Bus Market size to grow by USD 15,868.32 million from 2022 to 2027; Rapid urbanization to boost market growth - Technavio

NEW YORK, Aug. 8, 2023 /PRNewswire/ -- The bus market size is estimated to grow by USD 15,868.32 million from 2022 to 2027, growing at a CAGR of 6%, according to Technavio. APAC is estimated to contribute 49% to the growth of the global market during the forecast period. Consumers' high awareness of public transport benefits is driving a swift shift from traditional diesel buses to electric buses. China is a key contributor to the market in the region. The country is aiming to reduce traffic congestion and vehicle emissions and promote public transportation over private options, leading to a significant increase in electric bus adoption. The country is also witnessing a growing trend of using electric school buses to minimize carbon footprints. Therefore, these factors are expected to drive market growth in the region during the forecast period. For Comprehensive details on the market size of the historical period(2017 to 2021) and forecast period (2023-2027) - View the Sample report

Company Landscape
The bus market is fragmented; the companies are competing with competitors and are trying to get a greater market share. The market is growing, and the chances of new entrants cannot be overlooked. The major companies have well-established economies of scale and market presence and generally rely on positioning technological advances, and the price of the products -The report provides a full list of key companies, their strategies, and the latest developments. Buy Now

Market Dynamics

Key Driver

Rapid urbanization is one of the key factors driving the growth of the market. This rapid urbanization is particularly in the US, China, and India. The increasing urban population in cities like Mumbai and Bangalore has escalated the demand for efficient and eco-friendly public transport systems, especially buses. Notably, the Chinese government has invested significantly in public transportation infrastructure, particularly BRT networks, to meet the transit needs of its expanding metropolitan population. Hence, these factors are expected to drive market growth during the forecast period.

Major Trends

Technological advancements in the electric bus is a major trend in the market. The growing bus market is attracting more manufacturers entering the electric bus sector. The focus is on technological advances leading to collaborations between electric bus manufacturers and technology-based companies. Volvo and Nanyang Technological University are working together to develop autonomous electric buses for sustainable public transport. Innovations in charging solutions include lithium-ion batteries that are charged using solar energy, such as Uganda-based Kiira Motors' solar-powered Kayoola bus concept. Thus, the increasing technological advancements are expected to drive market growth during the forecast period.

Significant Challenges

Inadequate bus infrastructure is a significant challenge restricting the market growth. The inadequate bus infrastructure, especially in rapidly urbanizing urban areas, contributes to the problem. Insufficient bus stops, terminals, and designated lanes hinder the efficiency and reliability of bus services, leading to operational inefficiencies, longer travel times, and reduced passenger satisfaction. Therefore, these factors are expected to restrict market growth during the forecast period.

Technavio has identified key trends, drivers, and challenges in the market, which will help clients improve their strategies to stay ahead of their competitors. - View Sample Report

Company Profiles

The bus market report includes information on the product launches, sustainability, and prospects of leading companies including AB Volvo, Anhui Jianghuai Automobile Group Co. Ltd., Ashok Leyland Ltd, BYD Co. Ltd., FirstGroup plc, Go Ahead Group Plc, Mahindra and Mahindra Ltd., Mercedes Benz Group AG, MTR Corp. Ltd., National Express Group Plc, NFI Group Inc., Proterra Inc., RegioJet A.S., SNCF Group, Stagecoach Group Plc, Tata Motors Ltd., Transdev Group SA, Xiamen King Long United Automotive Industry Co. Ltd., Yutong Bus Co. Ltd., and Zhongtong Bus Holding Co. Ltd.

Competitive Analysis

The report includes competitive analysis, a proprietary tool to analyze and evaluate the position of companies based on their industry position score and market performance score. The competitive scenario categorizes companies based on various performance indicators. Some of the factors considered include the financial performance of companies over the past few years, growth strategies, product innovations, new product launches, investments, and growth in market share, among others.

