The Business Research Company’s global market reports are now updated with the latest market sizing information for the year 2023 and forecasted to 2032
LONDON, June 13, 2023 /PRNewswire/ — As per The Business Research Company’s Buses And Coaches Global Market Report 2023, the global buses and coaches market size will grow from $42.7 billion in 2022 to $45.9 billion in 2023 at a compound annual growth rate (CAGR) of more than 7%. The global buses and coaches market size is then expected to grow to $60.1 billion in 2027 at a CAGR of more than 6%.
Governments across the world are emphasizing on cutting carbon emissions to reduce pollution. Eco-friendly public transportation can play a significant role in controlling carbon emissions, according to the buses and coaches market overview. For every kilometer traveled, private motorized transport modes such as cars and bikes emit 3.5 times more greenhouse gas per passenger than public transport. Governments are also encouraging their citizens to use public transportation and investing in energy-efficient mass transportation systems to reduce carbon emissions in their regions, which is likely to propel the demand for buses and coaches. For example, according to the United Nations, a shifting from cars to public transportation can reduce up to 2.2 tons of carbon emissions per year per person. In addition, in the EU (European Union), doubling the share of public transportation can decrease greenhouse emissions by 20%.
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Due to rising focus on cutting carbon emission, electric buses are gaining popularity in the buses and coaches market. Major manufacturers in the buses and coaches market are increasingly focusing on offering electric buses to cut costs, reduce environmental impact and increase profitability. In addition to the environmental benefits, electronic vehicles help to improve energy efficiency, increase energy security by reducing fossil fuel dependency, and lower operating costs. For instance, Mercedes-Benz introduced eActros LongHaul, a battery-electric vehicle with a range of about 500 kilometers for energy-efficient transport on plannable long-haul routes – projected to be ready for series production in 2024.
In addition, zero-emission coaches are emerging as a key trend in the buses and coaches market. The introduction of zero-emission coaches will help in maintaining a pollution-free environment. For instance, in October 2022, Motor Coach Industries (MCI), a Canada-based bus manufacturer specializing in producing motor coaches, launched the D45 CRT Charge, the latest zero-emission coach. The new commuter coach utilizes NFI technology (from NFI Group, a Canada-based bus manufacturer), including propulsion and regenerative braking optimized for highway speeds, and can recover up to 90% of its energy, just like the first and more extensive model.
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As per the buses and coaches market analysis, Asia-Pacific was the largest region in the buses and coaches market and was worth $18.7 billion in 2022.
The buses and coaches market in Asia-Pacific is supported by the high demand for travel by bus, government initiatives and by the large population in the region. For example, the current (as of June 1, 2023) population of Asia is 4.76 billion, which increased from 4.64 billion in 2020.
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