Buses - Peru | Statista Market Forecast

In Peru, the Buses market is anticipated to achieve a unit sales figure of 63.00vehicles by the year 2024.
The forecast suggests that this market will experience a compound annual growth rate (CAGR 2024-2030) of -0.27%, leading to a projected market volume of 62.00vehicles by 2030.
It is worth noting that the production of Buses market in Peru is expected to reach 472.00vehicles units by 2030, indicating the potential for significant growth in this sector.
From an international perspective, the China is expected to account for the majority of sales in 2024, with a figure of 537.50k vehicles units.
Peru's commercial vehicle market is experiencing a surge in demand for electric buses, driven by the government's push 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 Peru has been experiencing significant growth in recent years. Customer preferences have shifted towards more modern and comfortable buses, leading to an increase in demand for new vehicles.

This trend is driven by several factors, including the growing middle class, improved infrastructure, and government initiatives to promote public transportation. Customer preferences in the Peruvian Buses market have evolved in response to changing lifestyles and expectations. Consumers are increasingly seeking buses that offer greater comfort, safety, and convenience.

They prioritize features such as air conditioning, reclining seats, and onboard entertainment systems. Additionally, there is a growing demand for buses that are environmentally friendly, with lower emissions and greater fuel efficiency. One of the key trends in the Peruvian Buses market is the increasing demand for urban transport.

As urbanization continues to accelerate, more people are moving to cities, leading to a greater need for public transportation. This has resulted in a rise in the number of bus routes and the expansion of existing networks. In addition, the government has implemented policies to improve public transportation infrastructure, including the construction of dedicated bus lanes and the introduction of bus rapid transit systems.

Another trend in the Peruvian Buses market is the adoption of new technologies. Bus manufacturers are incorporating advanced features such as GPS tracking, Wi-Fi connectivity, and mobile ticketing systems to enhance the passenger experience. These technologies not only improve convenience for passengers but also enable operators to optimize routes and improve operational efficiency.

In addition to customer preferences and market trends, there are several local special circumstances that impact the Buses market in Peru. The country's geography, with its diverse terrain and challenging road conditions, requires buses that are durable and capable of navigating difficult terrain. This has led to a demand for buses with robust suspension systems and powerful engines.

Furthermore, Peru has a large informal transportation sector, with many privately owned buses operating outside the formal public transportation system. These informal operators often provide services in remote areas where formal public transportation is limited. As a result, there is a need for buses that are suitable for off-road conditions and can accommodate larger passenger loads.

Underlying macroeconomic factors also play a role in the development of the Buses market in Peru. The country has experienced steady economic growth in recent years, which has led to an increase in disposable income and consumer spending. This has contributed to the growing demand for buses, as more people are able to afford private transportation or choose to upgrade their existing vehicles.

In conclusion, the Buses market in Peru is experiencing growth due to changing customer preferences, increased urbanization, and government initiatives to improve public transportation. The adoption of new technologies and the need for buses suitable for challenging road conditions and off-road use are also driving market trends. The country's strong economic growth and rising disposable income further contribute to the development of the 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.