Buses and coaches Market Analysis

Global Buses and Coaches Market Overview

Buses and Coaches Market Size was valued at USD 37,510.0 Million in 2022. The Buses and Coaches Market industry is projected to grow from USD 39,832.0 Million in 2023 to USD 68,957.4 Million by 2032, exhibiting a compound annual growth rate (CAGR) of 6.3 % during the forecast period (2023 - 2032). The buses and coaches’ industry are a vast and expanding market that includes various vehicles intended for transporting passengers. These modes of transportation serve different purposes such as urban transit, intercity travel, and long-distance journeys. Several factors propel the growth of the buses and coaches’ market, such as economic progress, urbanization, advancements in technology, and government policies and regulations.

Figure1: Buses and Coaches Market, 2019 - 2032 (USD Million)

Source: Secondary Research, Primary Research, MRFR Database, and Analyst Review

Buses and Coaches Market Opportunity

• Increasing Demand for Electric & Hybrid Vehicles)

The burgeoning demand for electric and hybrid buses in the global buses and coaches sector provides numerous benefits that constitute an enticing opportunity. This stems from severe environmental concerns regarding emissions from transportation prompting authorities to incentivize eco-friendly electric and hybrid buses which produce significantly less emissions than standard diesel buses. Authorities offer subsidies and incentives for electric and hybrid bus adoption spurring manufacturers and operators to embrace electric and hybrid technologies.

Additionally, electric and hybrid buses have lower operating and maintenance expenses rendering them an attractive investment for operators seeking to minimize costs. Technological advancements are making electric and hybrid buses more affordable, efficient and with extended ranges due to declining battery prices making them feasible for more routes. Major manufacturers are introducing novel electric and hybrid bus models to capitalize on swelling demand, seeing it as an avenue for growth and innovation. Consumers particularly in urban communities are demanding greener transportation solutions making electric and hybrid buses perceived as environment-friendly options.

Therefore, the factors such as governmental incentives, less expenses, improving technologies and the shift towards eco-friendly transportation are fueling the escalating demand for electric and hybrid buses presenting an opportunity for manufacturers and operators in the global buses and coach’s sector.

Buses and Coaches Market Type Segment Insights

Buses and Coaches Type Insights

Based on Type, the Buses and Coaches Market segmentation includes single deck, double deck, low floor buses, minibus, coaches, and others. The single deck segment is the largest segment of the IPMI market, accounting for most of the market share. The buses and coaches market includes an important segment of single deck buses, which are frequently used for public transportation, school buses, and shuttle services. These buses generally seat up to 50 passengers and provide a cost-effective mode of transportation for both urban and suburban areas. One significant driver of the single deck bus market is the growing demand for environmentally friendly and fuel-efficient vehicles. In recent years, the use of alternative fuels such as electric, hybrid, and CNG (compressed natural gas) in single deck buses has become increasingly popular.

Buses and Coaches Market Propulsion Segment Insights

Buses and Coaches Propulsion Insights

Based on Propulsion, the Buses and Coaches Market segmentation includes ICE and electric. The ICE segment is the largest segment of the IPMI market, accounting for most of the market share. the ICE buses and coaches’ segment of the global market is expected to continue growing in the near future, driven by factors such as increasing demand for public transportation, rising disposable incomes, and the expansion of the global economy. Nevertheless, it is important for the industry to address environmental concerns by exploring and adopting sustainable fuel technologies.

Figure2: Buses and Coaches Market, by Propulsion, 2022 & 2032 (USD Million)

Source: Secondary Research, Primary Research, MRFR Database, and Analyst Review

Buses and Coaches Market Seat Capacity Segment Insights

Buses and Coaches Seat Capacity Insights

Based on Seat Capacity, the Buses and Coaches Market segmentation includes 15-30 Seats, 31-50 Seats and more than 50 Seats. 31-50 Seats and more than 50 Seats hold the largest market share in 2022. These coaches offer comfort and convenience, featuring amenities such as reclining seats, onboard toilets, and entertainment systems. Airport shuttles are also a sizeable portion of this market segment, employed to transport passengers between airports and other locations. These shuttles generally have spacious luggage compartments and comfortable seating arrangements. Overall, the 31-50 seat buses and coaches’ market is a vital market that caters to diverse transportation needs. As the demand for efficient and comfortable transportation continues to increase, this market segment is expected to grow further in the future.

Buses and Coaches Market Application Segment Insights:

Buses and Coaches Application Insights

Based on application the Buses and Coaches Market is divided into City Buses, Intercity Coaches, Airport Shuttle, Delivery Van, School Buses, and Others. City buses hold the largest market share as they are designed to operate in urban areas, providing residents and commuters with a convenient and affordable means of travel. These buses are designed for frequent stops and starts and typically have a low-floor design for easy access and disembarkation. The city buses segment of the global buses and coaches’ market is driven by factors such as increasing urbanization, government initiatives to reduce traffic congestion and air pollution, and rising demand for sustainable transportation options.

Buses and Coaches Market Sales Channel Segment Insights:

Buses and Coaches Sales Channel Insights

Based on Sales Channel, the Buses and Coaches Market segmentation includes OEM and aftermarket. By sales channel, the OEM segment holds the majority market share in 2022 contributing 75.3 % of the market share. Original Equipment Manufacturers (OEM) are a significant player in the global buses and coach’s market. OEMs are companies that design, manufacture, and sell buses and coaches under their own brand name. They play a critical role in the industry by providing end-users with a range of options and features and driving innovation in the market.

