The Buses market in Bhutan has been experiencing significant growth in recent years, driven by various factors such as customer preferences, market trends, local special circumstances, and underlying macroeconomic factors. Customer preferences in Bhutan have shifted towards more sustainable and eco-friendly transportation options, leading to an increased demand for buses.
As the country focuses on preserving its natural environment and reducing carbon emissions, buses have become a popular choice for both public and private transportation. In addition to environmental concerns, customer preferences in Bhutan are also influenced by the need for reliable and efficient transportation. Buses offer a cost-effective and convenient mode of transport, especially for longer distances or group travel.
This has led to a growing demand for buses among businesses, schools, and tourist operators. Trends in the Buses market in Bhutan reflect the overall global trend towards electric and hybrid vehicles. As the government of Bhutan aims to achieve its goal of becoming a carbon-neutral country, there has been a push towards adopting electric buses.
This trend is supported by the availability of renewable energy sources in Bhutan, such as hydroelectric power, which makes electric buses a viable and sustainable option. Local special circumstances in Bhutan, such as its mountainous terrain and limited road infrastructure, also contribute to the growth of the Buses market. Buses are well-suited to navigate the challenging terrain and provide reliable transportation services to remote areas.
Furthermore, the government's efforts to improve road connectivity and infrastructure development have created opportunities for bus manufacturers and operators in the country. Underlying macroeconomic factors, such as population growth, urbanization, and economic development, play a significant role in the growth of the Buses market in Bhutan. As the population continues to increase and urban areas expand, the demand for public transportation, including buses, also rises.
Economic development and increased disposable income further contribute to the growth of the market, as individuals and businesses have the means to invest in buses for their transportation needs. In conclusion, the Buses market in Bhutan is experiencing growth due to customer preferences for sustainable and reliable transportation options, global trends towards electric vehicles, local special circumstances, and underlying macroeconomic factors. As the country continues to prioritize environmental sustainability and improve its infrastructure, the demand for buses is expected to further increase in the coming years.
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.
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