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Buses are the most common public transport modes, servicing cities, suburban, and rural areas. They are also the most cost-effective and adaptable modes of public transit, with little expenditure to construct new lines or routes.
The growing demand for bus travel is likely to fuel the expansion of the buses & coaches industry in the future. According to Red Bus Creators, the bus industry in India is growing at a 30% annual pace. As a result, rising bus demand propels the buses & coaches market growth.
Autonomous bus is a crucial concept gaining traction in the bus and coach business. The number of driverless bus trials is expanding, and several manufacturers have already stated that autonomous bus sales will begin within the next few years. Volvo Buses successfully presented a 7900 Hybrid City Bus built for autonomous operation in November 2019.
The market is segmented by fuel type, type, application, seating capacity, and no. of the axle.
The COVID-19 pandemic has forced governments and authorities worldwide to implement transportation and mobility limitations on an unprecedented size and scope. Physical separation influenced mobility behavior and preferences significantly. Many individuals choose a form of transport that decreases the danger of illness. People who buy a private automobile use it more frequently. Others who rely on public transportation may convert to another mode such as bicycling or walking; these situations hamper public transport mode. According to the American Public Transportation Association (APTA), an 80% decline was observed in 2020 in the public transit sector.
An increase in public-private partnerships can make the segment grow.
The report will cover the following key insights:
Fuel is a significant component of any vehicle's operational costs. With rising fuel prices, employing an electric bus for public transportation lowers gasoline expenditures while lowering other upfront costs and the total cost of ownership. Prices for electric buses are predicted to fall compared to those of diesel buses by 2030. Electric buses save almost 80% on maintenance and operational expenditures compared to diesel-engine buses. Due to rigorous pollution standards in various countries worldwide, the global battery-electric bus industry has been steadily growing. Battery-electric buses witnessed an 11.5% increase from 2020 to 2021. This rise might be attributable to several government incentives available to purchasers and fleet owners.
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The market is segmented into four regions, North America, Europe, Asia Pacific, and the rest of the world. North America is expected to witness the fastest growth rate in the buses & coaches market. Introducing strict emission standards and regulations in the U.S. is projected to surge the demand for electric buses. Many cities in the U.S. now demand a percentage of their bus fleet to be electric or hybrid, and they are also tightening the restrictions on new IC engine bus tenders. For example, SEPTA, Philadelphia's transportation authority, has pledged to reduce the number of diesel buses in its bus fleet to less than 5% by 2021 to transition to battery-electric buses progressively. Several states in the country are receiving new electric school buses, while others aim to incorporate more electric buses in future. A Texas school district received the state's first three electric school buses in December 2020. Everman Independent School District (ISD) began transporting students using Blue Bird Vision Electric buses this school year. The district could afford the buses and charging stations using the Volkswagen (VW) grants.
California now has the most zero-emission buses (1,016), over 200 electric buses in operation, and many additional backlog orders. The Chicago Transit Authority (CTA) revealed the new fleet of electric buses as part of the city's green initiatives. Asia Pacific was the second-largest region in the global buses & coaches market share, considering the transport requirements of the rising population and no manufacturing industries present.
By Fuel Type
By Seating Capacity Type
By No. of Axle
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