Buses and Coaches Regional Insights

By Region, the study provides market insights into North America, Europe, Asia-Pacific, Middle East & Africa, and Latin America. In terms of revenue, Asia-Pacific is the largest and most advanced market for the Buses and Coaches Market. The Asia Pacific region is a significant market for buses and coaches, with numerous manufacturers and operators engaged in the production and usage of these vehicles. Demand for public transport, tourism, and private hire services drives the market. The market is highly fragmented, with various manufacturers and operators located across different countries in the region. Some of the major manufacturers of buses and coaches in Asia Pacific are Toyota, Isuzu Motors, Hino Motors, Tata Motors, Hyundai Motor Company, and Yutong. In terms of demand, the Asia Pacific buses and coaches’ market is propelled by the need for efficient and dependable public transport services to meet the growing transportation requirements of the rapidly expanding urban population.

Figure3: Buses And Coaches Market Size By Region 2022&2032

Source: Secondary Research, Primary Research, MRFR Database, and Analyst Review

Further, the major countries studied in the market report are the U.S., Canada, Germany, France, the UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil.

The North America market is expected to grow because of the rising number of data centers in the region. The market is propelled by various factors, including the rising demand for public transportation, the expansion of the tourism industry, and the requirement for effective and sustainable transportation alternatives. The United States dominates the buses and coaches’ market in North America, occupying the majority of the market share. The demand for buses and coaches in the US is fueled by factors such as the growing urban population, the increasing focus on eco-friendly transportation, and the need to replace old fleets. Moreover, the tourism industry in North America is a significant driver of the demand for buses and coaches.

The Europe region is predicted to have a significant share of the global market is primarily driven by demand for transport services, including public transport, tourism, and private hire. The market is fueled by the demand for transport services, including public transport, tourism, and private hire. With many manufacturers and operators scattered across different countries, the market is highly fragmented. Some of the notable manufacturers of buses and coaches in Europe are Daimler AG, Volvo Group, Iveco, MAN Truck & Bus, and Scania AB. The public transport sector plays a significant role in driving demand for buses and coaches in Europe, followed by the tourism industry, which requires coaches to ferry tourists to different destinations across the continent.

Buses and Coaches Key Market Players & Competitive Insights

With a strong presence across different verticals and geographies, the Buses and Coaches Market is highly competitive and dominated by established, pure-play vendors. These vendors have a robust geographic footprint and partner ecosystem to cater to diverse customer segments. The Buses and Coaches Market is highly competitive, with many vendors offering similar products and services.

The major players in the market include Anhui Ankai Automobile Co., Ltd, BYD Company Limited, Daimler Truck AG, Proterra, AB Volvo, MAN, Xiamen King Long United Automotive Industry Co., Ltd, Yutong Bus Co., Ltd., NFI Group, and Tata Motors. are the major players in the market, competing in terms of a variety of products for the global buses and coaches’ market and their components, as well as efficiency, reliability, affordability, and advanced technology. The primary focus of the players is to provide advanced products to aid in increasing adoption, which could help strengthen a country’s growth with advanced products. Although global players dominate the market, a few regional and other local players with a limited market share also have a prominent presence in this market.

Key Companies in the Buses and Coaches Market include.

• Anhui Ankai Automobile Co., Ltd


• BYD Company Limited


• Daimler Truck AG


• Proterra


• AB Volvo


• MAN


• Xiamen King Long United Automotive Industry Co., Ltd


• Yutong Bus Co., Ltd.


• NFI Group


• Tata Motors

Buses and Coaches Industry Developments

• In May 2023, King Long has signed strategic cooperation agreement with Vivipra, a long-distance bus sales agent in Chile. This agreement will enhance the brand recognition & influence of King Long and promote the development of local public transportation in Chile.


• In April 2023, Volvo Penta has invested in Utility Innovation Group (UIG) to acquire a minority stake in the group. This investment will accelerate Volvo Penta’s entry into the utility sector and further develop battery energy storage subsystem & power generation portfolio as part of its road to net zero.


• In Septem,ber 2022, Ankai has signed a framework cooperation agreement with JAC Group, Fudi Battery Co., Ltd. and Zhechu Energy Group Co., Ltd. for Vehicle Power Battery Development & Production. The company will Invest 450 million RMB in this new joint venture.

Buses and Coaches Market Segmentation

Buses and Coaches Type Outlook

• Single Deck


• Double Deck


• Low floor buses


• Minibus


• Coaches


• Others

Buses and Coaches Propulsion Outlook

• ICE


• Electric

Buses and Coaches Seat Capacity Outlook

• 15-30 Seats


• 31-50 Seats


• More than 50 Seats

Buses and Coaches Application Outlook

• City Buses


• Intercity Coaches


• Airport Shuttle


• Delivery Van


• School Buses


• Others

Buses and Coaches Sales Channel Outlook

• OEM


• Aftermarket

Buses and Coaches Regional Outlook

• North America
  
  
  
  • US
  
  
  • Canada
  
  
  
  


• Europe
  
  
  
  • UK
  
  
  • Germany
  
  
  • France
  
  
  • Italy
  
  
  • Spain
  
  
  • Rest of Europe
  
  
  
  


• Asia-Pacific
  
  
  
  • China
  
  
  • Japan
  
  
  • India
  
  
  • Australia
  
  
  • South Korea
  
  
  • Rest of Asia Pacific
  
  
  
  


• Middle East & Africa
  
  
  
  • GCC Countries
  
  
  • South Africa
  
  
  • Rest of Middle East & Africa
  
  
  
  


• Latin America
  
  
  
  • Chile
  
  
  • Brazil
  
  
  • Rest of Latin America