NEW YORK, Feb. 22, 2024 /PRNewswire/ — The school bus market is estimated to grow by USD 1,235.2 million from 2022 to 2027, according to Technavio. The market is estimated to grow at a CAGR of 3.93% during the forecast period. The increasing number of school enrollments is driving growth in the school bus market. The growth of the world’s population, especially in China and India, leads to more school attendance, which necessitates the expansion of educational facilities and related infrastructure such as transportation. This rise extends to international schools in emerging economies such as India, China, and the UAE. Furthermore, the US and Canada are global leaders in educational infrastructure. Hence, these factors are expected to drive market growth during the forecast period. For more insights on the historical (2017 to 2021) and forecast market size (2023 to 2027), Request a sample report
|
Report Coverage |
Details |
|
Page number |
172 |
|
Base year |
2022 |
|
Historic period |
2017-2021 |
|
Forecast period |
2023-2027 |
|
Growth momentum & CAGR |
Accelerate at a CAGR of 3.93% |
|
Market growth 2023-2027 |
USD 1235.2 million |
|
Market structure |
Fragmented |
|
YoY growth 2022-2023(%) |
3.6 |
|
Regional analysis |
North America, APAC, Europe, Middle East and Africa, and South America |
|
Performing market contribution |
North America at 34% |
|
Key countries |
US, Canada, China, Japan, and UK |
Segment Overview
Technavio has segmented the market based on powertrain type (ICE-powered and electric), and type (type C, type B, type A, and type D)
- The ICE-powered segment will account for a major share of the market’s growth during the forecast period. In this segment, school buses using alternative fuels (besides diesel and gasoline) such as compressed natural gas (CNG) and propane were considered. All of these fuels use the same drivetrain (ICE). The fuel used in school buses has an adverse impact on the environment Hence, such factors are expected to drive the market at a steady rate during the forecast period.
Geography Overview
By geography, the school bus market is segmented into North America, APAC, Europe, the Middle East and Africa, and South America. The report provides actionable insights and estimates the contribution of all regions to the growth of the global school bus market.
- North America is estimated to contribute 34% to the growth of the global market during the forecast period. The region features major manufacturers of school buses, serving both domestic and international markets. Blue Bird Corporation, IC Bus, and Thomas Built Buses Inc. are dominant companies with significant market shares. Furthermore, major competitors include Collins Bus Corporation, Micro Bird, and Lion Electric Company. Moreover, companies are innovating in their services to expand their influence in the market. Hence, such factors are expected to drive the market in the region during the forecast period. Insights on the market contribution of various segments, including country and region wise historic data (2017 to 2021), and forecast market size (2023 to 2027), Download a Sample Report
Technological innovations for the effectiveness of school buses are a major trend in the market. The lack of adequate charging infrastructure is a significant challenge restricting market growth. Insights on Market Drivers, trends, & Challenges, historic period(2017 to 2021), and forecast period(2023 to 2027), Request a sample report!
Analys Review
The School Bus Market presents a dynamic landscape with significant players spanning across continents. Europe, China, and India emerge as key regions driving innovation and growth. Traditional IC engine vehicles dominate the market, with players like IC Bus leading the segment. Companies like BYD are revolutionizing the market with electric alternatives, signaling a shift towards sustainability. Joint ventures and mergers and acquisitions are common strategies employed to enhance market presence and capabilities. Notably, First Student stands out as a prominent player, offering comprehensive solutions for school transportation needs. As the industry continues to evolve, collaboration and technological advancements are expected to shape its future trajectory. Request a sample report!
Related Reports:
The bus market is estimated to grow at a CAGR of 6% between 2022 and 2027. The market size is forecast to increase by USD 15,868.32 million.
The articulated bus market is estimated to grow at a CAGR of 5.52% between 2022 and 2027. The market size is forecast to increase by USD 1,735.21 million.
About US
Technavio is a leading global technology research and advisory company. Their research and analysis focus on emerging market trends and provide actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions. With over 500 specialized analysts, Technavio’s report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio’s comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.
Contact
Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 844 364 1100
UK: +44 203 893 3200
Email: [email protected]
Website: www.technavio.co
SOURCE Technavio
