Bus Market to Grow from USD 18.58 Billion in 2024 to USD 35.68 Billion by 2032, with an 8.5% CAGR

Market definition and estimation

The global bus market Size was valued at USD 18.58 billion in 2024 and is expected to reach USD 35.68 billion by 2032, growing at a CAGR of 8.5% in the forecast period between 2024 and 2032. In any country, Buses play an important role in public transportation, whether public buses or private buses. Market Analysis: The increasing demand for sustainable and seamless conveyance solutions along with the government initiatives in place to facilitate infrastructure development, are fuelling the growth of this market.

Market Drivers & Opportunities

Availability of Diesel BusesVersatile Functionality of BusesAre the Key Questions for Diesel Bus MarketDrivers-Urban Population: According to the United Nations Department of Economic and Social Affairs, the world urban population is expected to reach 2.5 Bn by 2050. Hence, rising urban population, coupled with investments in the bus-based public transport along with the transition towards electric buses are the key driver in the global diesel bus market. In a bid to improve air quality and reduce emissions, governments are pushing electric buses with subsidies. In addition, increasing usage of luxury buses for transportation by private organizations and for event transportation spurs growth of the market.

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Segmentation Analysis

It breaks down the market into various segments including type segment, seat capacity sub-segment, fuel type and application segment. Segments: Electric Bus, Hybrid Bus, and Diesel Bus Growth of Electric Buses in the Electric Bus Market is Expected to Outpace Other Forms of Transit due to Environmental Regulations and Fuel Efficiency Increasing public transport systems for school buses and intercity travel is also anticipated to propel the market growth.

Country-level Analysis

Asia Pacific: The largest regional market, characterized by high levels of urbanization and local manufacturing, with China and India at the forefront.

Europe: The European market is growing as well with an emphasis on sustainability, especially in terms of electric buses in Germany.

Growth in US-Electric school buses and public transport improvement boost the market in North America.

Competitor Analysis

Market players operating in the market are Yutong, BYD, Tata Motors, Ashok Leyland, Mahindra & Mahindra among others, where manufacturers are adopting a range of electric and fuel-efficient buses to cater to increasing environmental regulations and mitigate vehicle operational costs.

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