Buses - Colombia | Statista Market Forecast

The Buses market in Colombia is expected to experience a significant increase in unit sales, reaching 64.00vehicles by the year 2024.
This projection indicates a positive growth trend for the market.
Furthermore, it is anticipated that the annual growth rate from 2024 to 2030, known as the Compound Annual Growth Rate (CAGR), will be 0.26%.
This growth rate suggests a promising future for the Buses market, with a projected market volume of 65.00vehicles units by 2030.
Interestingly, despite the projected growth in unit sales, the production of Buses market is expected to reach 0.00 units in 2030.
This observation highlights the potential for further expansion and development within the Buses market in Colombia.
When considering the international perspective, the China is projected to be the largest market for Buses market in 2024, with sales estimated at 537.50k vehicles units.
This indicates the significant demand for Buses market the China market, further emphasizing the potential for growth and profitability in this sector.
Colombia's commercial vehicle market for buses is experiencing a surge in demand due to the country's growing tourism industry.

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 Colombia has been experiencing significant growth in recent years, driven by various trends and developments in the country. Customer preferences in Colombia have played a crucial role in shaping the Buses market.

With a growing population and increasing urbanization, there is a rising demand for public transportation solutions. Buses are seen as a cost-effective and efficient mode of transportation, especially in congested urban areas. Additionally, there is a growing awareness of environmental issues, leading to a preference for buses that run on clean energy sources such as natural gas or electricity.

Several trends have emerged in the Buses market in Colombia to meet these customer preferences. One notable trend is the increasing adoption of electric buses. The government has implemented policies and incentives to promote the use of electric vehicles, including buses, as part of its efforts to reduce greenhouse gas emissions.

This has led to a growing number of bus operators and public transportation companies investing in electric buses. Another trend in the Buses market is the integration of technology and connectivity features. Bus manufacturers are incorporating advanced systems such as GPS tracking, Wi-Fi connectivity, and digital payment options to enhance the passenger experience and improve operational efficiency.

These features not only attract customers but also enable bus operators to optimize routes and monitor performance in real-time. Local special circumstances in Colombia have also influenced the development of the Buses market. The country's topography, with its mountainous terrain and challenging road conditions, requires buses with robust engines and sturdy construction.

Manufacturers have responded to this demand by producing buses that are specifically designed to withstand the unique challenges of Colombian roads. Underlying macroeconomic factors have also contributed to the growth of the Buses market in Colombia. The country has experienced steady economic growth in recent years, leading to an increase in disposable income and a higher standard of living.

This has resulted in a greater demand for transportation services, including buses. Additionally, the government has made significant investments in infrastructure development, including the expansion and improvement of public transportation networks. These investments have created opportunities for bus manufacturers and operators to expand their operations in the country.

In conclusion, the Buses market in Colombia is developing in response to customer preferences, trends in the market, local special circumstances, and underlying macroeconomic factors. The increasing demand for public transportation, the adoption of electric buses, the integration of technology, and the unique road conditions in Colombia are all contributing to the growth of the market. With continued economic growth and government support, the Buses market in Colombia is expected to further expand 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.

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.