Buses - Panama | Statista Market Forecast

The Buses market in Panama is projected to reach unit sales of 52.00vehicles by 2024.
It is expected to show a compound annual rate of -0.99% from 2024 to 2030, resulting in a projected market volume of 49.00vehicles by 2030.
This indicates the potential growth of the Buses market in Panama.
Furthermore, the production of Buses market in Panama is expected to reach 0.00 by 2030, highlighting the extent to which the market can expand.
From an international perspective, it is noteworthy that the majority of sales in 2024 will be the China, with a figure of 537.50k vehicles.
Panama's commercial vehicle market is experiencing a surge in demand for buses due to the country's growing tourism industry.

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 Panama 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 Panama have shifted towards more fuel-efficient and environmentally friendly vehicles.

This is in line with global trends, as customers are increasingly conscious of the impact of their transportation choices on the environment. As a result, there has been a growing demand for electric and hybrid buses in Panama, as well as buses that run on alternative fuels such as natural gas. In addition to environmental considerations, customers in Panama also prioritize safety and comfort when choosing buses.

They prefer buses that are equipped with modern safety features such as anti-lock braking systems and airbags, as well as comfortable seating arrangements and amenities. One of the key trends in the Buses market in Panama is the increasing adoption of smart technologies. Bus operators are leveraging advanced technologies such as GPS tracking, real-time passenger information systems, and automated fare collection systems to improve operational efficiency and enhance the overall passenger experience.

These technologies not only help bus operators optimize their routes and schedules but also enable passengers to plan their journeys more effectively. Another trend in the Buses market in Panama is the growing popularity of mini-buses and shuttle services. These smaller vehicles are particularly well-suited for urban areas with narrow streets and high traffic congestion.

They provide a more flexible and efficient mode of transportation, especially for short-distance travel within cities. Local special circumstances also play a role in shaping the Buses market in Panama. The country's rapid urbanization and population growth have led to increased demand for public transportation, especially in urban areas.

The government has recognized this need and has been investing in the expansion and modernization of the public transportation infrastructure, including buses. Furthermore, Panama's strategic location as a transportation hub for trade and tourism in Central America has contributed to the growth of the Buses market. The country's well-developed road network and its connectivity to neighboring countries make it an attractive market for bus manufacturers and operators.

Underlying macroeconomic factors such as economic growth and government policies also influence the Buses market in Panama. As the country's economy continues to expand, there is a greater need for reliable and efficient public transportation. The government's focus on sustainable development and reducing carbon emissions has also created opportunities for bus manufacturers and operators that offer environmentally friendly solutions.

In conclusion, the Buses market in Panama is experiencing growth due to customer preferences for fuel-efficient and environmentally friendly vehicles, the adoption of smart technologies, the popularity of mini-buses and shuttle services, local special circumstances such as rapid urbanization and population growth, and underlying macroeconomic factors such as economic growth and government policies. These factors are driving the demand for buses in Panama and shaping the market trends in the country.

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.