Global Bus Market Size, Share, Opportunities, COVID-19 Impact, And Trends By Application (School Bus, Transit Bus, Others), By Fuel Type (Diesel, Electric, Others), By Seating Capacity (15-30, 31-50, More Than 50), And By Geography - Forecasts From 2021 To 2026

Published:  May 2021 Report Code: KSI061613819 Pages: 130

The global bus market is expected to grow at a CAGR of 3.14% from an initial value of US$41.036 billion in 2019 and is estimated to reach a market size of US$50.967 billion in 2026. In terms of units, the global market is projected to grow at a CAGR of 2.21% during the forecast period. The global bus market is expected to grow due to the rapid increase in the urban population around the world, especially in underdeveloped and developing countries, which is prompting an increased need for transportation, and hence more number of buses. Also, various developing countries, like China, India, among many others, have been making large investments in their public transport and buses, which is further anticipated to surge the growth of the global buses market during the forecast period. For instance, in February 2021, the Indian government, while presenting Union Budget 2021-22, announced an Rs 18,000 crore scheme to augment public transport in urban areas. The government stated that it would work towards raising the share of public transport in urban areas through the augmentation of city bus service.

The COVID-19 pandemic had a negative impact on the global bus market. As the pandemic led to lockdowns in most parts of the world, transportation was severely affected. Also, the manufacturing of the buses was affected due to the industries being shut down and the shortage of workers. Due to the fear of the spread of COVID-19, people now avoid using public buses. World Economic Forum stated in February 2021 that up to one-third of people in some cities have stopped using public transport because of the COVID-19 pandemic. It also stated that according to the travel habits of people in 104 cities across 28 countries, lockdowns, the rise of remote working, and stay-home orders have all meant a reduction in the volume of people commuting. A global survey by transit app Moovit showed that more than half of Americans are using public transit less or not at all. The decreased demand for the use of public buses is anticipated to continue for at least a couple of years, which is anticipated to negatively impact the global bus market.

bus market

RISE IN URBAN POPULATION

The rise in population around the world, especially in the urban areas, has led to an increase in the need for transportation, which is one of the prominent factors anticipated to propel the growth of the global bus market during the forecast period. According to data from World Bank, the worldwide urban population in 2014 accounted for 3.877 billion in 2014 which rose to 4.274 billion in 2019. In 2010, 50.65% of the world population lived in urban areas and the share has increased to 55.72% in 2019. The population growth trend is expected to continue in the future and is expected to increase to 68% by 2050, as estimated by the “2018 Revision of World Urbanization Prospects” by United Nations. The projections show that urbanization, the gradual shift in residence of the human population from rural to urban areas, combined with the overall growth of the world’s population could add another 2.5 billion people to urban areas by 2050, with close to 90% of this increase taking place in Asia and Africa. By 2030, the world is projected to have 43 megacities with more than 10 million inhabitants, most of them in developing regions. This growth in urban population puts the transportation system of the concerned region under great stress, as the demand for transportation increases. According to the UN, by 2050, it is projected that India will have added 416 million urban dwellers and China 255 million. The rapid rise in population is more prevalent in underdeveloped and developing countries, especially in Asia and Africa, which increases the need for enhanced transportation in the countries. Thus, with an increasingly urban population leading to an increased need for transportation, the increase in population is anticipated to propel the growth of the global bus market during the forecast period.

ELECTRIC BUS MARKET TO GROW AT A HIGHEST CAGR

By type, the global bus market is segmented into diesel, electric, and others. The diesel segment is expected to hold the major market share during the forecast period, whereas the electric segment is estimated to grow significantly between 2019 and 2026. The growth of the diesel segment is mainly attributed to the conventions attached to diesel buses and the reluctance in adoption by local agencies in developing countries. Moreover, the high cost and investment attached to the electric buses incentivize small local agencies to stick to diesel buses. However, the electric segment is expected to grow at a fast rate owing to the regulations imposed in both the developing and developed countries along with the grants given by the governments. Technical factors like battery optimization also play a role in the demand for electric buses. Compressed natural gas, gasoline, and hybrid fuels are studied under the others segment.

