Dublin, Sept. 13, 2023 (GLOBE NEWSWIRE) -- The "Buses and Coaches Global Market Opportunities and Strategies to 2032" report has been added to ResearchAndMarkets.com's offering.
The global buses and coaches market has displayed substantial growth, reaching a value of nearly $42,658.9 million in 2022, reflecting a Compound Annual Growth Rate (CAGR) of 3.4% from 2017. This market is forecasted to surge to $57,023.1 million by 2027, at a rate of 6.0%. Furthermore, the market is predicted to maintain this momentum, with a CAGR of 6.1% from 2027, ultimately reaching $76,629.6 million in 2032.
Market Dynamics and Growth Drivers
The historic period (2017-2022) saw notable expansion due to factors such as the growth of emerging markets, a low-interest rate environment, rapid urbanization, and technological advancements. Conversely, fluctuations in metal prices, political and trade uncertainties, and the impact of COVID-19 presented challenges during this period.
In the forecast period (2022-2032), the buses and coaches market is expected to witness growth driven by increased demand for bus travel, a rise in mini-bus and coach demand, government initiatives favoring the industry, and a focus on reducing carbon emissions. However, potential obstacles include limitations of electric vehicles, growing urban metro transportation preference, stringent CO2 emission regulations, and the impact of the Russia-Ukraine War.
Segmentation Insights
The market is categorized by fuel type, application, and body built. Diesel fuel held the largest share of 74.0% in 2022, while the electric and hybrid segment is projected to witness the fastest growth, with a CAGR of 10.5%.
In terms of applications, general transit dominated with 54.3% of the total market share in 2022. The tourist segment is predicted to be the fastest-growing, with a CAGR of 7.1%.
The fully built body segment accounted for 60.7% of the total market in 2022, while the customizable segment is expected to experience the highest growth, with a CAGR of 6.3%.
Regional Analysis and Top Players
Asia-Pacific led the market with a share of 43.9% in 2022, followed by North America, Western Europe, and other regions. Western Europe and the Middle East are forecasted to experience the fastest growth with CAGRs of 7.4% and 7.3%, respectively, from 2022 to 2027.
The competitive landscape of the market is concentrated, with the top ten competitors making up 47.54% of the total market in 2022. Daimler Truck Group held the largest market share at 18.09%, followed by Volkswagen AG (10.47%) and Iveco Group (5.77%).
Emerging Opportunities and Strategies
The report identifies opportunities for market players, including focusing on zero-emission coaches, expanding in emerging markets, implementing predictive maintenance services, and exploring 3D printing technologies. Strategies adopted by industry players include introducing CO2-neutral vehicles, forming partnerships for electric and self-driving buses, and launching new products to enhance business operations.
The report is a comprehensive guide for industry stakeholders, offering critical insights to support informed decision-making, strategic planning, and sustainable growth.
Key Attributes:
| Report Attribute | Details |
| No. of Pages | 311 |
| Forecast Period | 2021 - 2031 |
| Estimated Market Value (USD) in 2021 | $42658.9 Million |
| Forecasted Market Value (USD) by 2031 | $76629.6 Million |
| Compound Annual Growth Rate | 6.0% |
| Regions Covered | Global |
A selection of Companies Mentioned in this report includes
- Daimler Truck Group
- Volkswagen AG
- Iveco Group
- Zhengzhou Yutong Bus Co., Ltd.
- Volvo Group.
For more information about this report visit https://www.researchandmarkets.com/r/oebru8
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