Global Bus Market is projected to grow at a CAGR of 4.47%

Global Bus Market is projected to grow at a CAGR of 4.47%

By Knowledge Sourcing Intelligence Press Releases

Knowledge Sourcing Intelligence announces the publication of a new report on “Global Bus Market - Forecasts from 2020 to 2025” to their offering.

Population growth, the growth of well-developed integrated cities, development of interstate roadways, the advent of tourism, high R&D investments, and the growth of electric vehicles (EVs) among others that result in healthy market growth.

As per the report, the global market pertaining to Bus is expected to reach US$66.780 billion in 2025 from US$51.355 billion in 2019

The global bus market has been subjected to a myriad of market developments that are fueling the growth of the market. A few of them are being stated below:

January 2021 – Agreement of Acquisition

The signing of a definitive agreement to acquire 100% of Utah based privately held Wireless Advanced Vehicle Electrification, Inc. or WAVE which is a leading provider of inductive (wireless) charging solutions for medium and heavy-duty EVs was announced by Ideanomics, Inc. (NASDAQ: IDEX). The fully automated, hands-free WAVE system which is embedded in roadways and can charge vehicles during scheduled stops eliminates the limitations posed by battery range and enable the fleet to attain driving ranges that are equivalent to those which run on conventional fuel.

December 2020 – Fuel Cells purchase order for EVs

A company whose goal is to deliver fuel cell power for a sustainable planet and are zero-emission PEM fuel cells called Ballard Power Systems (NASDAQ: BLDP; TSX: BLDP) has received a purchase order from Belgium based leading bus OEM for 10 fuel cell modules to power Van Hool A330 buses to be deployed in Emmen, the Netherlands, under the JIVE2 funding program.

November 2020 – Acquisition

The acquisition of Phoenix Motorcars by the SPI Energy Co., Ltd. (NASDAQ: SPI) through its EdisonFuture Subsidiary, enabling it to augment its position in the US EV sector.

September 2020 - Agreement

A formal agreement has been signed with ABC Bus and GreenPower Motor Company Inc. (CVE: GPV) which covers the New York state whereby 100 vehicles are to be purchased by ABC Bus over the next 3 years constituting the purchase of two EV stars within a month. Both the organization are anticipated to make use of the various incentives like the New York Voucher Incentive Program, among others.

June 2020 – Facilitation of sale to fulfill clean energy bus plan 

As the Government of the People's Republic of China has made the conversion to or replacement of bus equipment with clean energy vehicles compulsory for the bus operators by the conclusion of 2022, the joint development of new energy bus by Beijing Silk Road Rainbow Group and Mobile Energy Global (MEG) a subsidiary of Ideanomics, Inc. was announced by Ideanomics, Inc. which would facilitate the sale of over 2,000 EV buses in China via a select few manufacturers which are capable of fulfilling multiple large-scale orders. The manufactures which have been named are CRRC, Shanghai Shenli, Yunnan Wulong, and Zhong Tong.

January 2020 – City Bus tickets offered for purchase over a ride-share app

Uber Technologies Inc. (NYSE: UBER) which considers public transportation as part of its “total addressable market and to address the criticism that it has faced with declining subway and bus ridership due to its growth, after a staggered roll-out it would enable the resident of Las Vegas to purchase tickets for the Regional Transportation Commission (RTC) of Southern Nevada, which operates the city’s buses over Uber’s app.

September 2019 – Receipt of commercial self-driving bus license

The globally renowned Chinese search engine giant Baidu, Inc. (NASDAQ: BIDU) was reportedly among three companies to acquire a license from the city of Wuhan to operate a commercial transportation service using self-driving vehicles. It has been recognized as the world’s first 5G-based driverless commercial service.

September 2019 – Award of a five-year contract

A contract to supply 23 Diesel Axess 30’ buses to the suburban bus division of the Regional Transportation Authority in the Chicago metropolitan area called Pace has been awarded to the subsidiary of ElDorado National-California called REV Group (NYSE: REVG).

As a part of the report, the major players operating in the global bus market, which have been covered are Anhui Ankai Automobile Co., Ltd, BYD Company Ltd., Daimler AG, Eicher, Force Motors Limited, Hino Motors, Ltd., Mahindra and Mahindra, MAN, NFI Group Inc., Scania, SML Isuzu Limited, Solaris Bus & Coach S.A., Tata Motors Limited, Volvo AB and Yutong

View a sample of the report or purchase the complete study at https://www.knowledge-sourcing.com/report/global-bus-market

This report segmented the global bus market on the basis following terms

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
      • USA
      • Canada
      • Mexico
    • South America
      • Brazil
      • Argentina
      • Others
    • Europe
      • Germany
      • France
      • United Kingdom
      • Spain
      • Others
    • Middle East and Africa
      • Saudi Arabia
      • Israel
      • Others
    • Asia Pacific
      • China
      • Japan
      • South Korea
      • India
      • Others