Buses - Montenegro | Statista Market Forecast

The Buses market in Montenegro is projected to reach a unit sales of 25.00vehicles by the year 2024.
This forecast indicates a positive growth trend in the market.
Furthermore, it is expected that the unit sales of Buses market will experience a compound annual rate of -1.38% between 2024 and 2030, resulting in a projected market volume of 23.00vehicles by the year 2030.
This suggests a expansion of the Buses market in Montenegro.
Additionally, the production of Buses market is anticipated to reach 0.00 by the year 2030.
This figure emphasizes the potential for significant growth within the Buses market in Montenegro.
From an international perspective, it is noteworthy that the majority of Buses market sales, amounting to 537.50k vehicles units, are anticipated to occur the China in the year 2024.
This highlights the importance of the US market within the global Buses market industry.
Montenegro is experiencing a growing demand for electric buses in the commercial vehicles market.

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 Montenegro 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 Montenegro have been shifting towards more sustainable and eco-friendly transportation options, and buses have emerged as a popular choice.

Buses offer a cost-effective and efficient mode of transportation, especially for longer distances or group travel. Additionally, buses provide a more comfortable and convenient travel experience compared to other modes of public transportation. These customer preferences have contributed to the increasing demand for buses in Montenegro.

Trends in the market indicate a growing need for modernization and expansion of the bus fleet in Montenegro. With the country's tourism industry on the rise, there is a greater demand for reliable and efficient transportation services to cater to the needs of both domestic and international tourists. This has led to an increased focus on upgrading the existing bus fleet and introducing new buses with advanced features and technologies.

Additionally, there is a growing trend towards electric buses, as Montenegro aims to reduce its carbon footprint and promote sustainable transportation solutions. Local special circumstances also play a role in the development of the Buses market in Montenegro. The country's geography, with its mountainous terrain and scenic landscapes, makes buses an ideal mode of transportation for tourists to explore the country.

Furthermore, Montenegro's efforts to improve its infrastructure, including the development of new roads and highways, have made bus travel more convenient and accessible. These factors have contributed to the growth of the Buses market in the country. Underlying macroeconomic factors have also influenced the development of the Buses market in Montenegro.

The country's stable economic growth and increasing disposable income levels have resulted in a higher demand for transportation services, including buses. Additionally, government initiatives to promote tourism and improve public transportation infrastructure have created a favorable business environment for bus operators and manufacturers. In conclusion, the Buses market in Montenegro is experiencing growth due to customer preferences for sustainable transportation options, market trends towards modernization and expansion, local special circumstances such as the country's geography and infrastructure development, and underlying macroeconomic factors.

As the demand for buses continues to rise, it is expected that the market will further expand and evolve in the coming years.

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.