TRANSIT BUS HOLDS A SIGNIFICANT SHARE

By application, the global bus market is segmented as school buses, transit buses, and others. The market growth can be majorly attributed to the growing need for means of transportation and the rising population in the urban areas. Booming urbanization and industrialization are major factors driving the demand in the global bus market globally. Growing environmental concerns and stringent emission regulations have encouraged countries to adopt electric buses for day-to-day purposes. Besides, growth in the bus market at a world level is majorly driven by growing demand in emerging economies where tourism and public transportation industries are expected to expand at an exponential rate supported by favoring government incentives and policies. According to the Bureau of Transportation Statistics report 2020, a total of 884,398 interstate buses ply locally in the US. As compared to other modes of transport, school buses are built with higher safety standards, protective seating, and rollover protection. Whereas, the transit buses are specially designed for local commute and facilitate public transport service for the general public.

ASIA PACIFIC IS THE LARGEST MARKET

Based on geography, the global bus market is segmented into North America, South America, Europe, the Middle East and African, and the Asia Pacific.  The Asia Pacific region is anticipated to hold a significant share during the forecasted period. The region is dominated by low and middle-income households, most of which are unable to afford their private vehicle. Commuting from public transportation, therefore, is preferred by the consumers. This drives the demand for public vehicles and hence the demand for buses.

Global Bus Market Scope:

Report Metric Details
 Market size value in 2019  US$41.036 billion
 Market size value in 2026  US$50.967 billion
 Growth Rate  CAGR of 3.14% from 2019 to 2026
 Base year  2019
 Forecast period  2021–2026
 Forecast Unit (Value)  USD Billion
 Segments covered  Application, Fuel Type, Seating Capacity, And Geography
 Regions covered  North America, South America, Europe, Middle East and Africa, Asia Pacific
 Companies covered  Anhui Ankai Automobile Co., Ltd, Yutong, Daimler AG, Volvo AB, Eicher, MAN,   Scania,  Tata Motors Limited, NFI Group Inc., Hino Motors, Ltd., SML Isuzu Limited,   Force Motors Limited, Mahindra and Mahindra, Solaris Bus & Coach S.A., BYD   Company Ltd.
 Customization scope  Free report customization with purchase

 

SEGMENTATION:

  • BY APPLICATION
    • School Bus
    • Transit Bus
    • Others
  • BY FUEL TYPE
    • Diesel
    • Electric
    • Others
  • BY SEATING CAPACITY
    • 15-30
    • 31-50
    • More than 50
  • BY GEOGRAPHY 
    • North America
      • United States
      • Canada
      • Mexico
    • South America
      • Brazil
      • Argentina
      • Others
    • Europe
      • Germany
      • France
      • United Kingdom
      • Others
    • Middle East and Africa
      • Saudi Arabia
      • UAE
      • Others
    • Asia Pacific
      • China
      • India
      • Japan
      • South Korea
      • Others

Frequently Asked Questions (FAQs)

Q1. What will be the bus market size by 2026?
A1. The global bus market is expected to reach a market size of US$50.967 billion by 2026.


Q2. What is the size of global bus market?
A2. Bus Market was valued at US$41.036 billion in 2019. 


Q3. What are the growth prospects for bus market?
A3. The bus market is expected to grow at a CAGR of 4.47% over the forecast period.


Q4. What factors are anticipated to drive the bus market growth?
A4. The global bus market is expected to grow due to the rapid increase in the urban population around the world, especially in underdeveloped and developing countries, which is prompting an increased need for transportation, and hence more number of buses.


Q5. Which region holds the largest market share in the global bus market?
A5. The Asia Pacific region is anticipated to hold a significant share in the global bus market during the forecasted period.

