NEW YORK, Feb. 23, 2023 /PRNewswire/ — Major players in the market are Daimler, VDL Bus and Coach, Scania, Volvo, Marcopolo, Eicher Motors Limited, TATA Motors, Ashok Leyland, Solaris Bus, Coach SA, and Iveco.
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The global buses and coaches market will grow from $42.76 billion in 2022 to $45.99 billion in 2023 at a compound annual growth rate (CAGR) of 7.5%. The Russia–Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, surge in commodity prices, and supply chain disruptions, causing inflation across goods and services effecting many markets across the globe. The buses and coaches market is expected to grow to $60.17 billion in 2027 at a CAGR of 6.9%.
The buses and coaches market consists of sales of Intercity bus, double-decker bus, minibus and charter bus.Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers.
The value of goods in this market includes related services sold by the creators of the goods.
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.
North America was the largest region in the buses and coaches market in 2022.Asia Pacific was the second-largest region in the buses and coaches market.
The regions covered in the buses and coaches market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, Africa.
The main types in the bus and coach market are diesel buses, hybrid buses, electric buses, and ethanol buses.A hybrid electric bus is a bus that combines a conventional internal combustion engine propulsion system with an electric propulsion system.
The various body-built segments include fully built, customizable These are used in general, personal, recreational, tourist, and other applications.
The increasing demand for travel by bus is expected to drive the growth of the bus and coach market over coming years.According to the Red Bus Creators, the bus sector in India is expanding at a rate of 30–40% year on year.
The Redbus organisation is exhibiting a massive 80% growth year-on-year in India itself. Therefore, the growing demand for buses drives the growth of the bus and coach market.
Fluctuating prices of metals such as iron and steel are expected to limit the growth of the bus and coach market in the coming years.The automotive industry uses various structural components for bus manufacturing, including iron, steel, and other metals, and fluctuating metal prices increase operational expenses.
According to Trade Economics, iron ore, a raw material for iron manufacturing, is $27 per metric tonne for the start of 2020.In March, the price of iron ore was $82, and in October it was $118.
The steel price in February 2020 was $507 (3370 Yuan) per metric ton, and in October it was $545 (3631 Yuan) per metric ton. Therefore, the fluctuating price of metals hinders the bus and coach market.
The autonomous bus is a key trend gaining popularity in the bus and coach market. The number of autonomous bus pilots is growing, and many manufacturers have already confirmed the introduction of autonomous bus deliveries In September 2021, Volvo Buses announced testing autonomous driver support, a new concept involving a system that assists the driver when approaching and stopping at bus stops, requiring high precision and safety.
In August 2021, Creative Bus Sales, a US-based bus dealer, acquired the US-based bus manufacturer Alliance Bus Group for a undisclosed amount.These acquisition marks a significant strategic shift for Creative, allowing us to better serve its existing customers, while offering unparalleled sales, service, and support to new clients.
Alliance Bus Group manufactures a wide variety of buses and passenger vans and offers bus training and maintenance services.
The countries in the buses and coaches market are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, the UK, USA.
The market value is defined as the revenues that enterprises gain from goods and/or services sold within the specified market and geography through sales, grants, or donations in terms of currency (in USD ($) unless otherwise specified).
The revenues for a specified geography are consumption values – that is, they are revenues generated by organizations in the specified geography within the specified market, irrespective of where they are produced. It does not include revenues from resales either further along the supply chain or as part of other products.
The buses and coaches market research report is one of a series of new reports that provides bus and coach market statistics, including global market size, regional shares, competitors with a bus and coach market share, detailed bus and coach market segments, market trends and opportunities, and any further data you may need to thrive in the bus and coach industry. This buses and coaches market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
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