Europe Bus and Coach Market to Grow at a CAGR of 4.44% through 2027
Increasing population and growing popularity for daily
commuting purposes are driving the growth of Europe bus and coach market in the
forecast period, 2022-2027F.
According
to TechSci Research report, “Europe Bus and Coach Market- By Country,
Competition Forecast & Opportunities, 2027”,
the Europe bus and coach market stood at USD5,101.92
million in 2021 and is expected to grow at a steady CAGR of 4.44% to reach a
value of USD6,809.06 million by 2027. The rise in the urban population boosts
the demand for public transportation services. Leading authorities of several
countries are allocating massive funds to develop public transportations system
to satisfy the growing demand of passengers. Buses and coaches constitute a
significant part of the public transportation system and therefore are
witnessing huge demand from all over Europe. Market players are working on
expanding their product portfolio by introducing more advanced and
fuel-efficient buses into the market. The growing popularity of booking
services through online platforms due to the rise in the tech-savvy population
and the proliferation of smart devices is expected to impact market demand
positively.
However, the shift of
consumers towards private vehicle ownership and rapidly changing emission norms
and regulations may restrain the Europe bus and coach market growth in the
forecast period.
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The Europe bus and coach
market is segmented into vehicle type, bus type, length, seating capacity, fuel
type, body type, regional distribution, and competitive landscape.
Based on vehicle type, the
market is bifurcated into bus and coach. The bus type is further divided into
the intercity bus and intracity bus. Intercity buses dominated the market in
2021 by covering a market share of 47.62% and are expected to maintain their
dominance over the next five years. In Europe, the majority of travellers opt
for public transportation services for their daily commute, thereby fueling the
demand for intercity buses across the region.
Based on length, the market
is divided into 6-8m, 8-10m, 10-12m, and above 12m. The above 12m segment is
expected to grow at a CAGR of 3.72% in the forecast period owing to the high
demand for long buses for commercial purposes to accommodate a large
population. Also, many of the people travel through intercity buses that are
longer and have higher seating capacity, which supports the segment growth.
Based on fuel type, the
market is divided into diesel, petrol/gasoline, alternative fuel, electric,
hybrid and fuel cell. The diesel segment led the market in 2021 and captured a
market share of 71.83%. The majority of the buses running on the streets use
diesel as a fuel as it has better mileage for long distances.
Based on body type, the market
is divided into fully built and customizable bodies. The customizable body
segment dominated the market in 2021 with 84.59% of the overall market share.
There is high demand for customizable body type buses among the private bus
owners. They usually have recliner seats, low floor, different interior and
lighting designs and other high comfort features. Also, the rise in the tourism
and service sector in the region is expected to accelerate the demand for
customizable comfortable buses, which can provide an exhilarating experience to
travelers in the forecast period.
Major market players
operating in Europe bus and coach market are:
- Mercedes-Benz AG (Daimler AG)
- IVECO S.p.A.
- MAN Truck & Bus SE
- Scania AB
- AB Volvo
- EvoBus GmbH (Setra)
- Temsa Skoda Sabanci Ulaşim Araçlari A.Ş.
- Alexander Dennis Limited
- Solaris Bus & Coach Sp. Z o.o
- Wrightbus
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“With the growing population
and travel and tourism industry, the demand for massive vehicle fleets is
increasing rapidly, which is also boosting pollution levels. Leading
authorities are encouraging the manufacturing of electric buses to lower the
carbon emissions into the environment and support sustainable development in
their respective countries. In 2017, around 40 cities, including Paris, Rome,
Barcelona, and others, signed a declaration to achieve a zero-emission bus
fleet by 2025. Market players are advised to invest in the manufacturing of
electric buses and coaches to gain a competitive edge in the long run and
capture the highest market share through the forecast period, 2023-2027” said
Mr. Karan Chechi, Research Director with TechSci Research, a research based global
management consulting firm.
“Europe Bus and Coach
Market By Vehicle Type (Bus and Coach), By Bus Type (Intercity Bus and
Intracity Bus), By Length (6-8m, 8-10m, 10-12m, Above 12m), By Seating Capacity
(Up to 30, 31-40, 41-50 and Above 50), By Fuel Type (Diesel, Petrol/Gasoline,
Alternative Fuel, Electric, Hybrid and Fuel Cell), By Body Type (Fully Built
and Customizable Body), By Country By Company, Forecast & Opportunities,
2017- 2027F”, has evaluated the future
growth potential of Europe bus and coach market and provides statistics and
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 Europe bus and coach market.
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