Buses - Jamaica | Statista Market Forecast

The projected unit sales in the Buses market for Jamaica are expected to reach 78.00vehicles in 2024.
It is anticipated that the unit sales will exhibit a compound annual rate (CAGR 2024-2030) of 2.60%, resulting in a projected market volume of 91.00vehicles by 2030.
This indicates the potential for growth in the Buses market in JamaiAdditionally, the production of Buses market in the country is expected to reach 0.00 in 2030, providing further insight into the market's potential.
From an international perspective, it is noteworthy that a majority of the sales, amounting to 537.50k vehicles, are projected to occur the China in 2024.
Jamaica's commercial bus market is seeing 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 Jamaica has been experiencing significant growth in recent years, driven by various factors such as customer preferences, trends in the market, local special circumstances, and underlying macroeconomic factors. Customer preferences in Jamaica have been shifting towards more sustainable and environmentally friendly transportation options.

As a result, there has been a growing demand for buses that run on alternative fuels, such as electric or hybrid buses. This shift in customer preferences is in line with global trends towards reducing carbon emissions and promoting clean energy solutions. In addition to environmental concerns, customers in Jamaica also prioritize safety and comfort when choosing buses.

They look for buses that are equipped with modern safety features, such as anti-lock braking systems and advanced driver assistance systems. Comfort features, such as air conditioning and spacious seating, are also important factors for customers in Jamaica. Trends in the Buses market in Jamaica are influenced by global and regional market developments.

For example, the increasing urbanization and population growth in Jamaica have led to a higher demand for public transportation, including buses. This trend is expected to continue as more people move to urban areas and rely on public transportation for their daily commute. Another trend in the Buses market in Jamaica is the adoption of smart technologies.

Bus operators are increasingly using technologies such as GPS tracking, real-time passenger information systems, and mobile ticketing to enhance the efficiency and convenience of bus services. These technologies not only improve the overall customer experience but also help bus operators optimize their operations and reduce costs. Local special circumstances in Jamaica also play a role in the development of the Buses market.

The country's infrastructure, including road networks and public transportation systems, is constantly being improved and expanded to meet the growing demand. This creates opportunities for bus manufacturers and operators to invest in the market and provide modern and reliable bus services. Underlying macroeconomic factors, such as economic growth and government policies, also influence the Buses market in Jamaica.

As the economy grows, there is an increased need for transportation infrastructure, including buses, to support economic activities. Government policies that promote sustainable transportation and public-private partnerships also contribute to the growth of the Buses market in Jamaica. In conclusion, the Buses market in Jamaica is developing in response to customer preferences for sustainable and safe transportation options.

Trends such as the adoption of alternative fuels and smart technologies are shaping the market, while local special circumstances and underlying macroeconomic factors provide opportunities for growth.

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.