Market Insights Mobility Commercial Vehicles

Buses - Malaysia

Malaysia

The Buses market in Malaysia is projected to reach a total of 102.00vehicles unit sales by 2024.
It is expected to exhibit a stagnant annual growth rate (CAGR 2024-2029) of 0.39%, resulting in a projected market volume of 102.00vehicles units by 2029.
This indicates the limited potential for expansion in the Buses market in Malaysia.
Additionally, the production of Buses market is anticipated to reach a total of 1.57k vehicles units by 2029, illustrating the extent to which the Buses market can potentially grow in Malaysia.
From an international perspective, it is evident that the majority of sales, amounting to 116.30k vehicles units, will be concentrated the in the United States in 2024.
The demand for electric buses in Malaysia is steadily increasing due to the government's push for sustainable transportation solutions.

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Analyst Opinion

The Buses market in Malaysia is experiencing steady growth due to increasing customer preferences for reliable and affordable transportation options.

Customer preferences: Customers in Malaysia are increasingly prioritizing safety, comfort, and affordability when it comes to choosing transportation options. Buses offer a cost-effective and convenient mode of transport for both short and long distances. With the rising cost of private car ownership and the need for sustainable transportation solutions, buses are becoming an attractive choice for many Malaysians.

Trends in the market: One of the key trends in the Malaysian Buses market is the growing demand for electric and hybrid buses. As the government and consumers become more environmentally conscious, there is a push towards greener transportation options. Electric and hybrid buses offer lower emissions and reduced fuel consumption, making them an appealing choice for both public and private transportation providers. Another trend in the market is the increasing adoption of technology in buses. This includes features such as GPS tracking, onboard Wi-Fi, and entertainment systems. These technological advancements enhance the overall passenger experience and improve the efficiency of bus operations. Additionally, the integration of smart ticketing systems and mobile apps allows for easier ticket purchase and real-time bus tracking, further attracting customers to choose buses as their preferred mode of transport.

Local special circumstances: Malaysia has a well-developed public transportation system, with buses playing a crucial role in providing connectivity to both urban and rural areas. The government has been investing in infrastructure development, including the expansion and improvement of bus routes and terminals. This has led to increased accessibility and convenience for passengers, further driving the demand for buses.

Underlying macroeconomic factors: Malaysia's growing population and urbanization are key drivers for the Buses market. As more people move to urban areas, the demand for efficient and reliable transportation options increases. Additionally, the government's focus on improving public transportation infrastructure and reducing traffic congestion has also contributed to the growth of the Buses market. In conclusion, the Buses market in Malaysia is experiencing growth due to customer preferences for reliable and affordable transportation options. The increasing demand for electric and hybrid buses, as well as the adoption of technology in buses, are key trends in the market. The government's investment in infrastructure development and the country's growing population and urbanization are underlying macroeconomic factors that are driving the growth of the Buses market in Malaysia.

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.