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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