Market Segmentation

The market is segmented by type (single deck and double deck), fuel type (diesel, electric and hybrid, and others), and geography (APAC, Europe, North America, South America, and Middle East and Africa).

• The market share growth in the single deck segment will be significant during the forecast period. The increasing demand for public transport, government efforts to remove traffic congestion, and the interest in eco-friendly mobility options drive the necessity for single-deck buses. These buses, with one level of seating, are preferred for urban and suburban transportation due to their small size and maneuverability. They are commonly used for employee transportation, school buses, and public transit services. Therefore, these factors are expected to drive segment growth during the forecast period.

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Related Reports

The articulated bus market is estimated to grow at a CAGR of 5.52% between 2022 and 2027. The market size is forecast to increase by USD 1,735.21 million. Furthermore, this report extensively covers market segmentation by fuel type (diesel, electric and hybrid, and others), type (single-decker bus and double-decker bus), and geography (Europe, APAC, North America, South America, and Middle East and Africa). The several benefits of articulated buses is a key factor driving market growth during the forecast period.

The school bus market is estimated to grow at a CAGR of 3.93% between 2022 and 2027 and the size of the market is forecast to increase by USD 1,235.20 million. Furthermore, this report extensively covers market segmentation by powertrain type (ICE-powered and electric), type (type C, type B, type A, and type D), and geography (North America, APAC, Europe, Middle East, Africa, and South America). The increasing number of school enrollments is a key factor driving market growth during the forecast period.

Table of Contents

1 Executive Summary

• 1.1 Market Overview
• Exhibit 01: Executive Summary – Chart on Market Overview
• Exhibit 02: Executive Summary – Data Table on Market Overview
• Exhibit 03: Executive Summary – Chart on Global Market Characteristics
• Exhibit 04: Executive Summary – Chart on Market by Geography
• Exhibit 05: Executive Summary – Chart on Market Segmentation by Type
• Exhibit 06: Executive Summary – Chart on Market Segmentation by Fuel Type
• Exhibit 07: Executive Summary – Chart on Incremental Growth
• Exhibit 08: Executive Summary – Data Table on Incremental Growth
• Exhibit 09: Executive Summary – Chart on Vendor Market Positioning

2 Market Landscape

• 2.1 Market ecosystem
• Exhibit 10: Parent market
• Exhibit 11: Market Characteristics

3 Market Sizing

• 3.1 Market definition
• Exhibit 12: Offerings of vendors included in the market definition

• 3.2 Market segment analysis 
• Exhibit 13: Market segments

• 3.3 Market size 2022

• 3.4 Market outlook: Forecast for 2022-2027 
• Exhibit 14: Chart on Global - Market size and forecast 2022-2027 ($ million)
• Exhibit 15: Data Table on Global - Market size and forecast 2022-2027 ($ million)
• Exhibit 16: Chart on Global Market: Year-over-year growth 2022-2027 (%)
• Exhibit 17: Data Table on Global Market: Year-over-year growth 2022-2027 (%)

4 Historic Market Size

• 4.1 Global bus market 2017 - 2021 
• Exhibit 18: Historic Market Size – Data Table on global bus market 2017 - 2021 ($ million)

• 4.2 Type Segment Analysis 2017 - 2021 
• Exhibit 19: Historic Market Size – Type Segment 2017 - 2021 ($ million)

• 4.3 Fuel Type Segment Analysis 2017 - 2021 
• Exhibit 20: Historic Market Size – Fuel Type Segment 2017 - 2021 ($ million)

• 4.4 Geography Segment Analysis 2017 - 2021 
• Exhibit 21: Historic Market Size – Geography Segment 2017 - 2021 ($ million)

• 4.5 Country Segment Analysis 2017 - 2021 
• Exhibit 22: Historic Market Size – Country Segment 2017 - 2021 ($ million)

