Selbyville, Delaware, Oct. 30, 2024 (GLOBE NEWSWIRE) --
The school bus market valuation is predicted to cross USD 20.6 Billion by 2032, reported in a research report by Global Market Insights Inc.
Increasing investments in educational infrastructure are boosting the demand for modern, safer, and more efficient school transportation. Technological advancements, such as GPS tracking and enhanced safety features, make school buses convenient and safe option for parents and schools. The U.S. Department of Transportation reported that in 2024, nearly 30% of new school buses were equipped with advanced safety technologies, such as GPS tracking and collision avoidance systems, reflecting a growing emphasis on modernizing school transportation.
Furthermore, government regulations and initiatives aimed at reducing traffic congestion and promoting eco-friendly transportation solutions are encouraging the adoption of electric and hybrid school buses, boosting market expansion.
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The school bus market from hybrid segment will grow rapidly during the forecast period, due to growing environmental concerns and a push for sustainable practices. Schools and municipalities are seeking solutions that reduce carbon footprints and operational costs while maintaining efficiency. Hybrid propulsion systems offer a balance between traditional fuel and electric power, helping to cut emissions and improve fuel economy. This aligns with broader goals of lowering environmental impact and adhering to stricter emissions regulations, making hybrid buses an appealing choice for modern school transportation.
The Type B segment will witness decent growth between 2024 through 2032, catering to the rising preference for more versatile and cost-effective transportation options. Type B buses, which are smaller and often used for shorter routes or special needs, offer greater flexibility and affordability compared to larger models. This adaptability makes them an attractive choice for various district schools looking to optimize their transportation fleets. Their smaller footprint allows for easier maneuverability in tight or congested areas, making them ideal for navigating narrow city streets or suburban neighborhoods. The ability of Type B buses to efficiently handle diverse operational requirements favors the adoption.
Europe school bus market size will expand at a notable pace through 2032, driven by increasing urbanization and a focus on enhancing student safety. As cities expand, there is a greater need for organized transportation solutions to manage school commutes efficiently. Additionally, European governments are emphasizing improved safety standards and environmentally friendly transport options, leading to investments in modern, well-equipped school buses. These factors, combined with a growing awareness of the benefits of dedicated school transport in reducing traffic congestion and enhancing student security, are fueling the market expansion.
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The school bus market features a competitive landscape including prominent manufacturers and regional suppliers. These companies focus on innovation, such as incorporating advanced safety features and eco-friendly technologies. Competitive strategies involve partnerships with educational institutions and government contracts. Market dynamics are influenced by technological advancements, regulatory changes, and regional demands, creating a diverse and evolving industry environment.
- In October 2023, Nuvve Holding Corp. and Blue Bird Corporation upgraded the diesel fleet of Martinsville Independent School District, replacing it with five Blue Bird Vision electric buses.
- In December 2023, GreenPower Motor Company announced its first order of Nano BEAST all-electric school buses for New York. The Type A, zero-emission buses will be distributed through dealer Leonard Bus Sales, marking a significant expansion in the electric school bus market sector.
Partial chapters of report table of contents (TOC):
Chapter 1 Methodology & Scope
1.1 Research design
1.1.1 Research approach
1.1.2 Data collection methods
1.2 Base estimates and calculations
1.2.1 Base year calculation
1.2.2 Key trends for market estimates
1.3 Forecast model
1.4 Primary research & validation
1.4.1 Primary sources
1.4.2 Data mining sources
1.5 Market definitions
Chapter 2 Executive Summary
2.1 Industry 3600 synopsis, 2021 - 2032
Chapter 3 School Bus Market Insights
3.1 Industry ecosystem analysis
3.2 Supplier landscape
3.2.1 Raw material suppliers
3.2.2 Component suppliers
3.2.3 Manufacturers
3.2.4 Service providers
3.2.5 Distribution channel
3.2.6 End users
3.3 Profit margin analysis
3.4 Technology & innovation landscape
3.5 Patent analysis
3.6 Key news & initiatives
3.7 Regulatory landscape
3.8 Impact forces
3.8.1 Growth drivers
3.8.1.1 Supportive government policies for electric school bus deployment
3.8.1.2 Improve in battery technology
3.8.1.3 Increasing development of charging infrastructure in North America
3.8.1.4 Rising urbanization necessitating efficient public school transportation systems
3.8.1.5 Expansion of educational institutions requiring reliable transportation infrastructure
3.8.2 Industry pitfalls & challenges
3.8.2.1 High initial cost of school buses
3.9 Growth potential analysis
3.10 Porter’s analysis
3.11 PESTEL analysis
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About Global Market Insights Inc.
Global Market Insights Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider, offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy, and biotechnology.
