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Global Bus Market to Grow at a CAGR of 8.1% During 2021-2026, Aided by Rapid Electrification and Modernisation of Buses

According to a new report by EMR titled, ‘Global Bus Market Report and Forecast 2021-2026’, the global market for bus attained a value of about USD 37.5 billion in 2020. The industry is further expected to grow at a CAGR of 8.1% in the forecast period of 2021-2026 to reach nearly USD 59.8 billion by 2026.

The introduction of various favourable government policies to promote public transportation as a measure to enhance connectivity while reducing air pollution is propelling the market growth. For instance, the Indian government allocated Rs 18,000 crore to aid public transport in urban areas by facilitating the deployment of public private partnership (PPP) models for the operation and maintenance of nearly 20,000 buses in February 2021. Moreover, the leveraging of the latest technologies such as sensors to boost connectivity and mobility is positively impacting the market growth. The development of innovative buses that can provide data transparency, fuel-efficiency, and cost-effectiveness is expected to surge their demand, which is projected to provide further impetus to the industry growth.

AB Volvo (OTCMKTS: VLVLY), one of the leading companies in the market, launched a 4-metre-high double decker, Volvo 9700 DD, for operations in Europe in April 2021. The double decker extends the wide range of choice for buses in Europe by providing high quality, productivity, and efficiency. It is based on the same pattern as the company’s successful range of premium segment coaches, Volvo 9700, Volvo 9900, and Volvo 9700 DD, 4.25 m high. The bus can be tailored to meet the varying operational requirements and consumers demand by offering various layouts, lengths, and equipment alternatives. It also features advanced connectivity options to provide the operator with efficient real-time monitoring to enable optimal efficiency. Moreover, its 11-litre engine and I-Shift transmission provide excellent ride and handling as well as good fuel consumption. The development of such products is increasing the demand for buses, hence augmenting the industry growth.

Market Analysis by Type, Application, Fuel Type, Seat Capacity, and Region:

  • The market, on the basis of type, can be divided into single deck and double deck.
  • Based on application, the industry can be divided into transit bus, and intercity/coaches, among others.
  • The fuel types of bus include diesel, and electric and hybrid, among others.
  • By seat capacity, the market is segmented into 15-30 seats, 31-50 seats, and more than 50 seats.
  • The regional markets for bus include North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa.

Key Findings of the Report:

  • The rising demand for electric buses owing to their fuel efficiency and sustainability is augmenting the industry growth.
  • The market is being driven by advancements and innovations in public transportation, hence surging the demand for buses.
  • The increasing demand for buses such as double deck buses for comfortable long-distance travel while enhancing safety and comfortability is aiding the market growth.
  • The growing demand for digital ticketing and the rising use of the latest technologies such as Big Data in buses to increase automation are propelling the growth of the industry.

Key Offerings of the Report:

  • The EMR report gives an overview of the global market for bus for the periods (2016-2020) and (2021-2026).
  • The report also offers the historical (2016-2020) and forecast (2021-2026) markets for the types, applications, fuel types, seat capacity, and major regions of bus.
  • The report analyses the market dynamics, covering the key demand and price indicators in the market, along with an assessment of the SWOT and Porter’s Five Forces models.

The major players in the global bus market are Anhui Ankai Automobile Company, Daimler AG, NFI Group Inc., AB Volvo, and Solaris Bus & Coach sp. z o.o., among others. The comprehensive report by EMR looks into the market share, capacity, and latest developments like mergers and acquisitions, plant turnarounds, and capacity expansions of the major players.

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Expert Market Research (EMR) is a leading market research and business intelligence company, ensuring its clients remain at the vanguard of their industries by providing them with exhaustive and actionable market data through its syndicated and custom market reports, covering over 15 major industry domains. The company's expansive and ever-growing database of reports, which are constantly updated, includes reports from industry verticals like chemicals and materials, food and beverages, energy and mining, technology and media, consumer goods, pharmaceuticals, agriculture, and packaging.

EMR leverages its state-of-the-art technological and analytical tools, along with the expertise of its highly skilled team of over 100 analysts and more than 3000 consultants, to help its clients, ranging from Fortune 1000 companies to small and medium sized enterprises, easily grasp the expansive industry data and help them in formulating market and business strategies, which ensure that they remain ahead of the curve.

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*We at Expert Market Research always thrive to give you the latest information. The numbers in the article are only indicative and may be different from the actual report.

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