Dublin, May 31, 2023 (GLOBE NEWSWIRE) -- The "Bus and Coach Market - Global Industry Size, Share, Trends, Opportunity, and Forecast, 2018-2028F Segmented By Vehicle Type (Bus and Coach), By Bus Type (Intercity Bus, Intracity Bus), By Fuel Type, By Length, By Seating Capacity, By Region" report has been added to ResearchAndMarkets.com's offering.
Global bus and coach market is growing due to an increasing trend toward electrification and increasing transportation.
The global bus and coach market comprises the sale of buses and coaches as well as related services for the transportation of people and commodities.
Diesel, gasoline/petrol, alternative fuel, electric buses, hybrid buses, and fuel cell buses are the different categories for buses and coaches. The segment is now dominated by diesel-powered buses, followed by hybrid buses. With more than 94,000 buses produced in 2021, China is the world's largest bus producer.
Coaches are becoming more popular for long-distance commutes in a number of countries, which is fueling market expansion. The middle-class population's rising per capita income has increased demand for pleasant transportation, which has increased intercity bus utilization.
In the wake of the COVID-19 outbreak, demand for double-decker buses that can provide greater safety and cleanliness is increasing, which is driving the market's expansion. Major bus and coach manufacturers are investing in connected car technologies to reduce traffic congestion, prevent accidents, and save fuel.
Additionally, increasing demand to travel by bus is expected to drive the growth of the buses and coaches market over the coming years. With more than 94,000 buses produced in 2021, China is the world's largest bus producer. Additionally, more than 35,700 buses were built in Europe in 2021, a 9% decline from 2020 in terms of year-over-year growth. In 2021, 1,40,000 buses were manufactured in Asia Pacific.
Various sectors, including transportation and tourism sectors, were severely impacted by the COVID-19 epidemic. Lockdowns that were implemented throughout multiple countries to stop the spread of the pandemic led the majority of industries, including the automotive industry, to halt their manufacturing plants for a prolonged period of time.
Bus and coach sales, as well as all other types of vehicles, are decreasing in the automobile industry. Furthermore, many nations are switching to electric vehicles, including electric buses for public transportation, in an effort to achieve net zero emission levels, thereby driving the global bus and coach market.
Rising Demand for Hybrid Buses
An electric motor and a regular internal combustion engine work together to power hybrid buses. In order to reduce emissions, improve fuel efficiency, and achieve other goals, hybrid buses combine a primary power source of power with energy storage systems and an electric motor.
Hybrid drive systems are now being used by bus and coach manufacturers to build sustainable, low-carbon emission vehicles. A growing number of transportation companies are switching to hybrid-electric buses as a result of concerns over poor air quality and health, as well as rising fuel prices.
These buses combine an internal combustion engine with an electric motor to use less energy and release significantly fewer emissions. The global bus and coach industry is expanding because of the investments made by numerous businesses in the production of hybrid drive systems with low carbon emissions and improved fuel efficiency.
Escalation in Sales of Electric Buses and Coaches
The demand for electric buses is increasing at a very rapid pace. There is an increasing demand for the electrification of public transport fleets, such as electric buses, all over the world.
The electrification of vehicles reduces operating costs compared to diesel vehicles. In addition to the environmental benefits, electronic vehicles help to improve energy efficiency, increase energy security by reducing fossil fuel dependency, and lower operating costs. Government initiatives related to e-buses and coaches are also driving this trend across the market.
COVID Impact on Tourism Industry
The tourism industry is one of the largest in the world. Among the industries most impacted by the COVID-19 pandemic is tourism, which has a negative influence on all continents' economies, lifestyles, welfare programs, and opportunities. In terms of tourist flow, Europe has long been the most popular region.
In the years prior to COVID-19, the region attracted around 968.87 million foreign visitors. The most popular tourist destinations worldwide include France, the United states, the United Kingdom, Italy, Mexico, and Thailand. Many visitors choose to commute by bus because it offers luxurious and comfortable long-distance travel.
Furthermore, visitors choose buses for city transport, which contributes to the expansion of the worldwide bus and coach sector.
Competitive Landscape
Key players are developing advanced technologies to stay competitive in the market and enhancing their product portfolio in the regions to increase their customer outreach.
Company Profiles: Detailed analysis of the major companies present in the global bus and coach market.
- 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.
Report Scope:
Global Bus and Coach Market, By Vehicle Type:
- Bus
- Coach
Global Bus and Coach Market, By Bus Type:
- Intercity Bus
- Intracity Bus
Global Bus and Coach Market, By Length:
- 6-8m
- 8-10m
- 10-12m
- Above 12m
Global Bus and Coach Market, By Seating Capacity:
- Up to 30
- 31-40
- 41-50
- Above 50
Global Bus and Coach Market, By Region:
- Asia-Pacific
- China
- India
- Japan
- South Korea
- Malaysia
- Indonesia
- Thailand
- Europe & CIS
- Germany
- Russia
- France
- Spain
- Italy
- United Kingdom
- Poland
- Netherland
- Norway
- North America
- United States
- Canada
- Mexico
- South America
- Argentina
- Brazil
- Colombia
- Middle East and Africa
- South Africa
- Saudi Arabia
- United Arab Emirates
For more information about this report visit https://www.researchandmarkets.com/r/m0m7j
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