As per the TechSci Research report titled "Bus and Coach Market - Global Industry Size, Share, Trends, Competition, Opportunity, and Forecast, 2018-2028", the global bus and coach market is witnessing growth owing to the rising demand for green vehicle technologies and increasing tourism activities across all regions. The market comprises sales of both buses and coaches, with buses dominating the industry. Coaches are also gaining popularity for long-distance travels in North America and Europe, contributing to the market's growth. Majority of the bus and coach manufacturers are investing in connected vehicle technologies to ease traffic congestion, minimize accidents, and conserve fuel. The increasing demand for bus transportation is also expected to propel the global bus and coach market.
In an effort to address concerns related to poor air quality, health, and rising fuel prices, many transportation organizations are transitioning to hybrid-electric buses that combine IC engine and electric motor in a hybrid drive system, producing less emission and exhibiting excellent fuel efficiency. Additionally, the growing need for electric buses and coaches for public transit in European nations is leading to an increase in fleet size. Governments in several countries are developing frameworks and policies to promote energy-efficient and low-impact vehicles, which is accelerating the adoption of electric buses. The global market for buses and coaches is also being fueled by the rapid urbanization, especially in developing countries, which has led to an increased demand for transportation. However, the historically unstable global pricing of metals such as copper, steel, and other metals has limited the growth of the global bus and coach market.
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The market for buses and coaches is witnessing the rise of another significant trend - the autonomous bus, which many manufacturers are investing in. In 2021, the Asia Pacific market produced more than 140,000 buses, surpassing the combined production of Europe and North America. Buses have a larger market share than coaches, as the majority of countries have infrastructures suitable for bus travel. Diesel buses dominate the market in terms of fuel type, while 8-10m buses are the most popular models in terms of length. Most buses have a seating capacity of 31-40 seats.
The fully built bus segment is dominating the market in terms of body type. The global bus and coach market can be segmented based on vehicle type, bus type, fuel type, length, seating capacity, body type, region, and by company. Vehicle type is divided into buses and coaches, while bus type is segmented into intercity and intracity buses. Based on length, the market is divided into 6-8m, 8-10m, 10-12m, and above 12m. Seating capacity is further divided into up to 30, 31-40, 41-50, and above 50. Body type is divided into fully built and customizable.
Some of the major companies operating in the Global Bus and Coach Market include:
- Mercedes-Benz AG (Daimler AG)
- VDL Bus and Coach
- Scania AB
- AB Volvo
- Marcopolo S.A.
- Solaris Bus and Coach SA
- Zhengzhou Yutong Bus
- Alexander Dennis
- Xiamen King Long United Automotive
- Zhengzhou Yutong Bus Co. Ltd.
These are the key players developing advanced technologies and launching new products to stay competitive in the market. Other competitive strategies include mergers with tech firms, new product developments, and marketing activities to increase customer outreach.
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The maximum number of buses were made in Asia-Pacific, which propelled this region to the top of the global bus and coach market. Also, rapid urbanization in developing countries is expected to boost the bus and coach market in the upcoming years,” said Mr. Karan Chechi, Research Director with TechSci Research, a research-based global management consulting firm.
“Bus and Coach Market- Global Industry Size, Share, Trends, Competition, Opportunity, and Forecast, 2017-2027” has evaluated the future growth potential of Global Bus and Coach Market and provides statistics & information on market size, structure and future market growth. The report intends to provide cutting-edge market intelligence and help decision makers take sound investment decisions. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges, and opportunities in the global bus and coach market.
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