Press Release

Bus and Coach Market to be Driven by Intercity Bus Segment through the Forecast Period

Rising demand for public transportation and escalating demand for new energy vehicles to drive the Global Bus & Coach Market in the forecast years.

According to TechSci Research report, Bus and Coach Market- Global Industry Size, Share, Trends, Competition, Opportunity, and Forecast, 2018-2028, the Global Bus and Coach Market stood at USD97.34 billion in value in 2022 and is expected to reach USD145.19 billion by 2028 with a CAGR of 7.21% over the forecast period. The global bus and coach market is growing due to the increasing number of green vehicle technology and rise in tourism across all regions. The bus segment dominates the industry with 77.60% of total market share in 2022. Coaches are gaining popularity for long-distance travels in both North America and Europe, which is enabling the market to grow further. Furthermore, in order to ease traffic congestion, minimize accidents, and conserve fuel, the majority of bus and coach manufacturers are investing in connected vehicle technologies. Moreover, it is expected that rising demand for bus transportation is expected to drive the global bus and coach market.

Due to concerns about poor air quality and health as well as growing fuel prices, a significant number of transportation organizations are transitioning to hybrid or electric buses. IC engine and electric motor are combined in a hybrid drive system to produce less emission and have excellent fuel efficiency. Furthermore, growing need for electric buses and coaches for public transit increases the fleet size of global bus and coach market in coming years. Governments in several nations are developing frameworks and policies to support energy-efficient and low-impact vehicles in an effort to speed up the adoption of electric buses. Moreover, the electric bus segment is anticipated to capture nearly 17% of total market share by 2028. They have lower operating costs because of lower maintenance costs and fuel costs. They also have more predictable costs because of the relatively stable electricity prices as compared to fossil fuels. Furthermore, the global demand for transportation is increasing due to fast urbanization, especially in developing countries, which is boosting the global bus and coach market.

Autonomous buses are another significant sector that is growing in popularity in the market for buses and coaches. In autonomous buses, many manufacturers are making investments, such as Proterra announced its new EV Battery Factory in South Carolina due to increase in demand for commercial electric buses. In 2021, the Asia Pacific region produced more than 1,40,000 buses, surpassing Europe and North America regions combined. Based on vehicle type, the bus segment is dominating the market with nearly 78% of market share in 2022 as bus is a daily means of travel in many countries. On the basis of fuel type, diesel segment dominates the market. On the basis of length, the 10-12m bus and coach segment is more popular among bus operators and this segment is anticipated to maintain its lead by 2028. On the basis of seating capacity, above 50 seating segment is leading the market in 2022. Thus, due to the above mentioned developments, the global bus and coach market is anticipated to register a CAGR of 7.21% in the coming years.

 

Browse more than 229 market data Figures spread through 284 Pages and an in-depth TOC on  "Global Bus and Coach Market"

 

The global bus and coach market can be segmented by vehicle type, by Transportation type, by fuel type, by length, by seating capacity, by region and competitive landscape. Based on vehicle type, the market is segmented into bus and coach. On the basis of Transportation type, the market is segmented into intercity and intracity. On the basis of fuel type the market is divided into diesel, petrol, alternative fuel, electric bus, hybrid, fuel cell bus. On the basis of length, the market is segmented into 6-8m, 8-10m, 10-12m, above 12m. Based on seating capacity, the market is divided into up to 30, 31-40, 41-50, and above 50. The market is also divided based on region into Asia Pacific, North America, Europe & CIS, Middle East & Africa, and South America.

 

Some of the major companies operating in the Global Bus and Coach Market include:

  • Zhengzhou Yutong Bus Co. Ltd.
  • Daimler Truck Holding AG
  • Xiamen King Long United Automotive Industry Co. Ltd
  • MAN Truck and Bus SE
  • Tata Motors Limited
  • AB Volvo
  • Ashok Leyland Limited
  • Marcopolo S. A.
  • Scania AB
  • NFI Group Inc.


These are the key players developing advanced technologies and launching new products to stay competitive in the market. Other competitive strategies include mergers with tech firms, new product developments, and marketing activities to increase customer outreach.

 

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The maximum number of buses were made in Asia-Pacific due to increasing demand from developing countries, which propelled this region to the top of the global bus and coach market. Further, rapid urbanization in developing countries is expected to boost the bus and coach market in the region in the upcoming years. In the global market the electric bus segment is expected to register a CAGR of 10.61% in the forecast period.” said Mr. Karan Chechi, Research Director with TechSci Research, a research-based global management consulting firm.

“Bus and Coach Market – Global Industry Size, Share, Trends, Opportunity, and Forecast, 2018-2028F, Segmented By Vehicle Type (Bus & Coach), By Transportation Type (Intracity and Intercity), By Fuel Type (Diesel, Petrol, Alternative Fuel, Electric Bus, Hybrid, and Fuel Cell Bus), By Length (6-8m, 8-10m, 10-12m, Above 12m), By Seating Capacity (Up to 30, 31-40, 41-50, Above 50), By Region, Competition,” has evaluated the future growth potential of Global Bus and Coach 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 global bus and coach market.


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