Buses - Eastern Asia | Statista Market Forecast

In 2024, the Buses market in Eastern Asia is projected to reach a total of 553.10k vehicles unit sales.
Looking ahead, there is an expected annual growth rate (CAGR 2024-2030) of 3.17%, indicating a projected market volume of 666.90k vehicles units by 2030.
This growth potential is further highlighted by the estimated production of 690.30k vehicles Buses market in 2030.
When considering the international landscape, it is evident that the China will dominate the market with sales reaching 537.50k vehicles units in 2024.
This underscores the significance of the US market within the Buses market.
In Eastern Asia, Japan leads the market for commercial buses with its advanced technology and focus on eco-friendly and fuel-efficient vehicles.

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 Eastern Asia is experiencing significant growth and development. Customer preferences in the region are driving the demand for buses.

As the population in Eastern Asia continues to grow, there is an increasing need for efficient and reliable transportation systems. Buses offer a cost-effective and environmentally friendly solution, making them a popular choice among commuters and travelers. Additionally, the rise of urbanization in the region has led to an increased demand for public transportation, further fueling the growth of the buses market.

Several trends are shaping the market in Eastern Asia. One notable trend is the adoption of electric buses. Governments in the region are implementing strict environmental regulations and promoting sustainable transportation solutions.

As a result, there is a growing demand for electric buses, which offer lower emissions and reduced operating costs compared to traditional diesel buses. This trend is expected to continue as governments continue to prioritize environmental sustainability. Another trend in the market is the integration of smart technologies.

Eastern Asia is known for its technological advancements, and the buses market is no exception. Bus manufacturers are incorporating features such as GPS tracking, real-time passenger information systems, and contactless payment options to enhance the overall passenger experience. These technological advancements not only improve the efficiency of bus operations but also attract more passengers who value convenience and connectivity.

Local special circumstances also play a role in the development of the buses market in Eastern Asia. For example, in countries like China and Japan, there is a strong emphasis on domestic production. Local bus manufacturers are supported by government incentives and subsidies, which gives them a competitive advantage over foreign competitors.

This has led to the growth of domestic bus manufacturing industries and the emergence of regional bus brands. Underlying macroeconomic factors also contribute to the growth of the buses market in Eastern Asia. The region has experienced steady economic growth, which has increased disposable incomes and improved living standards.

As a result, more people are opting for private transportation, including owning cars. However, the high costs associated with car ownership, such as fuel, parking, and maintenance, have made buses an attractive alternative. Additionally, the governments in the region are investing heavily in infrastructure development, including the expansion of public transportation networks.

These investments create opportunities for bus manufacturers and contribute to the overall growth of the market. In conclusion, the Buses market in Eastern Asia is witnessing significant growth and development due to customer preferences, trends in the market, local special circumstances, and underlying macroeconomic factors. The increasing demand for efficient and sustainable transportation, the adoption of electric buses, the integration of smart technologies, government support for domestic bus manufacturers, and steady economic growth are all contributing to the expansion of the market in the region.

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.