Market Insights Mobility Commercial Vehicles

Buses - Spain

Spain

In Spain, the Buses market is predicted to witness a significant increase in unit sales, with a projection of 5.47k vehicles units in 2024.
Furthermore, it is expected that the market will continue to grow steadily, displaying an annual growth rate of -0.78% (CAGR 2024-2029).
This growth trajectory is anticipated to result in a market volume of 5.26k vehicles units by 2029.
The production of Buses market in Spain is also expected to experience a substantial boost, reaching 1.20k vehicles units by 2029.
This indicates the potential for further expansion and development within the Buses market.
From an international standpoint, it is noteworthy that a significant portion of the sales, specifically 116.30k vehicles units, is projected to be generated the in the United States in 2024.
Spain's bus market is experiencing a shift towards electric vehicles, driven by the government's focus on sustainability and reducing emissions in urban areas.

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Analyst Opinion

The Buses market in Spain is experiencing steady growth due to various factors such as customer preferences, trends in the market, local special circumstances, and underlying macroeconomic factors. Customer preferences in Spain are shifting towards more sustainable and environmentally friendly modes of transportation.

This has led to an increased demand for buses, which are seen as a greener alternative to cars. Additionally, the convenience and cost-effectiveness of buses compared to private vehicles are also driving customer preferences towards this mode of transportation. In terms of market trends, the Buses market in Spain is witnessing a rise in the adoption of electric buses.

The government has been actively promoting the use of electric vehicles, including buses, through incentives and subsidies. This has encouraged bus operators to invest in electric buses, leading to a surge in their sales. Furthermore, technological advancements in battery technology and charging infrastructure have made electric buses a more viable option for public transportation.

Another trend in the market is the increasing demand for low-floor buses. These buses provide better accessibility for passengers, especially for those with disabilities or limited mobility. The government has implemented regulations requiring public transportation to be more inclusive and accessible, which has further fueled the demand for low-floor buses.

Local special circumstances in Spain also contribute to the development of the Buses market. The country has a well-developed public transportation system, with buses playing a crucial role in connecting different regions. The government has been investing in the expansion and improvement of public transportation infrastructure, which includes the procurement of new buses.

This has created opportunities for bus manufacturers and suppliers to cater to the growing demand. Furthermore, Spain is a popular tourist destination, attracting millions of visitors each year. The tourism industry heavily relies on buses for transportation, both for city tours and intercity travel.

The increasing number of tourists visiting Spain has led to a higher demand for buses, especially during peak travel seasons. Underlying macroeconomic factors also contribute to the growth of the Buses market in Spain. The country has experienced steady economic growth in recent years, which has resulted in increased consumer spending power.

As a result, people are more willing to invest in public transportation options, including buses. In conclusion, the Buses market in Spain is experiencing growth due to customer preferences for sustainable transportation, trends such as the adoption of electric and low-floor buses, local special circumstances such as the well-developed public transportation system and the tourism industry, and underlying macroeconomic factors including economic growth. These factors are driving the demand for buses in Spain and are expected to continue shaping the market in the coming years.

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.