Buses - South Korea | Statista Market Forecast

In 2024, the Buses market in South Korea is projected to reach a total of 9.22k vehicles units in terms of unit sales.
Looking ahead, the market is expected to demonstrate a compound annual rate (CAGR 2024-2030) of 2.59%, resulting in a projected market volume of 10.75k vehicles units by 2030.
This indicates the potential for growth in the Buses market.
Additionally, the production of Buses market in South Korea is expected to reach 13.83k vehicles units by 2030, further highlighting the market's potential.
From an international perspective, it is noteworthy that the majority of sales, specifically 537.50k vehicles units, are expected to occur the China in 2024.
South Korea is experiencing a growing demand for electric buses in its commercial vehicles market.

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 South Korea has experienced significant growth in recent years, driven by changing customer preferences, emerging trends, and local special circumstances. Customer preferences in the Buses market have shifted towards more environmentally friendly and fuel-efficient vehicles.

This trend is in line with global efforts to reduce carbon emissions and combat climate change. As a result, there has been a growing demand for electric and hybrid buses in South Korea. Customers are now looking for buses that not only provide reliable transportation but also contribute to a cleaner and greener environment.

In addition to environmental concerns, customers in South Korea also prioritize safety features in buses. With an increasing focus on passenger safety, there is a rising demand for buses equipped with advanced safety technologies such as collision avoidance systems, lane departure warning systems, and emergency braking systems. These features not only enhance the overall safety of the passengers but also improve the reputation of bus manufacturers.

Another trend in the Buses market in South Korea is the integration of smart technologies. Customers are seeking buses that are equipped with advanced infotainment systems, GPS navigation, and real-time monitoring capabilities. These features enhance the overall passenger experience and provide convenience and efficiency in transportation.

Local special circumstances in South Korea have also contributed to the growth of the Buses market. The government has implemented various policies and initiatives to promote the use of public transportation, including buses. This has led to an increase in the demand for buses, especially in urban areas where public transportation is heavily relied upon.

Furthermore, South Korea has a well-developed infrastructure and transportation network, which supports the growth of the Buses market. The country's extensive road network and efficient public transportation system make it conducive for bus travel. Additionally, the government has invested in the development of bus terminals and depots, further facilitating the growth of the market.

Underlying macroeconomic factors, such as population growth, urbanization, and economic development, also play a significant role in the growth of the Buses market in South Korea. As the population continues to grow and more people move to urban areas, the demand for public transportation, including buses, increases. Moreover, economic development leads to an increase in disposable income, allowing more individuals to afford private transportation, including buses.

In conclusion, the Buses market in South Korea is experiencing growth due to changing customer preferences, emerging trends, local special circumstances, and underlying macroeconomic factors. The shift towards environmentally friendly and fuel-efficient vehicles, the demand for advanced safety features and smart technologies, government policies promoting public transportation, well-developed infrastructure, and population growth and economic development are all contributing to the growth 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.