Buses And Coaches Market Key Drivers, Trends, Growth, Outlook 2024-2033

Overview and Scope

Buses and coaches are any motor vehicles, with or without a trailer for the transportation of passengers’ belongings, that are designed to carry more than nine people, including the driver. Buses are pre-scheduled or shared transportation and coaches typically operate on routes chosen by the passengers or trip planners and are considered private modes of transportation.

Sizing and Forecast

The buses and coaches market size has grown strongly in recent years. It will grow from $44.89 billion in 2023 to $47.52 billion in 2024 at a compound annual growth rate (CAGR) of 5.9%. The growth in the historic period can be attributed to emerging markets growth, low interest rate environment, rapid urbanization and technological advancements across the market.

The buses and coaches market size is expected to see strong growth in the next few years. It will grow to $60.25 billion in 2028 at a compound annual growth rate (CAGR) of 6.1%. The growth in the forecast period can be attributed to emphasis on cutting carbon emissions, the rise in demand for mini-buses and coaches and favorable government initiatives. Major trends in the forecast period include focusing on the electrification of vehicles to improve energy efficiency, adopting driverless technology, adopting predictive maintenance solutions in vehicles to reduce breakdowns, investing in 3d printing technology to enhance the manufacturing process and investing in hybrid drive systems.

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Segmentation & Regional Insights

The buses and coaches market covered in this report is segmented –

1) By Fuel Type: Diesel, Electric, Hybrid, Other Fuel Types

2) By Body Built: Fully Built, Customizable

3) By Application: General Transit, Personal And Recreational, Tourist, Other Applications

North America was the largest region in the buses and coaches market in 2023. Asia-Pacific was the second-largest region in the global buses and coaches market share. The regions covered in the buses and coaches market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa

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Major Driver Impacting Market Growth

The increasing demand for travel by bus is expected to drive the growth of the bus and coach market over the forecast period. According to the Red Bus Creators, the bus sector in India is expanding at a rate of 30–40% year on year. The Redbus organization is exhibiting a massive 80% growth year-on-year in India itself. Therefore, the growing demand for buses drives the growth of the bus and coach market.

Key Industry Players

Major companies operating in the buses and coaches market report are Mercedes-Benz Group AG (formerly Daimler AG), Volkswagen AG, CNH, INDUSTRIAL N.V. (IVECO subsidiary of CNH Industrial), YUTONG, Volvo, Hyundai Motor Company, Xiamen King Long United Automotive Industry, Ashok Leyland, Zhongtong Bus, ANKAI, Daimler India, Bharat Benz, Mitsubishi, Fiat Chrysler Automobiles, Scania, UD Trucks Corp., Ford Motor Company, Toyota Motor Corporation, BYD Auto, Shaanxi Automobile Group, Beiqi Foton Motor Co., SAIC Motor Commercial Vehicle Co., MAN Truck & Bus SE, Irizar, Solaris, VDL, Gaz Group, NefAZ (KAMAZ affiliate), UAZ, Elegantbus, Cento Bus, Bus Factory, Pacific Tur, Lux Bus America, Vamoose Bus, Enel X Brazil, PSA, Temsa, Hafilat, Karsan, Otokar, Tata Motors, Cania AB

The buses and coaches market report table of contents includes: