Asia Pacific Bus Market to Grow at 9.08% CAGR by 2026
Growing environmental concerns because of diesel buses and increasing
government initiatives for adoption of electric buses to drive the Asia Pacific
Bus market through 2026.
According
to TechSci Research report, “Asia Pacific Bus Market By Length Type (Less
than 8m, Between 8m-10m, Between 10m-12m, Greater than 12m), By Fuel Type (Diesel,
Petrol/Gasoline, Gas, Electric, Hybrid), By Seating Capacity (Less than 30, Between
30-40, Greater than 40), By Body Type (Fully Built, Customizable), By
Application (Transit Bus, School Bus/Others, Motorcoaches), By Country, Competition,
Forecast & Opportunities, 2026”, Asia
Pacific Bus market is anticipated to reach 42.57 thousand units by 2026 because of growing
environmental concerns about diesel buses, which emit a lot of pollution that
is harmful to people's health and the environment, as well as increasing
government measures to encourage the use of electric buses. Due to increasing
fleet of personal two-wheelers and four-wheeler vehicles on roads, the level of
pollution is increasing day by day which is a huge concern. Not only this,
increasing fleet of personal vehicles is affecting the environment and also
leading to traffic congestion which is creating lots of issues for the daily
travellers on the roads. To overcome the issue of environmental pollution and
traffic congestion governments are taking necessary steps like promoting buses
for daily travelling by decreasing subsidies on buses and benefits for
increasing the adoption rate of electric vehicles and replacing heavy-duty
diesel and gasoline-run buses with zero-emission electric buses. Electric buses
have the potential to significantly reduce pollution levels because no gases
will escape from the vehicle and produce pollution. However, because more
people will opt to commute by bus as a result of increased bus services, these
buses will also help to reduce traffic congestion. However, the deployment of
electric buses will depend upon country wise policy and also the number of
charging stations in respective countries. To run the electric buses on roads, countries
should have a strong charging infrastructure to avoid problems.
Browse more than 55 market data Figures
spread through 80 Pages and an in-depth TOC on "Asia Pacific Bus Market"
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Asia Pacific Bus
market can be segmented on the basis of length, by fuel type, by seating
capacity, by body type and by application. Based on length type, less than 8m buses is
leading the market. But in 2020, the sales of buses with length 10m-12m
increased because of their for intracity and intercity application. In by fuel type, diesel buses are dominating the
market with over 90% market share in 2020.
In the forecast period also, it is expected that diesel buses will
dominate the bus market, but electric buses segment is expected to grow at a CAGR
of 24.18% in comparison to diesel buses. In by seating capacity segment, the
buses with below 30 seats are leading the market because of their high demand
for intracity purposes. In by body type segment, the fully built buses are dominating
the Asia pacific bus market and in forecast period also they are expected to
dominate the market. In by application type bus segment, transit buses are
leading the market because of their high demand as intracity buses and followed
by motorcoaches. The demand for motorcoaches buses is also more because such
buses are used mainly as intercity buses and also for the sightseeing purpose.
Major players operating in Asia Pacific Bus market are
Toyota Motor Corporation, SML Isuzu Ltd., Hino Motors, Ltd. etc., are among some of the leading players operating in Asia Pacific Bus
market. Apart from these companies, AB Volvo, MAN, Daimler AG, Nissan and Mitsubishi Fuso
Truck and Bus Corporation are key
players, who are developing advanced technologies and
launching new products to stay competitive in the market. Other competitive
strategies adopted by market players include mergers and acquisition, new
product developments and increasing
their marketing activities and enriching product portfolio globally to increase
their customer outreach.
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“In 2020, Japan accounted for the largest share i.e., 40.63% in Asia
Pacific Bus market and it is expected to dominate in the forecast period also.
Japan is leading the Asia Pacific Bus market because of increasing tourism and
awareness among people regarding using buses”, said Mr. Karan Chechi, Research
Director with TechSci Research, a research based global management consulting
firm.
“Asia Pacific Bus Market By Length Type (Less than
8m, Between 8m-10m, Between 10m-12m, Greater than 12m), By Fuel Type (Diesel,
Petrol/Gasoline, Gas, Electric, Hybrid), By Seating Capacity (Less than 30,
Between 30-40, Greater than 40), By Body Type (Fully Built, Customizable), By
Application (Transit Bus, School Bus/Others, Motorcoaches), By Country
(Australia, Singapore, Thailand, Taiwan, Malaysia, Japan, New Zealand,
Indonesia), Competition, Forecast & Opportunities, 2026” has evaluated the future growth potential of Asia
Pacific 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 Asia Pacific Bus Market.
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