DUBLIN, Feb. 24, 2023 /PRNewswire/ — The “South America Bus & Coach Market By Length, By Application Type (By Type of Buses), By Application (By Type of Usage), By Seating Capacity, By Fuel Type, By Body type (Customizable, Fully Built), By Country Competition Forecast and Opportunities, 2027” report has been added to ResearchAndMarkets.com’s offering.
The South America Bus & Coach market was valued around USD 2428.00 million in 2021 and is estimated to reach USD 3457.22 million in 2027, registering a CAGR of 6.73% through 2027. The bus & coach market is growing at a rapid rate because of the demand for public transport for daily travel, rising demand for electric vehicles, and its cost-effectiveness.
Buses serve urban, suburban, and rural areas and are the most popular mode of public transportation. Additionally, they are the most economical and adaptable type of public transportation, needing little upfront investment to add additional lines or routes.
Moreover, with the concern regarding environmental pollution, manufactures and government are promoting the adoption of the electric vehicle. With low emissions, better driving experience, low operating cost and less maintenance, the electric buses & coaches adoption is increasing at a rapid growth rate. The government is also developing infrastructure to enhance the public transport network in countries.
Governments and organizations around the world implemented unprecedented levels of transportation and mobility restrictions in response to the COVID-19 pandemic. Mobility preferences and behavior are significantly influenced by physical distance. Many individuals will move to a form of transportation that lowers the danger of transmission. Private vehicle owners will use them more frequently, while individuals who previously relied on public transportation may convert to another mode, such as biking or walking.
Increase in Demand of Electric Buses
The electric buses segment increased at the fastest CAGR till 2021. Electric buses and coaches are growing at a rapid rate because of the low emission, no noise pollution, less operating cost, and less maintenance as compared to the diesel/petrol vehicle. In Argentina, Agrale has partnered with the Equipmake to produce the electric bus in the year 2022. In Brazil, Mercedes Benz have started their production of electric buses with goal of operating 2600 electric buses in 2024. On 15 October, 2022 BYD company have launched their bus in Chile with the total fleet of 386 electric buses present in Chile.
Rise in Urban population
The rise in urban population has increased the requirement of bus service in the urban, sub-urban, and highway area. The government has been compelled by the steady increase in urban population to develop Bus Rapid Transport systems that successfully combine the capacity and speed of a metro with the adaptability, lower cost, and simplicity of a bus system. During the forecast period, the market is expected to be driven by an urban population that is expanding quickly and there is a greater emphasis on creating an BRT system.
Older infrastructure
The infrastructure of the buses, with its outdated subsystems, and reactive rather than proactive reaction are challenges facing the bus market. The bus market will be hampered by a lack of independent security systems, such as video surveillance and access control, as well as a coordinated command and control platform that would allow transportation officials to respond to an event.
Market Dynamics
Drivers
Increase in Demand for Electric Buses
Rise in Urban Population
Challenges
Older Infrastructure
Market Trends and Developments
Emerging New Technologies
Increasing Penetration of the Electric Vehicles
Report Scope:
In this report, South America Bus & Coach Market has been segmented into following categories, in addition to the industry trends which have also been detailed below:
South America Bus & Coach Market, By Length:
10-12m,
6-8m
8-10m
Above 12m
South America Bus & Coach Market, By Application Type (Types of Buses):
Motor coach,
Mid coach
Mini Coach
Shuttle Bus
Double decker bus
others
South America Bus & Coach Market, By Application Type (Type of Usage):
Public Transport
Office Bus
School Bus
Tourist Bus
others
South America Bus & Coach Market, By Seating Capacity:
41-50
above 50
31-40
up to 30
South America Bus & Coach Market, By Fuel Type:
Diesel
Petrol
Electric & Hybrid
Alternate fuel
Fuel Cell
South America Bus & Coach Market, By Body Type:
Customizable
Fully Built
South America Bus & Coach Market, By Region:
Brazil
Argentina
Colombia
Peru
Chile
Ecuador
Bolivia
Paraguay
Uruguay
A selection of companies mentioned in this report includes
Mercedes-Benz Group Ag
Volkswagen AG.
Agrale S. A
Industrial Vehicles Corporation (Iveco)
The Volvo Group
Hyundai Motor Group
General Motors (Chevrolet)
Mitsubishi Fuso Truck and bus Corporation
Hino Motors Ltd
King Long United Automotive Industry Co., Ltd
For more information about this report visit https://www.researchandmarkets.com/r/xcvcdt-america-bus?w=5
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SOURCE Research and Markets
