Market Insights Mobility Commercial Vehicles

Buses - Japan

Japan

The country in Japan is projected to reach unit sales of 5.70k vehicles in the Buses market by 2024.
It is expected that these unit sales will show an annual growth rate (CAGR 2024-2029) of -1.59%, resulting in a projected market volume of 5.26k vehicles by 2029.
This indicates the potential growth of the Buses market in Japan.
Furthermore, the production of Buses market is also expected to increase to 3.42k vehicles units by 2029, further highlighting the growth potential.
From an international perspective, the in the United States is projected to have the highest sales volume of 116.30k vehicles units in the Buses market by 2024.
Japan's commercial vehicle market is witnessing a surge in demand for electric buses, driven by the country's commitment to sustainable transportation.

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Analyst Opinion

The Buses market in Japan has been experiencing steady growth in recent years, driven by a combination of customer preferences, market trends, local special circumstances, and underlying macroeconomic factors. Customer preferences in the Buses market in Japan have been shifting towards more eco-friendly and fuel-efficient vehicles.

This is due to increasing awareness of environmental issues and the government's push for sustainable transportation solutions. As a result, there has been a growing demand for hybrid and electric buses in Japan. Customers are also looking for buses with advanced safety features and comfortable interiors to enhance the overall passenger experience.

In terms of market trends, there has been a rise in the adoption of autonomous technology in the Buses market in Japan. Autonomous buses offer the potential for improved safety, reduced congestion, and increased efficiency. This trend is driven by advancements in technology and the government's efforts to promote autonomous vehicles as part of its mobility strategy.

Additionally, there is a growing focus on connectivity and smart features in buses, such as Wi-Fi and real-time passenger information systems, to meet the evolving needs of customers. Local special circumstances in Japan have also contributed to the development of the Buses market. The country's aging population and declining birth rate have led to an increased demand for transportation services for elderly and disabled individuals.

As a result, there is a growing market for specialized buses equipped with features such as wheelchair ramps and priority seating for the elderly. Furthermore, Japan's extensive public transportation network and efficient urban planning have created a favorable environment for the growth of the Buses market. Underlying macroeconomic factors play a significant role in shaping the Buses market in Japan.

The government's infrastructure investment initiatives, such as the development of smart cities and transportation networks, have provided a boost to the market. Additionally, favorable government policies and incentives, such as tax breaks and subsidies for eco-friendly vehicles, have encouraged the adoption of buses in both public and private sectors. The country's stable economic growth and increasing urbanization have also contributed to the expansion of the Buses market.

Overall, the Buses market in Japan is witnessing growth due to customer preferences for eco-friendly and technologically advanced vehicles, market trends such as the adoption of autonomous technology, local special circumstances related to the aging population and urban planning, and underlying macroeconomic factors including government initiatives and stable economic growth. These factors are expected to continue driving the development of the Buses market in Japan 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.