Buses and Coaches Global Market Report 2024

The buses and coaches market size has grown strongly in recent years. It will grow from $44.89 billion in 2023 to $47.52 billion in 2024 at a compound annual growth rate (CAGR) of 5.9%. The historical growth can be attributed to the expansion of emerging markets, a low-interest-rate environment, rapid urbanization, and technological advancements across the market.

The buses and coaches market size is expected to see strong growth in the next few years. It will grow to $60.25 billion in 2028 at a compound annual growth rate (CAGR) of 6.1%. Expected growth in the forecast period is fueled by a focus on carbon emissions reduction, rising demand for mini-buses and coaches, and supportive government initiatives. Key trends include prioritizing vehicle electrification, adopting driverless technology, implementing predictive maintenance solutions, investing in 3D printing for manufacturing enhancement, and incorporating hybrid drive systems.

The burgeoning demand for bus travel is projected to be a key driver for the bus and coach market's growth in the foreseeable future. Red Bus Creators reports a robust expansion rate of 30–40% annually within India's bus sector, while their own organization, Redbus, notably demonstrates an impressive 80% year-on-year growth in India. Hence, the escalating need for buses underscores the substantial growth potential within the bus and coach market.

The expansion of urban areas, known as urbanization, is anticipated to be a driving force behind the growth of the buses and coaches market. Urbanization involves the concentration of people in cities, leading to their development and the migration of individuals from rural to urban regions. This shift fosters an environment conducive to the success of buses and coaches, which are integral to a sustainable and integrated public transportation system. Statistics from the United Nations Conference on Trade and Development in January 2023 indicated that urban populations were at 56% in 2021, with a projected rise to 68% by 2050. Hence, the escalating urbanization trend is significantly influencing the expansion of the buses and coaches market.

A prominent trend in the bus and coach market is the increasing adoption of autonomous buses. The deployment of autonomous bus trials is on the rise, and several manufacturers have affirmed plans to introduce autonomous bus deliveries. For instance, in September 2021, Volvo Buses disclosed its testing of autonomous driver support, unveiling a new concept that aids drivers in precise and safe approaches and halts at bus stops. This technology necessitates high levels of precision and safety, reflecting a pivotal development in the bus and coach sector.

Major players in the buses and coaches market are intensifying their focus on introducing cutting-edge technologies, specifically emphasizing coaches, to secure a competitive advantage. Coaches represent a category of passenger vehicles tailored for long-distance travel, characterized by a capacity to accommodate a larger number of passengers compared to standard cars. In April 2023, Academy Bus, a US-based transportation firm, unveiled the Mercedes-Benz Tourrider Coach, a robust single-deck vehicle constructed from corrosion-resistant stainless steel. This coach features an advanced infotainment system integrated with multimedia functionalities. Safety remains paramount, incorporating top-tier systems such as Active Brake Assist 5 and Sideguard Assist, ensuring enhanced control for drivers. Passengers experience a comfortable and serene journey courtesy of well-designed, ergonomic seating arrangements.

In August 2021, Creative Bus Sales, a US-based bus dealership, successfully acquired Alliance Bus Group, a prominent US-based bus manufacturer, in an undisclosed deal. This strategic acquisition represents a significant shift for Creative Bus Sales, empowering the company to enhance its support for existing clientele while delivering unmatched sales, service, and assistance to new customers. Alliance Bus Group specializes in manufacturing a diverse range of buses and passenger vans, complemented by comprehensive bus training and maintenance services.

Major companies operating in the buses and coaches market report are Mercedes-Benz Group AG (formerly Daimler AG), Volkswagen AG, CNH, INDUSTRIAL N.V. (IVECO subsidiary of CNH Industrial), YUTONG, Volvo, Hyundai Motor Company, Xiamen King Long United Automotive Industry, Ashok Leyland, Zhongtong Bus, ANKAI, Daimler India, Bharat Benz, Mitsubishi, Fiat Chrysler Automobiles, Scania, UD Trucks Corp., Ford Motor Company, Toyota Motor Corporation, BYD Auto, Shaanxi Automobile Group, Beiqi Foton Motor Co., SAIC Motor Commercial Vehicle Co., MAN Truck & Bus SE, Irizar, Solaris, VDL, Gaz Group, NefAZ (KAMAZ affiliate), UAZ, Elegantbus, Cento Bus, Bus Factory, Pacific Tur, Lux Bus America, Vamoose Bus, Enel X Brazil, PSA, Temsa, Hafilat, Karsan, Otokar, Tata Motors, Cania AB.

North America was the largest region in the buses and coaches market in 2023. Asia-Pacific was the second-largest region in the global buses and coaches market share. The regions covered in the buses and coaches market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. The countries covered in the buses and coaches market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Italy, Canada, Spain.

The main types in the bus and coach market include diesel buses, hybrid buses, and others. Hybrid electric buses combine a conventional internal combustion engine with an electric propulsion system. Body-built segments can be fully built or customizable, catering to general transit, personal and recreational, tourist, and other applications.

The buses and coaches market research report is one of a series of new reports that provides buses and coaches market statistics, including global market size, regional shares, competitors with a buses and coaches market share, detailed buses and coaches market segments, market trends and opportunities, and any further data you may need to thrive in the bus and coach industry. This buses and coaches market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

The buses and coaches market consists of sales of Intercity bus, double-decker bus, minibus and charter bus. Values in this market are factory gate values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.


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