Buses - NAFTA | Statista Market Forecast

According to projections, the Buses market is set to achieve unit sales of 145.30k vehicles by 2024.
This market is expected to display a compound annual growth rate (CAGR 2024-2030) of 2.10%, leading to a projected market volume of 164.60k vehicles by 2030.
The production of the Buses market is also anticipated to reach 135.80k vehicles units in 2030, highlighting its potential for growth.
From an international perspective, it is evident that the majority of sales, specifically 537.50k vehicles units, will be concentrated the China in 2024.
The demand for electric buses is increasing rapidly in the NAFTA region, as governments are pushing for sustainable transportation solutions.

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 NAFTA has been experiencing significant growth in recent years, driven by various factors such as customer preferences, market trends, local special circumstances, and underlying macroeconomic factors. Customer preferences in the Buses market in NAFTA have been shifting towards more environmentally friendly and fuel-efficient vehicles.

This is largely due to increasing awareness of the environmental impact of transportation and the need to reduce carbon emissions. As a result, there has been a growing demand for electric and hybrid buses in the region. Customers are also looking for buses with advanced safety features and comfortable interiors, which has led to the adoption of technologies such as collision avoidance systems and improved seating arrangements.

Trends in the Buses market in NAFTA are also influenced by global market trends. One such trend is the rise of smart cities and the integration of public transportation systems with digital technologies. This has led to the development of smart buses equipped with features such as real-time tracking, automated fare collection, and Wi-Fi connectivity.

These advancements not only improve the overall efficiency and convenience of public transportation but also contribute to the modernization of urban infrastructure. Local special circumstances in the Buses market in NAFTA vary across the region. In the United States, for example, there is a growing need to replace aging bus fleets and improve public transportation infrastructure.

This is driven by factors such as increasing urbanization, population growth, and the need to reduce traffic congestion. In Mexico, on the other hand, the demand for buses is influenced by factors such as rapid urbanization, rising disposable incomes, and government initiatives to improve public transportation services. Underlying macroeconomic factors also play a significant role in the development of the Buses market in NAFTA.

Economic growth, population growth, and government policies and regulations all impact the demand for buses. As the economies of NAFTA countries continue to grow, there is an increasing need for reliable and efficient public transportation systems to support urban development and facilitate economic activity. Government investments in infrastructure projects and initiatives to promote sustainable transportation further contribute to the growth of the Buses market in NAFTA.

In conclusion, the Buses market in NAFTA is experiencing growth due to shifting customer preferences, market trends, local special circumstances, and underlying macroeconomic factors. The demand for environmentally friendly and technologically advanced buses is on the rise, driven by factors such as increasing urbanization, population growth, and the need for efficient public transportation systems. As the region continues to develop, the Buses market in NAFTA is expected to further expand and evolve to meet the changing needs of customers and society.

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.