5 Five Forces Analysis

• 5.1 Five forces summary
• Exhibit 23: Five forces analysis - Comparison between 2022 and 2027

• 5.2 Bargaining power of buyers 
• Exhibit 24: Chart on Bargaining power of buyers – Impact of key factors 2022 and 2027

• 5.3 Bargaining power of suppliers 
• Exhibit 25: Bargaining power of suppliers – Impact of key factors in 2022 and 2027

• 5.4 Threat of new entrants 
• Exhibit 26: Threat of new entrants – Impact of key factors in 2022 and 2027

• 5.5 Threat of substitutes 
• Exhibit 27: Threat of substitutes – Impact of key factors in 2022 and 2027

• 5.6 Threat of rivalry
• Exhibit 28: Threat of rivalry – Impact of key factors in 2022 and 2027

• 5.7 Market condition
• Exhibit 29: Chart on Market condition - Five forces 2022 and 2027

6 Market Segmentation by Type

• 6.1 Market segments
• Exhibit 30: Chart on Type - Market share 2022-2027 (%)
• Exhibit 31: Data Table on Type - Market share 2022-2027 (%)

• 6.2 Comparison by Type
• Exhibit 32: Chart on Comparison by Type
• Exhibit 33: Data Table on Comparison by Type

• 6.3 Single deck - Market size and forecast 2022-2027 
• Exhibit 34: Chart on Single deck - Market size and forecast 2022-2027 ($ million)
• Exhibit 35: Data Table on Single deck - Market size and forecast 2022-2027 ($ million)
• Exhibit 36: Chart on Single deck - Year-over-year growth 2022-2027 (%)
• Exhibit 37: Data Table on Single deck - Year-over-year growth 2022-2027 (%)

• 6.4 Double deck - Market size and forecast 2022-2027 
• Exhibit 38: Chart on Double deck - Market size and forecast 2022-2027 ($ million)
• Exhibit 39: Data Table on Double deck - Market size and forecast 2022-2027 ($ million)
• Exhibit 40: Chart on Double deck - Year-over-year growth 2022-2027 (%)
• Exhibit 41: Data Table on Double deck - Year-over-year growth 2022-2027 (%)

• 6.5 Market opportunity by Type 
• Exhibit 42: Market opportunity by Type ($ million)
• Exhibit 43: Data Table on Market opportunity by Type ($ million)

7 Market Segmentation by Fuel Type

• 7.1 Market segments
• Exhibit 44: Chart on Fuel Type - Market share 2022-2027 (%)
• Exhibit 45: Data Table on Fuel Type - Market share 2022-2027 (%)

• 7.2 Comparison by Fuel Type 
• Exhibit 46: Chart on Comparison by Fuel Type
• Exhibit 47: Data Table on Comparison by Fuel Type

• 7.3 Diesel - Market size and forecast 2022-2027 
• Exhibit 48: Chart on Diesel - Market size and forecast 2022-2027 ($ million)
• Exhibit 49: Data Table on Diesel - Market size and forecast 2022-2027 ($ million)
• Exhibit 50: Chart on Diesel - Year-over-year growth 2022-2027 (%)
• Exhibit 51: Data Table on Diesel - Year-over-year growth 2022-2027 (%)

• 7.4 Electric and hybrid - Market size and forecast 2022-2027 
• Exhibit 52: Chart on Electric and hybrid - Market size and forecast 2022-2027 ($ million)
• Exhibit 53: Data Table on Electric and hybrid - Market size and forecast 2022-2027 ($ million)
• Exhibit 54: Chart on Electric and hybrid - Year-over-year growth 2022-2027 (%)
• Exhibit 55: Data Table on Electric and hybrid - Year-over-year growth 2022-2027 (%)

