Buses - Myanmar | Statista Market Forecast

The Buses market in Myanmar is anticipated to witness a surge in unit sales, projected to reach 483.00vehicles by 2024.
This growth trajectory is expected to continue with a compound annual rate (CAGR 2024-2030) of 2.59%, resulting in a projected market volume of 563.00vehicles by 2030.
The production of Buses market is also poised to expand, reaching 8.00vehicles by 2030, highlighting the potential for further growth in the market.
From a global perspective, it is evident that the China will dominate in terms of sales, with an estimated figure of 537.50k vehicles units in 2024.
Myanmar's bus market is experiencing a surge in demand due to the country's growing tourism industry and infrastructure development projects.

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 Myanmar 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 Myanmar have played a crucial role in the development of the Buses market.

With the country's growing population and urbanization, there is an increasing demand for efficient and reliable public transportation. Buses have emerged as a popular choice among customers due to their affordability and accessibility. Additionally, customers in Myanmar also prioritize safety and comfort, leading to a rise in demand for buses that are equipped with modern amenities and safety features.

Trends in the market have also contributed to the growth of the Buses market in Myanmar. One notable trend is the shift towards electric buses, driven by the government's initiatives to reduce pollution and promote sustainable transportation. This trend aligns with global efforts to combat climate change and reduce dependence on fossil fuels.

As a result, there has been an increase in the adoption of electric buses in Myanmar, with both government and private operators investing in this technology. Local special circumstances in Myanmar have created opportunities for the Buses market to flourish. The country's infrastructure development, particularly in urban areas, has led to the expansion of road networks and the need for efficient public transportation systems.

This has created a favorable environment for bus manufacturers and operators to enter the market and meet the growing demand. Additionally, the government's focus on improving public transportation and reducing traffic congestion has further fueled the growth of the Buses market. Underlying macroeconomic factors have also influenced the development of the Buses market in Myanmar.

The country's economic growth and rising middle-class population have contributed to increased consumer spending power. As a result, more people are able to afford private vehicles, including buses, leading to a higher demand in the market. Furthermore, favorable government policies and incentives for the automotive industry have attracted both local and foreign investments, further driving the growth of the Buses market.

In conclusion, the Buses market in Myanmar is experiencing significant growth due to customer preferences, trends in the market, local special circumstances, and underlying macroeconomic factors. As the country continues to develop its infrastructure and prioritize sustainable transportation, the demand for buses is expected to continue rising. Manufacturers and operators in the Buses market should capitalize on these opportunities and adapt to changing customer preferences and market trends to maintain a competitive edge in Myanmar's growing market.

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.