Market Insights report
The buses and coaches market is a specialized sector within the broader commercial vehicle market, focusing on vehicles designed for passenger transport in urban and intercity areas. This market encompasses a diverse range of vehicles, each tailored to meet specific passenger transport needs, including public transportation, school buses, tourism, and long-distance travel. Typically, the gross vehicle weight rating (GVWR) of Medium and Heavy Buses and Coaches (MHBCs) exceeds 3.5 tonnes. Buses and coaches are purpose-built to carry large groups of people, usually on fixed routes or over extended distances. They come in various sizes and configurations, such as city buses, intercity buses, minibuses, and luxury coaches. This market includes the production and sale of buses used for public transportation, operated by either public authorities or private companies, as well as private coaches for tourism, corporate transport, and other specialized services. By 2024, the global buses market is expected to reach 1.06 million vehicle units.
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The global bus market is experiencing significant growth, driven by increasing customer demand, evolving market trends, regional requirements, and macroeconomic factors. As urbanization accelerates, the need for efficient and sustainable transportation options has risen. Customers are now prioritizing buses that are fuel-efficient, environmentally friendly, and equipped with advanced technologies such as electric or hybrid engines, alongside enhanced safety, comfort, and connectivity features. Regional factors and government policies play a significant role in shaping the bus market. In densely populated urban areas, there is a demand for high-capacity buses with optimized route planning, while rural areas may require smaller buses to serve more remote communities. Macroeconomic factors such as economic growth, urban migration, and government investments in infrastructure further support market expansion. As cities grow and public transit needs intensify, the bus market is positioned for continued global growth, driven by sustainability goals, technological advancements, and supportive government policies.
In 2024, the global bus market is projected to reach 1.06 million vehicle units. This forecast indicates the expected level of unit sales within this market. Looking ahead, the market is anticipated to experience a compound annual growth rate (CAGR) of 2.65% from 2024 to 2030, which suggests an increase in sales, with the market volume reaching 1.06 million units by 2030. Additionally, bus production is expected to reach 1.12 million units by 2030, highlighting the potential for further market growth. From an international perspective, China is expected to dominate the market in 2024, with sales projected to reach 537,500 vehicles. This emphasizes China’s significant role in the global bus market. Furthermore, the demand for electric buses is rapidly increasing in countries like China and Norway, as they work towards cleaner and more sustainable transportation solutions.
Buses & Coaches
Buses & Coaches Overview
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