Buses - Nigeria | Statista Market Forecast

The projected unit sales in the Buses market for Nigeria are expected to reach 19.00vehicles by 2024.
This indicates a positive growth trend for the market.
It is further anticipated that the unit sales will continue to grow at an annual compound growth rate (CAGR 2024-2030) of -2.82%, resulting in a projected market volume of 16.00vehicles by 2030.
This showcases the potential for expansion and development within the Buses market in Nigeria.
Furthermore, the production of Buses market in Nigeria is projected to reach 0.00 by 2030.
This reflects the potential for significant growth and investment in the local manufacturing sector, highlighting the country's capacity to meet the increasing demand for Buses market.
From an international standpoint, it is evident that the China will dominate the Buses market with sales expected to reach 537.50k vehicles units in 2024.
This signifies the strong market presence and demand for Buses market the China, while also highlighting the global nature of the industry.
Nigeria's commercial vehicle market is experiencing a surge in demand for buses, driven by the country's growing urban population and increasing need for reliable public transportation.

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 Nigeria is experiencing significant growth due to various factors. Customer preferences, trends in the market, local special circumstances, and underlying macroeconomic factors are all contributing to the development of the market.

Customer preferences in Nigeria are shifting towards more sustainable and efficient modes of transportation. As the country continues to urbanize and the population grows, there is an increasing demand for reliable and affordable public transportation options. Buses are seen as a convenient and cost-effective means of transportation, especially for daily commuters and intercity travelers.

Additionally, there is a growing awareness of the environmental impact of individual car usage, leading more people to opt for buses as a greener alternative. Trends in the Buses market in Nigeria are also driving its development. One notable trend is the adoption of technology in buses.

Bus operators are equipping their fleets with advanced features such as GPS tracking, Wi-Fi connectivity, and mobile ticketing systems to enhance the passenger experience and improve operational efficiency. This trend is in line with the global shift towards smart transportation solutions and is expected to continue driving the growth of the Buses market in Nigeria. Local special circumstances in Nigeria also play a role in the development of the Buses market.

The country's infrastructure, particularly its road network, is undergoing significant improvements. This includes the construction and rehabilitation of highways and the expansion of urban road networks. As a result, bus operators are able to provide more reliable and efficient services, attracting more customers and contributing to the growth of the market.

Underlying macroeconomic factors are also influencing the development of the Buses market in Nigeria. The country's economy is experiencing steady growth, which has led to an increase in disposable income and improved living standards for many Nigerians. This has translated into higher demand for transportation services, including buses.

Additionally, the government has implemented policies to promote the development of the transportation sector, including the provision of subsidies and incentives for bus operators. These factors are creating a favorable business environment for the Buses market in Nigeria. In conclusion, the Buses market in Nigeria is developing due to customer preferences for sustainable transportation, trends in the market such as the adoption of technology, local special circumstances including infrastructure improvements, and underlying macroeconomic factors such as economic growth and government policies.

This growth is expected to continue as the country's population and urbanization rates increase, highlighting the importance of the Buses market in Nigeria's transportation sector.

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.