Bus Market Size Worth $554,517 Million by 2032 | CAGR: 4.6%

Bus Market Size Worth $554,517 Million by 2032 | CAGR: 4.6%


The global bus market size is expected to reach USD 554,517 Million by 2032, according to a new study by Polaris Market Research. The report Bus Market Share, Size, Trends, Industry Analysis Report, By Length (Below 6m, 6-8m, 8-10m, 10-12m, Above 12m); By Fuel Type; By Seating Capacity; By Application; By Region; Segment Forecast, 2024 - 2032” gives a detailed insight into current market dynamics and provides analysis on future market growth.

The bus market on a global scale represents a vibrant and indispensable sector within the transportation industry, addressing diverse passenger transportation requirements across various regions and applications. Socially, improved bus accessibility has far-reaching implications. A robust public transit system promotes inclusivity by ensuring that people of all socioeconomic backgrounds have access to mobility. This inclusiveness extends to the elderly, students, and others who might not have access to private vehicles, thereby enhancing their ability to participate in city life and access essential services.

Moreover, the integration of buses into rapidly urbanizing cities is not without challenges. Issues such as funding, urban planning, and public perception of buses as a less desirable mode of transport compared to private vehicles or other more glamorous public transit options can hinder bus system enhancements. However, these challenges also present opportunities for innovation. For instance, the advent of connected and autonomous bus technologies promises to revolutionize how bus services are operated and managed, potentially increasing the efficiency, safety, and appeal of public bus transit.

The twin forces of urbanization and increased public transit demand are significant drivers for the bus market. As cities continue to grow and evolve, the need for efficient, sustainable, and inclusive transportation options becomes more critical. Buses, with their ability to adapt to varied urban environments and technology enhancements, are well-positioned to meet these needs, playing a crucial role in the future of urban mobility. This dynamic presents ample opportunities for bus manufacturers, urban planners, and policymakers to collaborate and innovate, ensuring that public transit systems can keep pace with the rapid changes of urbanization.

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The bus market is currently undergoing a significant transformation, driven by technological advancements in electric and autonomous bus technologies. These innovations are not only reshaping the operational capabilities of buses but are also aligning with broader environmental, economic, and social objectives, making them crucial drivers of growth in the bus industry.

Electric buses represent a paradigm shift in public transit, offering a cleaner, quieter alternative to traditional diesel-powered buses. The move towards electrification is largely motivated by the need to reduce greenhouse gas emissions and combat urban air pollution—a growing concern in densely populated cities worldwide. Electric buses eliminate tailpipe emissions, significantly reducing the overall environmental footprint of public transportation systems.

The technology behind electric buses has seen substantial advancements in recent years. Battery technology, in particular, has evolved dramatically, with improvements in energy density, charging speed, and lifespan. These enhancements have made electric buses more viable for widespread use by extending their range and reducing downtime associated with charging. Moreover, the development of fast-charging infrastructure and wireless inductive charging systems is helping to overcome some of the traditional barriers to electric bus adoption, facilitating more flexible and efficient operations.

Bus Market Report Highlights

  • In 2023, the Diesel segment accounted for the largest market share in the bus market. Diesel buses have been a mainstay in public transportation fleets for decades, especially in regions where infrastructure for diesel fueling is well-established. Many bus operators already have maintenance facilities, fueling stations, and trained personnel in place for diesel-powered vehicles, making it easier to continue using diesel buses rather than transitioning to alternative fuel options.
  • The transit bus segment is expected to grow at the fastest CAGR during the forecast period. Increasing awareness of environmental issues and the need to combat climate change are driving the adoption of cleaner and greener transportation solutions.
  • In 2023, Asia Pacific dominated the largest market. The bus industry is undergoing significant technological advancements, including the development of electric and hybrid buses, autonomous driving technologies, and improved fuel efficiency
  • Europe is expected to grow at the fastest CAGR in bus market. European manufacturers are leading the way in producing electric buses with advanced features such as longer range, fast charging capabilities, and connectivity options.
  • The global key market players are AB Volvo, Anhui Ankai Automobile Co., Ltd, Beiqi Foton Motor Co., Ltd., BYD Company Limited, Daimler Truck Holding AG, Ebusco, Golden Dragon (Xiamen Golden Dragon Bus Co., Ltd.), Higer Bus Company Limited, Iveco Group N.V., MAN Truck & Bus, Renault Group, Scania AB, Shanghai Sunwin Bus Co., Ltd., Solaris Bus & Coach sp. z o.o., Sunlong Automobile, TEMSA, Xiamen King Long United Automotive Industry Co., Ltd., Yutong Bus Co., Ltd., Zhongtong Bus Holding Co., Ltd.

Polaris Market Research has segmented the bus market repair report based on length, fuel type, seating capacity, application, and region.

Bus, Length Outlook (Revenue - USD Million, 2019 - 2032)

  • Below 6m
  • 6-8m
  • 8-10m
  • 10-12m
  • Above 12m

Bus, Fuel Type Outlook (Revenue - USD Million, 2019 - 2032)

  • Diesel
  • Electric
  • Hybrid
  • Alternative Fuel

Bus, Seating Capacity Outlook (Revenue - USD Million, 2019 - 2032)

  • Below 15
  • 15 to 30
  • 31 to 50
  • Above 50

Bus, Application Outlook (Revenue - USD Million, 2019 - 2032)

  • Transit Bus
  • Intercity/Motorcoaches
  • School Bus
  • Tourist Bus
  • Staff Pickup/Hotel Shuttle
  • Others

Bus, Regional Outlook (Revenue - USD Million, 2019 - 2032)

  • North America
  • U.S.
  • Canada
  • Europe
  • Germany
  • UK
  • France
  • Italy
  • Spain
  • Russia
  • Netherlands
  • Rest of Europe
  • Asia Pacific
  • China
  • India
  • Japan
  • South Korea
  • Indonesia
  • Malaysia
  • Australia
  • Rest of Asia Pacific
  • Latin America
  • Argentina
  • Brazil
  • Mexico
  • Rest of Latin America
  • Middle East & Africa
  • UAE
  • Saudi Arabia
  • Israel
  • South Africa
  • Rest of Middle East & Africa

Bus Market Report Scope

Report Attributes

Details

Market size value in 2024

USD 387,614.6 million

Revenue forecast in 2032

USD 554,517 million

CAGR

4.6% from 2024 – 2032

Base year

2023

Historical data

2019 – 2022

Forecast period

2024 – 2032

Quantitative units

Revenue in USD million and CAGR from 2024 to 2032

Segments covered

By Length, By Fuel Type, By Seating Capacity, By Application And By Region

Regional scope

North America, Europe, Asia Pacific, Latin America; Middle East & Africa

Customization

Report customization as per your requirements with respect to countries, region and segmentation.

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  • Regional analysis
  • Segmentation analysis
  • Industry outlook
  • Competitive landscape
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