North America Bus Market to Grow with a CAGR of 4.07% through 2028F
Increasing population and rising demand for daily commuting
are driving the growth of North America Bus Market in the forecast period
2024-2028.
According to TechSci Research report, “North
America Bus Market – Industry Size, Share, Trends, Competition Forecast
& Opportunities, 2028”, the North America Bus Market stood at 159.46
Thousand Units in 2022 and is anticipated to grow with a CAGR of 4.07% in the
forecast period, 2024-2028. The North American bus market is experiencing
significant growth due to a confluence of factors that are reshaping the
transportation landscape. This expansion is driven by various technological,
environmental, and economic forces that are fundamentally transforming how
people and goods move within the region.One of the key drivers behind the
growth of the North American bus market is the increasing emphasis on sustainability
and environmental concerns. As the world grapples with the consequences of
climate change, there is a growing urgency to transition to cleaner modes of
transportation. Buses, especially electric and hybrid models, are being
embraced as a viable solution to reduce emissions and combat air pollution in
urban areas. Governments and regulatory bodies are setting stricter emissions
standards, prompting transit agencies and operators to shift towards more
environmentally friendly options.
Furthermore, the push towards sustainability is
bolstered by advancements in battery and charging technologies. Electric buses
are becoming more practical and cost-effective, with improved battery ranges
and faster charging capabilities. As the charging infrastructure expands, the
operational feasibility of electric buses increases, incentivizing their
adoption. These technological advancements not only contribute to a cleaner
environment but also enhance the overall efficiency and attractiveness of bus
services.
Economic considerations also play a pivotal role in
the market's growth. Buses, particularly diesel-powered ones, continue to be a
cost-effective mode of transportation. With the ability to carry a large number
of passengers at once, buses offer economies of scale that make them
financially viable for both transit agencies and passengers. Additionally, as
fuel costs continue to fluctuate, the relative stability of electricity as a
power source for electric buses provides a strategic advantage in budget
planning. Urbanization and population growth are driving the demand for
improved public transportation networks. Cities are becoming more densely
populated, resulting in increased traffic congestion and longer commuting
times. Buses offer a practical solution to address these challenges, as they
can efficiently transport a large number of passengers, reducing the number of
private vehicles on the road. Efficient public transportation systems can
alleviate congestion, decrease travel times, and enhance overall quality of
life for urban residents.
The COVID-19 pandemic has also influenced the market's
growth trajectory. While the initial impact led to decreased ridership due to
safety concerns, the pandemic underscored the importance of resilient and
adaptable public transportation systems. Buses were able to quickly pivot to
serve essential workers and provide a safe mode of travel for those who needed
it. This experience highlighted the need for efficient, flexible, and
well-equipped bus services that can withstand unforeseen disruptions. Government
support and incentives have been instrumental in driving the adoption of new
bus technologies. Subsidies, grants, and funding programs provided by federal,
state, and local governments encourage transit agencies and operators to invest
in electric and hybrid buses. Initiatives to electrify school bus fleets,
modernize transit systems, and reduce emissions align with broader policy goals
related to environmental protection and sustainable development.
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The push for cleaner and more sustainable
transportation has led to a surge in the adoption of electric and hybrid buses.
As concerns about air quality and emissions intensify, transit agencies and
operators are transitioning from traditional diesel buses to electric and
alternative fuel options. Electric buses offer reduced emissions, lower
operating costs over the long term, and the potential for integrating renewable
energy sources. Advancements in connectivity and digital technology are being
integrated into buses, creating "smart" vehicles. These buses are
equipped with features such as real-time passenger information, Wi-Fi, GPS
tracking, and contactless payment systems, enhancing the overall passenger
experience and making public transportation more convenient and accessible.
While still in the testing and development phase,
autonomous or self-driving buses are being explored as a potential future
trend. These buses could offer benefits such as increased safety, reduced
traffic congestion, and improved transportation efficiency. However, regulatory
challenges and the need for advanced infrastructure remain hurdles to
widespread adoption. The concept of Mobility as a Service is gaining traction,
offering integrated transportation solutions that combine various modes of
transit, including buses, trains, ride-sharing, and more. MaaS platforms aim to
simplify travel planning, ticketing, and payment processes, providing users
with seamless and flexible mobility options.
The emphasis on inclusivity and accessibility is
driving the design of buses with features catering to passengers with
disabilities. Low-floor buses, ramps, automated announcements, and tactile
indicators are being incorporated to ensure that public transportation is
available to everyone. Transit agencies are leveraging data analytics to
optimize routes, schedules, and maintenance processes. By analyzing passenger
flow, congestion patterns, and other data points, operators can enhance
operational efficiency, reduce costs, and improve service reliability.
The growth of electric buses necessitates the
development of robust charging infrastructure. Charging stations are being
deployed along bus routes, at depots, and in urban centers to support the
widespread adoption of electric buses. Collaboration between public and private
entities is becoming more common in the bus market. Private companies are
partnering with public transit agencies to provide innovative solutions, such
as implementing electric bus fleets or introducing on-demand microtransit
services to complement traditional fixed routes.
Major companies operating in North America Bus Market are:
- Mercedes-Benz AG (Daimler AG)
- IVECO S.p.A.
- MAN Truck & Bus SE
- Scania AB
- AB Volvo
- BYD CO. Ltd.
- Lion Electric Company
- NFI Group Inc.
- Proterra Inc.
- Gilling LLC
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“The electric bus market is growing in North America
due to increasing environmental concerns and a push for sustainable
transportation. Government incentives, stricter emissions regulations, and
advancements in battery technology are driving the adoption of electric buses.
These buses offer lower operational costs, reduced emissions, and improved air
quality, making them an attractive option for transit agencies and operators
looking to modernize their fleets and contribute to cleaner urban environments.,”
said Mr. Karan Chechi, Research Director with TechSci Research, a
research-based management consulting firm.
“North America Bus Market, By Bus Type (Intercity
Bus and Intracity Bus), By Length (6-8m, 8-10m, 10-12m, Above 12m), By Fuel
Type (Diesel, Petrol/Gasoline, Alternative Fuel, Electric, Hybrid and Fuel
Cell), By Country, Competition, Forecast and Opportunities, 2028F”, has evaluated
the future growth potential of North America Bus Market and provides statistics
& information on market size, structure and future market growth. The
report intends to provide cutting-edge market intelligence and help decision
makers take sound investment decisions. Besides, the report also identifies and
analyzes the emerging trends along with essential drivers, challenges, and
opportunities in the North America Bus Market.
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