Global Buses And Coaches Market Size 2024, Forecast To 2033
11 Mar, 2024
The buses and coaches market has exhibited robust growth, ascending from $44.89 billion in 2023 to $47.52 billion in 2024, with a compound annual growth rate (CAGR) of 5.9% in the historic period. This growth is ascribed to the expansion of emerging markets, a low-interest rate environment, rapid urbanization, and technological advancements across the market. Moving into the future, the market is poised for strong growth, projecting a size of $60.25 billion in 2028 at a CAGR of 6.1%. The forecasted growth is underpinned by a focus on reducing carbon emissions, a rise in demand for mini-buses and coaches, and favorable government initiatives. Key trends in the forecast period include a concentration on the electrification of vehicles to enhance energy efficiency, the adoption of driverless technology, the integration of predictive maintenance solutions to reduce breakdowns, investments in 3D printing technology for improved manufacturing, and a focus on hybrid drive systems.
Global Buses And Coaches Market Key Driver
The growing demand for bus travel is expected to be a key driver for the bus and coach market throughout the forecast period. According to Red Bus Creators, the bus sector in India is experiencing an annual expansion rate of 30–40%. In India alone, the Redbus organization is demonstrating a remarkable 80% year-on-year growth. Therefore, the increasing demand for buses is a significant factor propelling the growth of the bus and coach market, with the projected market size reaching $P billion in 2023, $Q billion in 2024, and an estimated $R billion in 2028.
Get A Free Sample Of The Global Buses And Coaches Market ReportGlobal Buses And Coaches Market Segments
The buses and coaches market covered in this report is segmented –
1) By Fuel Type: Diesel, Electric, Hybrid, Other Fuel Types
2) By Body Built: Fully Built, Customizable
3) By Application: General Transit, Personal And Recreational, Tourist, Other Applications
By Geography:The regions covered in the buses and coaches market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Italy, Canada, Spain
North America was the largest region in the buses and coaches market in 2023. Asia-Pacific was the second-largest region in the global buses and coaches market share. The regions covered in the buses and coaches market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
Major Buses And Coaches Industry Players
Mercedes-Benz Group AG (formerly Daimler AG), Volkswagen AG, CNH, INDUSTRIAL N.V. (IVECO subsidiary of CNH Industrial), YUTONG, Volvo, Hyundai Motor Company, Xiamen King Long United Automotive Industry, Ashok Leyland, Zhongtong Bus, ANKAI, Daimler India, Bharat Benz, Mitsubishi, Fiat Chrysler Automobiles, Scania, UD Trucks Corp., Ford Motor Company, Toyota Motor Corporation, BYD Auto, Shaanxi Automobile Group, Beiqi Foton Motor Co., SAIC Motor Commercial Vehicle Co., MAN Truck & Bus SE, Irizar, Solaris, VDL, Gaz Group, NefAZ (KAMAZ affiliate), UAZ, Elegantbus, Cento Bus, Bus Factory, Pacific Tur, Lux Bus America, Vamoose Bus, Enel X Brazil, PSA, Temsa, Hafilat, Karsan, Otokar, Tata Motors, Cania AB
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Buses And Coaches Market Overview
Buses and coaches are any motor vehicles, with or without a trailer for the transportation of passengers' belongings, that are designed to carry more than nine people, including the driver. Buses are pre-scheduled or shared transportation and coaches typically operate on routes chosen by the passengers or trip planners and are considered private modes of transportation.
Buses And Coaches Global Market Report 2023 provides data on the global buses and coaches market such as market size, growth forecasts, segments and geographies, competitive landscape including leading competitors’ revenues, profiles and market shares. The buses and coaches market report identifies opportunities and strategies based on market trends and leading competitors’ approaches.