Market Insights Mobility Commercial Vehicles

Buses - India

India

In the country of India, the Buses market is projected to reach a unit sales of 55.90k vehicles by 2024.
This is expected to show an annual growth rate (CAGR 2024-2029) of 3.71%, resulting in a projected market volume of 67.06k vehicles by 2029.
The production of Buses market in India is also expected to reach 73.00k vehicles by 2029, indicating the potential growth of this market.
From an international perspective, it is shown that the in the United States will have the highest sales volume of 116.30k vehicles in 2024.
India is witnessing a growing demand for electric buses in the commercial vehicles market, driven by the government's push for sustainable transportation solutions.

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Analyst Opinion

The Buses market in India is experiencing significant growth and development due to various factors.

Customer preferences: Customers in India are increasingly looking for buses that are not only comfortable and spacious, but also offer advanced features and amenities. They prefer buses with modern interiors, comfortable seating arrangements, and entertainment options such as Wi-Fi connectivity and individual screens. Additionally, there is a growing demand for buses that are eco-friendly and fuel-efficient, as customers are becoming more conscious about the environmental impact of their transportation choices.

Trends in the market: One of the key trends in the Indian Buses market is the shift towards electric buses. The government of India has been actively promoting the adoption of electric vehicles in order to reduce pollution and dependence on fossil fuels. As a result, there has been a significant increase in the production and sales of electric buses in the country. This trend is expected to continue in the coming years, as the government continues to provide incentives and subsidies for electric vehicle manufacturers. Another trend in the market is the increasing popularity of luxury buses. With the growth of tourism and the rise in disposable income, there is a growing demand for luxury buses that offer a comfortable and luxurious travel experience. These buses are equipped with features such as reclining seats, individual entertainment systems, and on-board restrooms. Luxury buses are particularly popular for long-distance travel, as they provide a more comfortable alternative to trains and airplanes.

Local special circumstances: India is a vast country with a large population, and the demand for public transportation is high. Buses play a crucial role in providing affordable and accessible transportation to millions of people across the country. In many cities, buses are the primary mode of public transportation, and the government has been investing in the expansion and improvement of bus services. This has created a favorable market for bus manufacturers and suppliers in India.

Underlying macroeconomic factors: The growth of the Buses market in India can also be attributed to the overall economic development of the country. India has been experiencing rapid urbanization and industrialization, which has led to an increase in the demand for transportation infrastructure. The government's focus on improving connectivity and developing smart cities has further fueled the demand for buses. Additionally, the rise in disposable income and the expansion of the middle class have contributed to the growth of the Buses market, as more people are able to afford private transportation options. In conclusion, the Buses market in India is witnessing significant growth and development due to customer preferences for comfortable and advanced buses, the shift towards electric buses, the increasing popularity of luxury buses, the high demand for public transportation, and the overall economic development of the country. These factors are expected to continue driving the growth of the market in the coming years.

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.