registrations between 2021 and 2022, with the number of registrants reaching 75.2 million by December 2023. Furthermore, in 2022, 81.1% of university students decided to attend a public university or college. As such, the escalating number of school registrations is boosting the growth of the school bus market.
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Which School Bus Market Segment Is Expected to Lead Through 2029?
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
Which Market Trends Are Expected to Dominate School Bus Industry Growth?
Major firms in the school bus market, such as GreenPower Motor Company Inc., are focusing on introducing advanced technology like Type-D school buses for enhanced customer service. These buses, constructed on a stripped-down chassis, offer improved visibility for the driver and larger front service doors. They are primarily utilized for student transportation in high-traffic routes and densely populated areas. The Canadian electric bus manufacturer and distributor launched the Mega BEAST, a high-performance, all-electric Type-D school bus with the largest battery pack and maximum range, in October 2023. The Mega BEAST features a 387 kWh battery pack, allowing it to cover up to 300 miles without recharging, making it extremely suitable for longer routes, rural places, or school districts where facilities for mid-day recharging are unavailable.
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Which Companies Hold the Largest Market Share in the School Bus Sector?
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.
Where Is the School Bus Market Experiencing the Highest Growth?
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.
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