Market Insights Mobility Commercial Vehicles

Buses - Worldwide

Worldwide

In 2024, the Buses market is projected to reach 0.44m vehicles units worldwide.
This forecast indicates the expected level of unit sales within this market.
Looking ahead, the market is anticipated to experience a compound annual growth rate (CAGR 2024-2029) of 0.00%.
This growth rate suggests a steady increase in sales, resulting in a projected market volume of 0.44m vehicles units by 2029.
Furthermore, the production of Buses market is expected to reach 0.40m vehicles units by 2029, providing insight into the potential growth of the market.
When examining the international perspective, it becomes evident that the in the United States will dominate the market in 2024, with sales reaching 116.30k vehicles units.
This highlights the significance of the United States as a major player in the Buses market.
The demand for electric buses is rapidly increasing in countries like China and Norway, as they strive for cleaner and more sustainable transportation solutions.

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Analyst Opinion

The Buses market in Worldwide is experiencing significant growth and development, driven by various factors such as customer preferences, market trends, local special circumstances, and underlying macroeconomic factors. Customer preferences play a crucial role in shaping the Buses market in Worldwide.

As urbanization continues to accelerate, there is a growing demand for efficient and sustainable transportation solutions. Customers are increasingly looking for buses that are fuel-efficient, environmentally friendly, and equipped with advanced technologies such as electric or hybrid powertrains. Additionally, comfort, safety features, and connectivity options are also important considerations for customers when choosing buses.

Trends in the market further contribute to the development of the Buses industry in Worldwide. One notable trend is the increasing adoption of electric buses. Governments and transportation authorities are implementing strict emission regulations and promoting sustainable transportation solutions, leading to a rise in the demand for electric buses.

This trend is further supported by advancements in battery technology, making electric buses more viable and cost-effective. Another trend is the integration of smart technologies in buses, such as GPS tracking, real-time passenger information systems, and automated fare collection systems, enhancing the overall efficiency and passenger experience. Local special circumstances also play a role in shaping the Buses market in Worldwide.

Different regions and countries have unique transportation challenges and requirements. For example, in densely populated cities, there is a need for buses with high capacity and efficient route planning to cater to the large number of commuters. In rural areas, on the other hand, there may be a demand for smaller buses or minibusses to serve remote communities with limited infrastructure.

Furthermore, government policies and incentives, such as subsidies for public transportation or infrastructure development, can also influence the demand for buses in specific regions. Underlying macroeconomic factors also contribute to the growth and development of the Buses market in Worldwide. Economic growth, rising disposable incomes, and increasing urbanization are key factors driving the demand for public transportation.

As more people move to cities and rely on public transportation, the demand for buses is expected to continue growing. Additionally, government investments in infrastructure development, such as the construction of new roads or the expansion of public transportation networks, also create opportunities for the Buses market. In conclusion, the Buses market in Worldwide is experiencing growth and development due to customer preferences for efficient and sustainable transportation solutions, market trends such as the adoption of electric buses and smart technologies, local special circumstances that influence demand in different regions, and underlying macroeconomic factors such as economic growth and government investments in infrastructure.

Methodology

Data coverage:

The data encompasses B2B enterprises. Figures are based on unit sales and production of buses.

Modeling approach:

Market sizes are determined through a combined Top-Down and bottom-up approach, building on specific predefined factors for each market. As a basis for evaluating markets, we use annual financial reports of the market-leading companies and industry associations, third-party studies and reports, survey results from our primary research (e.g., the Statista Consumer Insights Global survey). In addition, we use relevant key market indicators and data from country-specific associations, such as consumer spending per capita on transportation and consumer price index for purchase of vehicles. This data helps us estimate the market size for each country individually.

Forecasts:

In our forecasts, we apply diverse forecasting techniques. The selection of forecasting techniques is based on the behavior of the relevant market. For example, linear regression, the S-curve function and exponential trend smoothing methods are applied.

Additional notes:

The data is modeled using current exchange rates. The impact of the COVID-19 pandemic and the Russia-Ukraine war are considered at a country-specific level. The market is updated twice a year.