1. INTRODUCTION

1.1. Market Definition

1.2. Market Segmentation

 

2. RESEARCH METHODOLOGY 

2.1. Research Data

2.2. Assumptions

 

3. EXECUTIVE SUMMARY

3.1. Research Highlights

 

4. MARKET DYNAMICS

4.1. Market Drivers

4.2. Market Restraints

4.3. Porter’s Five Force Analysis

4.3.1. Bargaining Power of Suppliers

4.3.2. Bargaining Power of Buyers

4.3.3. Threat of New Entrants

4.3.4. Threat of Substitutes

4.3.5. Competitive Rivalry in the Industry

 

5. GLOBAL BUS MARKET BY APPLICATION

5.1. Introduction

5.2. School Bus

5.3. Transit Bus

5.4. Others

 

6. GLOBAL BUS MARKET BY FUEL TYPE

6.1. Introduction

6.2. Diesel

6.3. Electric

6.4. Others

 

7. GLOBAL BUS MARKET BY SEATING CAPACITY

7.1. Introduction

7.2. 15-30

7.3. 31-50

7.4. More Than 50

 

8. GLOBAL BUS MARKET BY GEOGRAPHY

8.1. Introduction

8.2. North America

8.2.1. North America Bus Market, By Application, 2019 to 2026

8.2.2. North America Bus Market, By Fuel Type, 2019 to 2026

8.2.3. North America Bus Market, By Seating Capacity, 2019 to 2026

8.2.4. By Country

8.2.4.1. the USA

8.2.4.2. Canada

8.2.4.3. Mexico

8.3. South America

8.3.1. South America Bus Market, By Application, 2019 to 2026

8.3.2. South America Bus Market, By Fuel Type, 2019 to 2026

8.3.3. South America Bus Market, By Seating Capacity, 2019 to 2026

8.3.4. By Country

8.3.4.1. Brazil

8.3.4.2. Argentina

8.3.4.3. Others

8.4. Europe

8.4.1. Europe Bus Market, By Application, 2019 to 2026

8.4.2. Europe Bus Market, By Fuel Type, 2019 to 2026

8.4.3. Europe Bus Market, By Seating Capacity, 2019 to 2026

8.4.4. By Country

8.4.4.1.1. Germany

8.4.4.1.2. France

8.4.4.1.3. the UK

8.4.4.1.4. Others

8.5. Middle East and Africa

8.5.1. Middle East and Africa Bus Market, By Application, 2019 to 2026

8.5.2. Middle East and Africa Bus Market, By Fuel Type, 2019 to 2026

8.5.3. Middle East and Africa Bus Market, By Seating Capacity, 2019 to 2026

8.5.4. By Country

8.5.4.1. Saudi Arabia

8.5.4.2. UAE

8.5.4.3. Others

8.6. Asia Pacific

8.6.1. Asia Pacific Bus Market, By Application, 2019 to 2026

8.6.2. Asia Pacific Bus Market, By Fuel Type, 2019 to 2026

8.6.3. Asia Pacific Bus Market, By Seating Capacity, 2019 to 2026

8.6.4. By Country

8.6.4.1. China

8.6.4.2. India

8.6.4.3. Japan

8.6.4.4. South Korea

8.6.4.5. Others

 

9. COMPETITIVE ENVIRONMENT AND ANALYSIS

9.1. Major Players and Strategy Analysis

9.2. Emerging Players and Market Lucrativeness

9.3. Mergers, Acquisitions, Agreements, and Collaborations

9.4. Vendor Competitiveness Matrix

 

10. COMPANY PROFILES

10.1. Anhui Ankai Automobile Co., Ltd

10.2. Yutong

10.3. Daimler AG

10.4. Volvo AB

10.5. Eicher

10.6. MAN

10.7. Scania

10.8. Tata Motors Limited

10.9. NFI Group Inc.

10.10. Hino Motors, Ltd.

10.11. SML Isuzu Limited

10.12. Force Motors Limited

10.13. Mahindra and Mahindra

10.14. Solaris Bus & Coach S.A.

10.15. BYD Company Ltd.

 

Anhui Ankai Automobile Co., Ltd

Yutong

Daimler AG

Volvo AB

Eicher

MAN

Scania

Tata Motors Limited

NFI Group Inc.

Hino Motors, Ltd.

SML Isuzu Limited

Force Motors Limited

Mahindra and Mahindra

Solaris Bus & Coach S.A.

BYD Company Ltd.

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