• 7.5 Others - Market size and forecast 2022-2027 
• Exhibit 56: Chart on Others - Market size and forecast 2022-2027 ($ million)
• Exhibit 57: Data Table on Others - Market size and forecast 2022-2027 ($ million)
• Exhibit 58: Chart on Others - Year-over-year growth 2022-2027 (%)
• Exhibit 59: Data Table on Others - Year-over-year growth 2022-2027 (%)

• 7.6 Market opportunity by Fuel Type 
• Exhibit 60: Market opportunity by Fuel Type ($ million)
• Exhibit 61: Data Table on Market opportunity by Fuel Type ($ million)

8 Customer Landscape

• 8.1 Customer landscape overview 
• Exhibit 62: Analysis of price sensitivity, lifecycle, customer purchase basket, adoption rates, and purchase criteria

9 Geographic Landscape

• 9.1 Geographic segmentation 
• Exhibit 63: Chart on Market share by geography 2022-2027 (%)
• Exhibit 64: Data Table on Market share by geography 2022-2027 (%)

• 9.2 Geographic comparison 
• Exhibit 65: Chart on Geographic comparison
• Exhibit 66: Data Table on Geographic comparison

• 9.3 APAC - Market size and forecast 2022-2027 
• Exhibit 67: Chart on APAC - Market size and forecast 2022-2027 ($ million)
• Exhibit 68: Data Table on APAC - Market size and forecast 2022-2027 ($ million)
• Exhibit 69: Chart on APAC - Year-over-year growth 2022-2027 (%)
• Exhibit 70: Data Table on APAC - Year-over-year growth 2022-2027 (%)

• 9.4 Europe - Market size and forecast 2022-2027 
• Exhibit 71: Chart on Europe - Market size and forecast 2022-2027 ($ million)
• Exhibit 72: Data Table on Europe - Market size and forecast 2022-2027 ($ million)
• Exhibit 73: Chart on Europe - Year-over-year growth 2022-2027 (%)
• Exhibit 74: Data Table on Europe - Year-over-year growth 2022-2027 (%)

• 9.5 North America - Market size and forecast 2022-2027 
• Exhibit 75: Chart on North America - Market size and forecast 2022-2027 ($ million)
• Exhibit 76: Data Table on North America - Market size and forecast 2022-2027 ($ million)
• Exhibit 77: Chart on North America - Year-over-year growth 2022-2027 (%)
• Exhibit 78: Data Table on North America - Year-over-year growth 2022-2027 (%)

• 9.6 South America - Market size and forecast 2022-2027 
• Exhibit 79: Chart on South America - Market size and forecast 2022-2027 ($ million)
• Exhibit 80: Data Table on South America - Market size and forecast 2022-2027 ($ million)
• Exhibit 81: Chart on South America - Year-over-year growth 2022-2027 (%)
• Exhibit 82: Data Table on South America - Year-over-year growth 2022-2027 (%)

• 9.7 Middle East and Africa - Market size and forecast 2022-2027 
• Exhibit 83: Chart on Middle East and Africa - Market size and forecast 2022-2027 ($ million)
• Exhibit 84: Data Table on Middle East and Africa - Market size and forecast 2022-2027 ($ million)
• Exhibit 85: Chart on Middle East and Africa - Year-over-year growth 2022-2027 (%)
• Exhibit 86: Data Table on Middle East and Africa - Year-over-year growth 2022-2027 (%)

• 9.8 China - Market size and forecast 2022-2027 
• Exhibit 87: Chart on China - Market size and forecast 2022-2027 ($ million)
• Exhibit 88: Data Table on China - Market size and forecast 2022-2027 ($ million)
• Exhibit 89: Chart on China - Year-over-year growth 2022-2027 (%)
• Exhibit 90: Data Table on China - Year-over-year growth 2022-2027 (%)

• 9.9 Germany - Market size and forecast 2022-2027 
• Exhibit 91: Chart on Germany - Market size and forecast 2022-2027 ($ million)
• Exhibit 92: Data Table on Germany - Market size and forecast 2022-2027 ($ million)
• Exhibit 93: Chart on Germany - Year-over-year growth 2022-2027 (%)
• Exhibit 94: Data Table on Germany - Year-over-year growth 2022-2027 (%)

