Market Insights Mobility Commercial Vehicles

Buses - Philippines

Philippines

The Buses market in the Philippines is projected to reach a unit sales of 103.00vehicles by 2024.
It is expected to experience an annual growth rate (CAGR 2024-2029) of 0.39%, resulting in a projected market volume of 105.00vehicles by 2029.
This indicates the potential for growth in the Buses market.
In 2029, the production of Buses market is expected to reach 1.52k vehicles, further highlighting the market's potential.
From an international perspective, it is evident that the in the United States will dominate the sales with 116.30k vehicles units in 2024.
The Philippines is experiencing a growing demand for electric buses in its commercial vehicles market.

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Analyst Opinion

The Buses market in Philippines is experiencing significant growth and development in recent years.

Customer preferences: Customers in Philippines are increasingly opting for buses as a mode of transportation due to their affordability and convenience. Buses offer a cost-effective alternative to private cars and taxis, especially for longer distances. Additionally, buses provide a more comfortable and spacious seating arrangement compared to other forms of public transportation such as trains or jeepneys.

Trends in the market: One of the key trends in the Buses market in Philippines is the growing demand for electric buses. As the government and society as a whole become more environmentally conscious, there is a greater emphasis on reducing carbon emissions and promoting sustainable transportation solutions. Electric buses offer a cleaner and greener alternative to traditional diesel-powered buses, making them increasingly popular among both operators and passengers. Another trend in the market is the integration of technology in buses. Many bus operators are now equipping their vehicles with advanced features such as GPS tracking systems, onboard Wi-Fi, and entertainment systems. These technological advancements not only enhance the overall passenger experience but also improve operational efficiency for bus operators.

Local special circumstances: The geography and infrastructure of Philippines play a significant role in the development of the Buses market. With its many islands and diverse terrain, buses are an essential mode of transportation for connecting different regions and catering to the transportation needs of both urban and rural areas. The government has also invested in improving the road infrastructure, making it easier for buses to navigate and operate efficiently.

Underlying macroeconomic factors: The growing economy of Philippines is another factor driving the development of the Buses market. As the country experiences economic growth, there is an increase in disposable income and a rise in urbanization. This leads to a higher demand for public transportation, including buses, as more people commute for work and leisure purposes. Additionally, the government's focus on infrastructure development and urban planning contributes to the expansion of the Buses market. In conclusion, the Buses market in Philippines is witnessing growth and development due to customer preferences for affordability and convenience, the adoption of electric buses and integration of technology, the unique geography and infrastructure of the country, and the underlying macroeconomic factors such as economic growth and government initiatives.

Methodology

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.