Global Market Research Company US Bus Market Size,Share& Forecast 2025 | Page 39

INDUSTRY BRIEF
According to TechSci Research report, “Global Bus Market By Application, By Length, By Seating Capacity, By Fuel Type, By Body Type, By Region,
Competition Forecast & Opportunities, 2015 – 2025F”, the global bus market is projected to reach $ 69 billion by 2025 due to growing road and
transport infrastructure, rising population and increasing demand for electric buses. Other major factors driving the bus market include government
initiatives for better road infrastructure and increase in vehicle production in major developing countries. Additionally, with the launch of new models in
the electric segment and upgradations in the government policies, it is expected that higher penetration of electric buses across the globe would be
witnessed during the forecast period.
Global bus market is segmented in terms of seating capacity, fuel type, application type, length, built type and region. In terms of seating classification,
the market can be segmented into up to 30 seater, 31 to 40 seater and above 40 seater buses, of which, the above 40 seater bus category accounted
for the largest market share in 2019 and the vehicle segment is expected to maintain its leading market position during the forecast period.
Zhenzhou Yutong Group, Volvo, Scania, TATA Motors Limited, Isuzu, Hino Motors, MAN, Marcopolo SA, Daimler AG, Iveco, Ashok Leyland, etc., are
few of the leading players operating in the global bus market. Major bus companies are expanding their manufacturing bases in developing countries in
order to meet rising demand across developing countries in APAC, Middle East, Africa and South America.
“In the wake rising air pollution levels, governments are encouraging consumers to opt for electric buses rather than those which run on fossil fuels. To
safeguard the environment and promote clean driving, governments across various countries are offering incentives to the electric bus buyers and also
exempting these vehicles from various taxes, which is anticipated to fuel the bus market over the next few years,” said Mr. Karan Chechi, Research
Director with TechSci Research, a research based global management consulting firm.
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