Market Insights Mobility Commercial Vehicles

Buses - Southeast Asia

Southeast Asia

In 2024, it is projected that unit sales in the Buses market in Southeast Asia will reach 3.46k vehicles.
The market is expected to show an annual growth rate (CAGR 2024-2029) of -1.24%, resulting in a projected market volume of 3.25k vehicles by 2029.
This indicates the potential for growth in the Buses market.
Additionally, the production of Buses market is expected to reach 7.57k vehicles in 2029, further highlighting the market's potential.
From an international perspective, it is evident that the in the United States will account for the majority of sales, with 116.30k vehicles units sold in 2024.
In Southeast Asia, the demand for electric buses is increasing rapidly, especially in countries like Singapore and Malaysia.

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Analyst Opinion

The Buses market in Southeast Asia has been experiencing significant growth in recent years. Customer preferences in the region have been shifting towards more environmentally-friendly and fuel-efficient vehicles.

As awareness of climate change and environmental issues increases, customers are seeking buses that have lower emissions and are more energy efficient. This has led to a rise in the demand for electric and hybrid buses in Southeast Asia. Additionally, customers are also looking for buses that offer more comfort and convenience, with features such as air conditioning, Wi-Fi connectivity, and spacious seating arrangements.

One of the key trends in the market is the increasing adoption of electric buses. Governments in Southeast Asia are implementing policies and incentives to encourage the use of electric vehicles, including buses, in order to reduce air pollution and dependence on fossil fuels. This has resulted in a growing number of electric bus manufacturers entering the market and offering a wide range of electric bus models to cater to the increasing demand.

Another trend in the market is the rise of bus-sharing services. In urban areas with high population density, there is a growing demand for affordable and convenient transportation options. Bus-sharing services, similar to ride-sharing services, allow customers to book seats on buses through mobile applications.

This trend has been particularly popular among younger customers who are looking for more flexible and cost-effective transportation solutions. Local special circumstances in Southeast Asia also play a role in the development of the Buses market. The region has a diverse set of countries, each with its own unique transportation infrastructure and needs.

For example, in countries with large rural populations and limited public transportation options, there is a high demand for buses that can operate on rough terrains and provide reliable transportation in remote areas. On the other hand, in highly urbanized areas with congested roads, there is a need for buses that are smaller in size and more maneuverable. Underlying macroeconomic factors such as population growth and urbanization also contribute to the development of the Buses market in Southeast Asia.

As the population in the region continues to grow, there is an increasing need for public transportation options to accommodate the rising demand. Additionally, rapid urbanization in Southeast Asia has led to the expansion of cities and the need for efficient transportation systems to connect different parts of the city. Overall, the Buses market in Southeast Asia is experiencing growth due to customer preferences for more environmentally-friendly and fuel-efficient vehicles, the increasing adoption of electric buses, the rise of bus-sharing services, local special circumstances, and underlying macroeconomic factors such as population growth and urbanization.

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.