• 9.10 US - Market size and forecast 2022-2027 
• Exhibit 95: Chart on US - Market size and forecast 2022-2027 ($ million)
• Exhibit 96: Data Table on US - Market size and forecast 2022-2027 ($ million)
• Exhibit 97: Chart on US - Year-over-year growth 2022-2027 (%)
• Exhibit 98: Data Table on US - Year-over-year growth 2022-2027 (%)

• 9.11 India - Market size and forecast 2022-2027 
• Exhibit 99: Chart on India - Market size and forecast 2022-2027 ($ million)
• Exhibit 100: Data Table on India - Market size and forecast 2022-2027 ($ million)
• Exhibit 101: Chart on India - Year-over-year growth 2022-2027 (%)
• Exhibit 102: Data Table on India - Year-over-year growth 2022-2027 (%)

• 9.12 UK - Market size and forecast 2022-2027 
• Exhibit 103: Chart on UK - Market size and forecast 2022-2027 ($ million)
• Exhibit 104: Data Table on UK - Market size and forecast 2022-2027 ($ million)
• Exhibit 105: Chart on UK - Year-over-year growth 2022-2027 (%)
• Exhibit 106: Data Table on UK - Year-over-year growth 2022-2027 (%)

• 9.13 Market opportunity by geography 
• Exhibit 107: Market opportunity by geography ($ million)
• Exhibit 108: Data Tables on Market opportunity by geography ($ million)

10 Drivers, Challenges, and Trends

• 10.1 Market drivers

• 10.2 Market challenges

• 10.3 Impact of drivers and challenges 
• Exhibit 109: Impact of drivers and challenges in 2022 and 2027

• 10.4 Market trends

11 Vendor Landscape

• 11.1 Overview

• 11.2 Vendor landscape
• Exhibit 110: Overview on Criticality of inputs and Factors of differentiation

• 11.3 Landscape disruption
• Exhibit 111: Overview on factors of disruption

• 11.4 Industry risks
• Exhibit 112: Impact of key risks on business

12 Vendor Analysis

• 12.1 Vendors covered
• Exhibit 113: Vendors covered

• 12.2 Market positioning of vendors 
• Exhibit 114: Matrix on vendor position and classification

• 12.3 AB Volvo
• Exhibit 115: AB Volvo - Overview
• Exhibit 116: AB Volvo - Business segments
• Exhibit 117: AB Volvo - Key news
• Exhibit 118: AB Volvo - Key offerings
• Exhibit 119: AB Volvo - Segment focus

• 12.4 Anhui Jianghuai Automobile Group Co. Ltd. 
• Exhibit 120: Anhui Jianghuai Automobile Group Co. Ltd. - Overview
• Exhibit 121: Anhui Jianghuai Automobile Group Co. Ltd. - Product / Service
• Exhibit 122: Anhui Jianghuai Automobile Group Co. Ltd. - Key offerings

• 12.5 BYD Co. Ltd.
• Exhibit 123: BYD Co. Ltd. - Overview
• Exhibit 124: BYD Co. Ltd. - Business segments
• Exhibit 125: BYD Co. Ltd. - Key news
• Exhibit 126: BYD Co. Ltd. - Key offerings
• Exhibit 127: BYD Co. Ltd. - Segment focus

• 12.6 FirstGroup plc
• Exhibit 128: FirstGroup plc - Overview
• Exhibit 129: FirstGroup plc - Product / Service
• Exhibit 130: FirstGroup plc - Key offerings

• 12.7 Go Ahead Group Plc
• Exhibit 131: Go Ahead Group Plc - Overview
• Exhibit 132: Go Ahead Group Plc - Business segments
• Exhibit 133: Go Ahead Group Plc - Key offerings
• Exhibit 134: Go Ahead Group Plc - Segment focus

