Market Insights Mobility Commercial Vehicles

Buses - Canada

Canada

In Canada, the Buses market is projected to reach 5.66k vehicles unit sales by 2024.
It is expected to show an annual growth rate (CAGR 2024-2029) of 0.18%, resulting in a projected market volume of 5.71k vehicles units by 2029.
This indicates the potential growth of the Buses market in the country.
Furthermore, it is estimated that the production of Buses market will reach 9.39k vehicles units by 2029, further highlighting the growth potential of the market.
From an international perspective, it is evident that the majority of the sales, amounting to 116.30k vehicles units, will be the in the United States in 2024.
Canada's commercial vehicle market is witnessing a growing demand for electric buses, driven by the country's commitment to sustainability and reducing greenhouse gas emissions.

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Analyst Opinion

The Buses market in Canada has experienced steady growth in recent years, driven by customer preferences for efficient and eco-friendly transportation options.

Customer preferences: Customers in Canada have shown a growing preference for buses as a mode of transportation. This is due to several factors, including the affordability and convenience of bus travel compared to other modes of transportation such as cars or trains. Additionally, buses are seen as a more environmentally friendly option, as they produce fewer emissions compared to individual cars.

Trends in the market: One of the key trends in the Canadian Buses market is the increasing demand for electric buses. As the country strives to reduce its carbon footprint and transition to a greener economy, there has been a significant push towards electric vehicles, including buses. This trend is supported by government initiatives and incentives aimed at promoting the adoption of electric buses. As a result, bus manufacturers and operators are investing in electric bus technology and expanding their electric bus fleets. Another trend in the market is the integration of advanced technology in buses. This includes features such as GPS tracking, Wi-Fi connectivity, and USB charging ports. These technological advancements not only enhance the passenger experience but also improve the efficiency and safety of bus operations. Bus operators are increasingly investing in these technologies to attract and retain customers.

Local special circumstances: The vast size of Canada and its diverse geography present unique challenges for the Buses market. In urban areas, where population density is high, there is a greater demand for public transportation, including buses. On the other hand, in rural and remote areas, where population density is lower, bus services may be less frequent or non-existent. This creates a need for innovative solutions, such as shuttle services or community-based transportation initiatives, to address the transportation needs of these areas.

Underlying macroeconomic factors: The growth of the Buses market in Canada is also influenced by macroeconomic factors such as population growth, urbanization, and government policies. As the population continues to grow and more people move to urban areas, the demand for public transportation, including buses, is expected to increase. Government policies aimed at reducing traffic congestion and promoting sustainable transportation also contribute to the growth of the market. In conclusion, the Buses market in Canada is experiencing steady growth driven by customer preferences for efficient and eco-friendly transportation options. The increasing demand for electric buses and the integration of advanced technology are key trends in the market. The vast size of the country and its diverse geography present unique challenges, which require innovative solutions. Overall, the growth of the Buses market in Canada is supported by underlying macroeconomic factors such as population growth, urbanization, and government policies.

Methodology

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.