DUBLIN, Aug. 28, 2023 /PRNewswire/ — The “Bus and Coach Market – Global Industry Size, Share, Trends, Opportunity, and Forecast, 2018-2028F Segmented By Vehicle Type, By Transportation Type, By Fuel Type, By Length, By Seating Capacity, By Region, Competition” report has been added to ResearchAndMarkets.com’s offering.
Global Bus and Coach Market stood at USD97.34 billion in value in 2022 and is expected to reach USD145.19 billion by 2028 with a CAGR of 7.21%
The demand for buses and coaches is directly impacted by the expansion of infrastructure, particularly road networks, and transportation hubs. The demand for dependable and sustainable public transportation options increases as nations spend on building their transportation infrastructure.
Global Bus & Coach Market Overview
Buses are medium and heavy vehicles made for a daily commute and city travel. The buses have comfortable seats, but they won’t provide that much support for long-distance travel. Also, buses are widely used to carry people to work, colleges & schools, etc.
Coaches are made up and designed for very long-distance travel, and the seats of these vehicles are much more comfortable as compared to buses. People can recline them and take rest and also catch a nap for several hours journey without straining their bodies.
Global Bus & Coach Market Drivers
The automotive industry is set to benefit from increasing government support, with various regions taking initiatives to boost the sector and grow their economies. This is expected to increase the sales of buses and coaches globally, particularly as governments implement initiatives and subsidies to promote sustainable public transportation solutions.
Electric buses are classified as Zero Emission Vehicles (ZEV) and are becoming more popular due to the need for environmentally friendly transport options. The bus and coach industry is also being forced to adopt greener technology, such as electric and hybrid buses, due to stringent emission laws enacted by governments and regulatory agencies worldwide.
The concept of mobility-as-a-service is gaining popularity, with transportation being seen as a service rather than vehicle ownership. This has driven demand for buses and coaches, particularly in urban areas where they are integrated into Mobility as a service (MaaS) platforms alongside other forms of transportation.
Technological advancements have revolutionized the bus and coach industry, with integrated systems such as real-time fleet management, GPS tracking, and passenger information systems enhancing operational efficiency and improving the overall passenger experience.
Global Bus & Coach Market Trends
Advancements in digitization have made it easier for people to stay connected. This shift from offline to online technology has led to the development of various services, such as online ticket booking and real-time tracking of rides, making public transport, including buses, more convenient and reliable.
Major bus companies are increasing their R&D budgets to enhance the quality of public transport, from comfortable seating with lumbar support to improved suspensions. These improvements are attracting more people to use public transport for long-distance travel.
For instance, from 2012 to 2020, approximately 150 fuel cell buses were deployed across Europe, and it is expected that over 1,200 fuel cell buses will be deployed by 2025, creating growth opportunities for companies dealing in advanced green buses in the bus and coach market.
Additionally, electric buses and coaches are classified as zero-emission vehicles (ZEV), as they run on battery-fitted electric motors and do not emit CO2 or use alternate fuels. Consequently, governments across all regions are introducing subsidies for electric vehicles due to increasing pollution concerns. Due to the above-mentioned factors, the demand for buses and coaches is likely to grow in the coming years.
Global Bus & Coach Market Challenges
One of the major challenges for OEMs is to meet different vehicle specifications and emission standards. For instance, in Europe, in past years, the emission norms have kept changing to Euro IV (2005-08), Euro V (2008-12), and Euro VI (2012-19), etc. Moreover, different countries across the globe have new targets for 2020-25 and 2025-30.
Developed nations follow different emission standards, whereas developing countries have no specific emission norms. This poses a problem for the key global OEMs to develop a single product. Moreover, this factor has created a barrier for emerging market players to expand globally in different regions due to stricter emission norms and regulations, thereby limiting the supply of buses.
One of the major restraining factors for the global bus and coach market is the rising penetration of passenger cars globally, owing to the growing demand for personal ownership of vehicles in the COVID-19 scenario and the increasing deployment of cars in shared mobility.
The mobility scenario is changing as a result of the emergence of ride-sharing services, micro-mobility choices, the continued development of autonomous vehicles, and the higher penetration of passenger cars in the shared mobility space. Overall, such factors provide challenges to the bus and coach industry, which, in turn, can affect market growth during the forecast period.
Global Bus & Coach Market Opportunities
The global bus & coach market offers several growth and innovation opportunities. In the past few years, a number of brands in the bus & coach market, including Volvo, MAN & Daimler, have increased their product range. The development of electric buses & coaches, which are considered zero-emission vehicles (ZEV), has increased significantly in the past few years.
Electric buses are projected to cost approximately the same as diesel fuel buses by 2030. Electric buses reduce maintenance and operating costs by 81-83% compared to diesel-engine buses. This has created many opportunities for new players in the market in terms of battery manufacturing, charging infrastructure installation, etc.
In order to speed up the introduction of electric buses in the market, governments in many countries are introducing policies and frameworks in order to encourage the introduction of vehicles with a lower environmental impact and lower energy consumption. Moreover, it is expected that the demand for buses & coaches will continue to grow in the upcoming years.
Competitive Landscape
Company Profiles: Detailed analysis of the major companies present in the Global Bus & Coach Market.
- Zhengzhou Yutong Bus Co. Ltd.
- Daimler Truck Holding AG
- AB VOLVO
- Xiamen King Long United Automotive Industry Co. Ltd
- MAN Truck and Bus SE
- Tata Motors Limited
- Ashok Leyland Limited
- Marcopolo S. A.
- Scania AB
- NFI Group Inc.
Report Scope:
Bus & Coach Market, By Vehicle Type:
Bus & Coach Market, By Transportation Type:
- Intercity
- Intracity
Bus & Coach Market, By Fuel Type:
- Diesel
- Petrol
- Alternative Fuel
- Electric Bus
- Hybrid
- Fuel Cell Bus
Bus & Coach Market, By Length:
- 6-8m
- 8-10m
- 10-12m
- Above 12m
Bus & Coach Market, By Seating Capacity:
- Up to 30
- 31-40
- 41-50
- Above 50
Bus & Coach Market, By Region:
- Asia-Pacific
- China
- India
- South Korea
- Thailand
- Japan
- Indonesia
- Malaysia
- North America
- Canada
- United States
- Mexico
- Europe & CIS
- Russia
- France
- Germany
- United Kingdom
- Italy
- Spain
- Poland
- Norway
- Netherlands
- Middle East & Africa
- Saudi Arabia
- UAE
- South Africa
- South America
- Brazil
- Argentina
- Colombia
For more information about this report visit https://www.researchandmarkets.com/r/29sjk5
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