• 12.8 Mahindra and Mahindra Ltd. 
• Exhibit 135: Mahindra and Mahindra Ltd. - Overview
• Exhibit 136: Mahindra and Mahindra Ltd. - Business segments
• Exhibit 137: Mahindra and Mahindra Ltd. - Key news
• Exhibit 138: Mahindra and Mahindra Ltd. - Key offerings
• Exhibit 139: Mahindra and Mahindra Ltd. - Segment focus

• 12.9 Mercedes Benz Group AG 
• Exhibit 140: Mercedes Benz Group AG - Overview
• Exhibit 141: Mercedes Benz Group AG - Business segments
• Exhibit 142: Mercedes Benz Group AG - Key offerings
• Exhibit 143: Mercedes Benz Group AG - Segment focus

• 12.10 MTR Corp. Ltd.
• Exhibit 144: MTR Corp. Ltd. - Overview
• Exhibit 145: MTR Corp. Ltd. - Product / Service
• Exhibit 146: MTR Corp. Ltd. - Key offerings

• 12.11 National Express Group Plc 
• Exhibit 147: National Express Group Plc - Overview
• Exhibit 148: National Express Group Plc - Business segments
• Exhibit 149: National Express Group Plc - Key offerings
• Exhibit 150: National Express Group Plc - Segment focus

• 12.12 NFI Group Inc.
• Exhibit 151: NFI Group Inc. - Overview
• Exhibit 152: NFI Group Inc. - Business segments
• Exhibit 153: NFI Group Inc. - Key offerings
• Exhibit 154: NFI Group Inc. - Segment focus

• 12.13 RegioJet A.S.
• Exhibit 155: RegioJet A.S. - Overview
• Exhibit 156: RegioJet A.S. - Product / Service
• Exhibit 157: RegioJet A.S. - Key offerings

• 12.14 SNCF Group
• Exhibit 158: SNCF Group - Overview
• Exhibit 159: SNCF Group - Business segments
• Exhibit 160: SNCF Group - Key offerings
• Exhibit 161: SNCF Group - Segment focus

• 12.15 Stagecoach Group Plc
• Exhibit 162: Stagecoach Group Plc - Overview
• Exhibit 163: Stagecoach Group Plc - Business segments
• Exhibit 164: Stagecoach Group Plc - Key offerings
• Exhibit 165: Stagecoach Group Plc - Segment focus

• 12.16 Transdev Group SA
• Exhibit 166: Transdev Group SA - Overview
• Exhibit 167: Transdev Group SA - Product / Service
• Exhibit 168: Transdev Group SA - Key offerings

• 12.17 Xiamen King Long United Automotive Industry Co. Ltd. 
• Exhibit 169: Xiamen King Long United Automotive Industry Co. Ltd. - Overview
• Exhibit 170: Xiamen King Long United Automotive Industry Co. Ltd. - Product / Service
• Exhibit 171: Xiamen King Long United Automotive Industry Co. Ltd. - Key offerings

13 Appendix

• 13.1 Scope of the report

• 13.2 Inclusions and exclusions checklist 
• Exhibit 172: Inclusions checklist
• Exhibit 173: Exclusions checklist

• 13.3 Currency conversion rates for US$ 
• Exhibit 174: Currency conversion rates for US$

• 13.4 Research methodology
• Exhibit 175: Research methodology
• Exhibit 176: Validation techniques employed for market sizing
• Exhibit 177: Information sources

• 13.5 List of abbreviations
• Exhibit 178: List of abbreviations

About Us

Technavio is a leading global technology research and advisory company. Their research and analysis focus on emerging market trends and provide actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions. With over 500 specialized analysts, Technavio's report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio's comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.

Contact

Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 844 364 1100
UK: +44 203 893 3200
Email: [email protected]
Website: www.technavio.com

SOURCE Technavio

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