Buses - LATAM | Statista Market Forecast

In LATAM, the Buses market is projected to reach 27.78k vehicles units in 2024.
It is expected to exhibit a compound annual rate (CAGR 2024-2030) of 2.51%, resulting in a projected market volume of 32.23k vehicles units by 2030.
The production of Buses market is also anticipated to reach 35.78k vehicles units in 2030, highlighting the potential for growth in this market.
From an international standpoint, the China is projected to have the highest sales volume of 537.50k vehicles units in 2024.
In LATAM, the demand for electric buses is on the rise, as countries like Chile and Colombia strive for greener public transportation options.

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 LATAM is experiencing significant growth and development in recent years. Customer preferences, trends in the market, local special circumstances, and underlying macroeconomic factors all contribute to this positive trend.

Customer preferences in the LATAM region have shifted towards more sustainable and efficient modes of transportation. As a result, there is an increasing demand for buses that are fuel-efficient and environmentally friendly. Customers are also looking for buses that offer comfort and safety features, as well as advanced technology such as GPS navigation systems and Wi-Fi connectivity.

Trends in the market indicate a growing need for public transportation infrastructure in many countries in LATAM. Rapid urbanization and population growth have led to increased congestion and traffic problems in major cities. Governments in the region are investing in the development of bus rapid transit (BRT) systems and other public transportation initiatives to alleviate these issues.

This has created a favorable market environment for bus manufacturers and suppliers. Local special circumstances also play a role in the development of the Buses market in LATAM. For example, in Brazil, the government has implemented policies to promote the use of biofuels in public transportation.

This has led to an increased demand for buses that can run on alternative fuels such as ethanol. In addition, some countries in the region have implemented regulations and incentives to encourage the adoption of electric buses, further driving the market growth. Underlying macroeconomic factors also contribute to the development of the Buses market in LATAM.

Economic growth and rising disposable incomes have increased the affordability of private vehicles for many individuals. However, the high cost of car ownership, including fuel prices and parking fees, has led some consumers to opt for public transportation instead. This has boosted the demand for buses as a cost-effective and convenient mode of transportation.

In conclusion, the Buses market in LATAM is experiencing growth and development due to customer preferences for sustainable and efficient transportation, the trend towards investing in public transportation infrastructure, local special circumstances such as government policies and regulations, and underlying macroeconomic factors such as economic growth and rising disposable incomes.

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.