Buses - Armenia | Statista Market Forecast

In Armenia, the Buses market is projected to witness unit sales of 22.00vehicles in 2024.
The market is expected to grow at an annual rate of -3.29%, resulting in a projected market volume of 18.00vehicles by 2030.
This indicates the potential growth of the Buses market in the country.
Furthermore, the production of Buses market is expected to reach 0.00 in 2030, further highlighting the growth potential.
From an international perspective, it is noteworthy that the China is expected to have the highest sales volume of 537.50k vehicles in 2024.
Armenia's bus market is experiencing a shift towards electric buses, reflecting the country's commitment to sustainability and reducing emissions.

Definition

Buses & Coaches is a specialized market within the broader Commercial Vehicles market, focusing exclusively on vehicles used for the transportation of passengers both in urban and intercity settings. This market includes a wide range of vehicles, each tailored to specific passenger transportation needs, including public transit, school transportation, tourism, and long-distance travel. The gross vehicle weight rating (GVWR) of MHBCs typically exceeds 3.5 tons.

Buses and coaches are specifically engineered for transporting large groups of people, typically along established routes or for long-distance travel. These vehicles come in various sizes and configurations, including city buses, intercity coaches, minibuses, and luxury touring coaches. This market considers both the production and sales of buses used for public transportation, operated by government bodies or private enterprises, as well as private coaches employed for purposes like tourism, corporate transportation, and other specialized services.

Additional Information

Key players in the commercial Buses & Coaches market include established manufacturers such as Volvo Buses, Daimler Buses, and Scania, along with regional and specialized companies that cater to specific markets. These manufacturers play a crucial role in shaping the future of public transportation by introducing innovative technologies and eco-friendly solutions in their commercial vehicles.

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Tourist coaches
School buses
Public transit buses
Intercity or long-distance coaches

Watercraft, aircraft, and railway vehicles
Passenger cars
Off-road and specialized vehicles
Motorcycles and scooters
Light commercial vehicles (LCVs)
Commercial trucks
Consumer and recreational vehicles
Agricultural and construction equipment

The Buses market in Armenia is experiencing steady growth and development, driven by customer preferences for reliable and efficient transportation options. Customer preferences in the Buses market in Armenia are shifting towards vehicles that offer comfort, safety, and fuel efficiency.

Customers are increasingly looking for buses that can accommodate a large number of passengers without compromising on comfort. They also prioritize safety features such as advanced braking systems and airbags. In addition, fuel efficiency is becoming a key consideration for customers, as they seek to reduce operating costs and minimize their environmental impact.

One of the key trends in the Buses market in Armenia is the increasing demand for electric buses. As the government and society as a whole become more environmentally conscious, there is a growing emphasis on reducing emissions and transitioning to cleaner forms of transportation. Electric buses offer a sustainable and eco-friendly solution, and their popularity is expected to continue to rise in the coming years.

Another trend in the Buses market in Armenia is the adoption of advanced technology. Bus manufacturers are incorporating features such as GPS tracking, Wi-Fi connectivity, and infotainment systems to enhance the passenger experience. These technological advancements not only improve convenience for passengers but also enable operators to optimize routes and improve operational efficiency.

Local special circumstances in Armenia also contribute to the development of the Buses market. The country has a well-developed public transportation system, with buses being the primary mode of transport for many people. The government has been investing in the expansion and modernization of the bus fleet to meet the increasing demand.

This has created opportunities for both domestic and international bus manufacturers to enter the market and cater to the growing needs of the transportation sector. Underlying macroeconomic factors also play a role in the growth of the Buses market in Armenia. The country has been experiencing steady economic growth, which has led to an increase in disposable income and a higher standard of living.

As a result, more people are able to afford private transportation, leading to an increased demand for buses. Additionally, the government's focus on infrastructure development and urbanization has further fueled the demand for buses, as they are essential for efficient and reliable public transportation. In conclusion, the Buses market in Armenia is witnessing growth and development driven by customer preferences for comfort, safety, and fuel efficiency.

The increasing demand for electric buses and the adoption of advanced technology are key trends in the market. Local special circumstances, such as the well-developed public transportation system and government investments, contribute to the market's growth. Underlying macroeconomic factors, including economic growth and infrastructure development, also play a significant role in the development of the Buses market in Armenia.

Data coverage:

The data encompasses B2B enterprises. Figures are based on unit sales and production of buses.

Modeling approach:

Market sizes are determined through a combined Top-Down and bottom-up approach, building on specific predefined factors for each market. As a basis for evaluating markets, we use annual financial reports of the market-leading companies and industry associations, third-party studies and reports, survey results from our primary research (e.g., the Statista Consumer Insights Global survey). In addition, we use relevant key market indicators and data from country-specific associations, such as consumer spending per capita on transportation and consumer price index for purchase of vehicles. This data helps us estimate the market size for each country individually.

Forecasts:

In our forecasts, we apply diverse forecasting techniques. The selection of forecasting techniques is based on the behavior of the relevant market. For example, linear regression, the S-curve function and exponential trend smoothing methods are applied.

Additional notes:

The data is modeled using current exchange rates. The impact of the COVID-19 pandemic and the Russia-Ukraine war are considered at a country-specific level. The market is updated twice a year.

This report presents a comprehensive analysis and additional information on the Mobility market, in a PDF format.

The public transportation network in the United Kingdom comprises a series of heavy rail, light rail, and bus services that connects millions every day. For instance, National Rail reported more than 1.3 billion passenger journeys per year in the fiscal year 2022/23. On the financial side, public sector spending on transport amounted to roughly 26 billion British pounds in 2022/23 for railways, around 60 percent of total public expenditure on transport. By comparison, the overall share of transport public expenditure on local public transit was 10 percent that same year, at around 4.3 billion pounds. In 2022, the average weekly household spent on transport services was 12.8 British pounds, with people aged 30 to 49 year-old spending the most.