Bus Fleet Market is segmented by Fuel Type (Diesel, Electric, and Other), by Application (School Bus, Transit, and Other), by Seating Capacity (15-30, 31-50, and more than 50) and by Country (United States, Canada, Mexico, France, Germany, Italy, Spain, United Kingdom, Russia, China, India, Philippines, Malaysia, Australia, Austria, South Korea, Middle East, Japan, Africa and Rest of World) and Bus Fleet (Volvo Group, KingLong, Ashok Leyland, Scania AB, Daimler Group, Tata Motors, VDL Bus and Coach, MAN Group, Baoding Changan Bus Manufacturing, and Zhengzhou Yutong Group)
Bus Fleet Market was estimated at USD XX million in 2021 and is poised to register gains at over 5% CAGR between 2022 and 2032.
Having a variety of seat capacities, buses are designed to transport many passengers at a time. Population growth is causing an increase in bus demand in developing nations such as India and China. Urbanization and industrialization have led to a demand for commercial buses. Numerous companies across many industries provide commuter services to their employees and rely on buses to travel short and long distances. Thus, there will be steady growth in the market for bus fleet over the next five years. In addition, in order to protect the environment, governments are also allowing the deployment of e-mobility solutions across many countries, which will impact the growth of the global bus fleet market positively. Market players are also collaborating, merging, acquiring, and launching new products to meet end-user demand and gain a competitive edge, which indicates the market will grow significantly over the next five years.
Penetration of electric buses is anticipated to boost up the Bus Fleet Market Sales.
Electric buses are becoming more prevalent throughout the world, which contributes to market growth. Around the world, governments are encouraging the use of commercial vehicles with low carbon emissions and based on green technologies. Therefore, the opportunities for business growth for market participants are expected to increase further over the next five years. Many parts of the world are using electric buses instead of diesel and other fuel types that harm the environment thanks to government funding and incentive programs.
In November 2019, the Environmental Protection Agency granted $695,509 as an example. The school used the grant primarily to replace its diesel buses with electric buses and to install the necessary charging infrastructure. In July 2019, the United States Department of Transportation also announced an investment of US$85 million to fund numerous low- and no-emission grant programs. APAC and Latin America are also introducing electric buses for public transportation. The Indian government approved a project in August to deploy approximately 6,000 electric buses across the country as part of the Faster Adoption and Manufacturing of Electric Vehicles program.
COVID-19 affected the bus fleet market drastically.
As a result of COVID-19, governments and authorities around the world have put unprecedented restrictions on travel and mobility. Physical distance had a significant impact on mobility preferences and behaviours. Many people switched to a mode of transportation that reduces the risk of infection. Globally, buses were the most popular mode of public transportation before the pandemic, which is why billions of people used them on a daily basis for commutes. However, during & post pandemic there was huge shift from bus fleet to private vehicles to stay socially distanced. This hampered the market growth severly in the year 2020 and 2021. However, due to rapid population growth, urbanization, and government initiatives to connect rural areas to cities, the bus fleet market has grown significantly since the end of 2021, especially in developing countries, such as India, China, Brazil, and Mexico.
Participation by Market Players
Globally, there are many buses fleet companies, but some have established themselves as leaders. Eicher, a leading bus manufacturer based in India, launched its latest HD Bus Skyline Pro 6016 earlier this year. A number of major manufacturers of heavy commercial vehicles are entering the electric vehicle market as a result of a number of policies and regulations governing electric heavy commercial vehicles. Volvo AB, one of the worlds largest bus and truck manufacturers, launched its new electric articulated bus in October 2019. According to the company, this bus can carry 180 passengers at a time and consumes about 80% less energy than equivalent diesel buses. Ashok Leyland launched the Oyster, a new next-generation AC Midi bus range in July 2019. Bus companies and small industries that require buses to transport a small number of people will be able to take advantage of the growing bus demand.
APAC to hold a significant share of the Bus Fleet Market.
The growing economy and increasing automotive production with increasing demand for electric vehicles are expected to bolster the global bus fleet market. The Asia Pacific region is expected to gain an upper hand in the global market with CNG and electric buses gaining major attention in the industrial development strata. While Europe is expected to witness a sudden and spontaneous surge in the market owing to government regulations to use energy-efficient and low pollutant emission engine with growing advancement in electrification technology, North America accounts for peddling farther with intense growth in the global market along with rapid urbanization and uplifting market performance of key vendors. The Middle East and Africa are estimated to increase their growth during the forecast period owing to booming urbanization and fuelling demands for buses for commercial transportation.
Throughout the forecast period, the bus fleet market will hold a significant share of the Asia Pacific market. Furthermore, the regions high reliance on public transportation will also contribute significantly to its market share over the next five years. Electric buses have been on the rise in emerging economies of the region, such as India and China, due largely to government policies that promote their use. Additionally, the European region is expected to see a reasonable growth rate until the end of the forecast period. Europe has the highest number of electric buses registered of all regions, according to the International Energy Agency. Many countries in the European region have rapidly adopted electric buses, which contributes to the rapid development of the region. By 2019, there were 1,99 thousand electric buses registered in Europe, up from 0,11 thousand in 2015.
Prominent companies investing significantly in the global bus fleet market are Volvo AB, MAN, Scania, Tata Motors Limited, and Anhui Ankai Automobile Co., Ltd, Daimler AG among others. Players in the global bus fleet market are implementing various growth strategies to gain a competitive advantage over their competitors. Many countries are experiencing an increase in demand for bus fleet as they are being converted into mobile COVID testing facilities by organizations and trusts. The Mumbai Municipal Corporation (BMC) launched a COVID-19 mobile testing bus in May 2020 with the aim of conducting mass screenings in the city. On the other hand, the Delhi government launched a mobile coronavirus testing clinic bus using artificial intelligence.
Years considered for this report
• Historical Years: 2018-2020
• Base Year: 2021
• Forecast Period: 2022-2032
Bus Fleet Market Research Report Analysis Highlights
• Historical data available (as per request)
• Estimation/projections/forecast for revenue and unit sales (2022 – 2032)
• Data breakdown for application Industries (2022 – 2032)
• Integration and collaboration analysis of companies
• Capacity analysis with application sector breakdown
• Business trend and expansion analysis
• Import and export analysis
• Competition analysis/market share
• Supply chain analysis
• Client list and case studies
• Market entry strategies adopted by emerging companies
Industry Segmentation and Revenue Breakdown
Fuel Type Analysis (Revenue, USD Million, 2022 - 2032)
Application Analysis (Revenue, USD Million, 2022 - 2032)
• School bus
Seating Capacity Analysis (Revenue, USD Million, 2022 - 2032)
• more than 50
Country Analysis (Revenue, USD Million, 2022 – 2032)
• United States
• United Kingdom
• South Korea
• Middle East
• Rest of the World
Bus Fleet Market companies:
• Volvo Group
• Ashok Leyland
• Scania AB
• Daimler Group
• Tata Motors
• VDL Bus and Coach
• MAN Group
• Baoding Changan Bus Manufacturing
• Zhengzhou Yutong Group
Available Versions of Bus Fleet Market: -
United States Industry Research Report
Europe Industry Research Report
Asia Pacific Industry Research Report
India Industry Research Report
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