Bus Market Statistics, Trends, Size, Share, and Key Players by 2031

The Bus Market is expected to register a CAGR of 6.7% from 2023 to 2031, with a market size expanding from US$ XX million in 2023 to US$ XX Million by 2031.

The report is segmented by Type (Single Deck, Double Deck); Fuel Type (Diesel, Electric and Hybrid, Others); Application (Intracity, Intercity/Coaches, Others). The global analysis is further broken-down at regional level and major countries. The Report Offers the Value in USD for the above analysis and segments.

Purpose of the Report

The report Bus Market by The Insight Partners aims to describe the present landscape and future growth, top driving factors, challenges, and opportunities. This will provide insights to various business stakeholders, such as:

• Technology Providers/Manufacturers: To understand the evolving market dynamics and know the potential growth opportunities, enabling them to make informed strategic decisions.
• Investors: To conduct a comprehensive trend analysis regarding the market growth rate, market financial projections, and opportunities that exist across the value chain.
• Regulatory bodies: To regulate policies and police activities in the market with the aim of minimizing abuse, preserving investor trust and confidence, and upholding the integrity and stability of the market.

Bus Market Segmentation

Type

• Single Deck
• Double Deck

Fuel Type

• Diesel
• Electric and Hybrid
• Others

Application

• Intracity
• Intercity/Coaches
• Others

Geography

• North America
• Europe
• Asia-Pacific
• South and Central America
• Middle East and Africa

Geography

• North America
• Europe
• Asia-Pacific
• South and Central America
• Middle East and Africa

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Bus Market Growth Drivers

• Consumers Demand for Public Transport: The market for the buses is growing up rapidly due to an increase in demand for public transport. An increase in population and the associated increased migration towards cities contributes more to increased demands for more public transport. One of the largest drivers of the bus market is urbanization. Where cities continue to grow bigger and larger in population size, the demand for solution products in public transport-in this case, buses-surges. Buses are seen as important elements in sustainable urban mobility precisely when roadways get cluttered and pollution increases to a high level. With more and more people moving into cities, buses are highly efficient and cost-effective transport solutions for large numbers of people. Governments are now investing in public transport infrastructures that include bus networks. Many cities are developing new, modern fleets while extending their public transport system with dedicated bus rapid transit lanes and integrated transit networks.
• Cost-Effectiveness of Buses Compared to Other Modes of Transport: Buses are a low-cost mode of transportation for cities with limited resources. Compared to the high infrastructure costs of a metro or light rail system, buses provide flexibility and scalability at a lower cost. Buses are a cheaper option for both operators and passengers compared to other forms of public transport such as trains or trams. Cities are focusing on giving affordable public transport to the increasingly growing urban population. This is where buses are considered an ideal solution. Most of the public transit systems are increasingly going for private companies to assist them in running bus services. This partnership also helps reduce costs while expanding bus services in underserved areas.
• Infrastructure Development and Increasing Investments: Investment in the bus infrastructure, which encompasses bus terminals, electric bus charging stations, and dedicated bus lanes, is another major market driver. Governments are increasing the infrastructures of public transport to accommodate urban growth and improve passenger services. BRT systems are gaining popularity due to their efficiency and cost-effectiveness. These systems are highly attractive for urban areas that look to improve public transportation because of dedicated lanes, priority traffic signals, and modernized buses. Electric bus charging networks are also expanding to support the adoption of electric buses, making it easier for operators to switch from traditional diesel buses to electric fleets.

Bus Market Future Trends

• Demand for Shared Mobility: The growing trend of shared mobility services, like ride-hailing and car-sharing, is affecting the bus market. In this respect, buses are becoming a part of the broader Mobility-as-a-Service (MaaS) ecosystem, providing much more flexible, on-demand transportation services. On-demand and flexible bus services are becoming an increasingly attractive alternative to fixed-route bus services, especially in low-density cities or at off-peak times. Mass also integrates buses with the wider MaaS platforms. As passengers can now plan for journeys that merge buses with the various transport modes such as rail into a complete journey plan, buses now are well linked to a greater flexible system to solve urban transportation problems.
• Innovation in Bus Design and Safety Features: Advanced technologies include AI, telematics, autonomous driving, and other safety features that are provided in the buses. These technologies provide opportunities to manufacturers and operators to create more efficient, safer, and more intelligent buses. Autonomous, or self-driving buses represent an emerging opportunity, especially with regard to controlled environments like a university campus, airport, or urban space for decreasing labor costs and optimizing its operation. The bus service would enhance the experience of passengers, as it would provide facilities like Wi-Fi connectivity and USB charging ports. On the other hand, telematics and predictive maintenance would help in improving the operations of buses and thereby reducing idle time.

Bus Market Opportunities

• Urbanisation and Development of Infrastructure: The growing trend of urbanisation offers significant opportunities for bus. As new cities come up and infrastructure goes up, there is a need for efficient transportation solutions that may help increase demand for new vehicles. Investment in bus infrastructure, including modernized bus terminals, dedicated bus lanes, and smart city integrations, is a key opportunity for manufacturers and service providers. This is an area of significant growth in the expansion of BRT networks around the world.
• Electric and Hybrid Vehicle Market: The electric and hybrid segment offers great opportunity for manufacturers. A record of increasing environmental consciousness and government incentives for green technologies have promised a wide market for environmentally friendly public transport across the entire consumer spectrum. As governments and cities switch on to reduce carbon emissions, a boom is expected in electric and hybrid buses. Manufactures will seize this moment by coming up with more affordable and efficient electric buses. With better battery technologies, for instance, the solid-state battery, charging will be shorter and the mileages extended. Electric buses will, therefore, emerge as suitable for long routes and for frequent routes, too. Companies that develop or support the deployment of charging infrastructure, including fast-charging stations for electric buses, will have significant opportunities for growth in parallel with the emergence of electric bus fleets.

Bus Market Regional Insights

The regional trends and factors influencing the Bus Market throughout the forecast period have been thoroughly explained by the analysts at Insight Partners. This section also discusses Bus Market segments and geography across North America, Europe, Asia Pacific, Middle East and Africa, and South and Central America.

Bus Market Report Scope

Bus Market Players Density: Understanding Its Impact on Business Dynamics

The Bus Market market is growing rapidly, driven by increasing end-user demand due to factors such as evolving consumer preferences, technological advancements, and greater awareness of the product's benefits. As demand rises, businesses are expanding their offerings, innovating to meet consumer needs, and capitalizing on emerging trends, which further fuels market growth.

Market players density refers to the distribution of firms or companies operating within a particular market or industry. It indicates how many competitors (market players) are present in a given market space relative to its size or total market value.

Major Companies operating in the Bus Market are:

1. AB Volvo
2. Alexander Dennis Limited
3. Anhui Ankai Automobile Co., Ltd
4. Ashok Leyland Ltd
5. Daimler AG

Disclaimer: The companies listed above are not ranked in any particular order.

Key Selling Points

• Comprehensive Coverage: The report comprehensively covers the analysis of products, services, types, and end users of the Bus Market, providing a holistic landscape.
• Expert Analysis: The report is compiled based on the in-depth understanding of industry experts and analysts.
• Up-to-date Information: The report assures business relevance due to its coverage of recent information and data trends.
• Customization Options: This report can be customized to cater to specific client requirements and suit the business strategies aptly.

The research report on the Bus Market can, therefore, help spearhead the trail of decoding and understanding the industry scenario and growth prospects. Although there can be a few valid concerns, the overall benefits of this report tend to outweigh the disadvantages.