Key regions: United States, Europe, Malaysia, Germany, Thailand
The Buses market in GCC is experiencing significant growth due to customer preferences for efficient and sustainable transportation options, as well as local special circumstances and underlying macroeconomic factors. Customer preferences in the GCC region are shifting towards more efficient and sustainable modes of transportation. As urbanization and population growth continue to accelerate, there is a greater demand for reliable and eco-friendly public transportation options. Buses provide a cost-effective solution for commuting within cities and across regions, offering a convenient and comfortable mode of transport for both residents and tourists. Trends in the market indicate a growing demand for electric and hybrid buses in the GCC. With increasing concerns about air pollution and climate change, governments in the region are implementing policies to reduce emissions and promote sustainable transportation. This has led to a rise in the adoption of electric and hybrid buses, which offer lower carbon footprints and reduced fuel consumption compared to traditional diesel buses. Additionally, technological advancements in battery technology and charging infrastructure have made electric buses a viable option for public transportation. Local special circumstances in the GCC region also contribute to the development of the Buses market. The GCC countries have ambitious plans to diversify their economies away from oil and gas, with a focus on sectors such as tourism and transportation. As a result, there is a greater emphasis on developing efficient and modern transportation systems to support these industries. Buses play a crucial role in providing transportation services for tourists and residents alike, connecting cities, airports, and tourist destinations. Underlying macroeconomic factors further drive the growth of the Buses market in the GCC. The region's favorable economic conditions, including high GDP per capita and government investments in infrastructure development, create a conducive environment for the expansion of the transportation sector. Governments in the GCC are investing heavily in public transportation projects, including the construction of new bus terminals, the expansion of bus networks, and the procurement of new buses. These investments not only improve the connectivity and accessibility within cities but also stimulate economic growth and create job opportunities. In conclusion, the Buses market in the GCC is witnessing significant growth due to customer preferences for efficient and sustainable transportation options, local special circumstances, and underlying macroeconomic factors. The shift towards electric and hybrid buses, along with the focus on developing modern transportation systems, is driving the expansion of the market in the region. With continued investments in infrastructure and the promotion of sustainable transportation, the Buses market in the GCC is expected to continue its upward trajectory in the coming years.
Data coverage:
The data encompasses B2C enterprises. Figures are based on bookings, revenues, and online shares of bus tickets.Modeling approach:
Market sizes are determined through a bottom-up approach, building on a specific rationale for each market. As a basis for evaluating markets, we use financial reports, third-party studies and reports, federal statistical offices, industry associations, and price data. To estimate the number of users and bookings, we furthermore use data from the Statista Consumer Insigths Global survey. In addition, we use relevant key market indicators and data from country-specific associations, such as demographic data, GDP, consumer spending, internet penetration, and device usage. 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, ARIMA, which allows time series forecasts, accounting for stationarity of data and enabling short-term estimates. Additionally, simple linear regression, Holt-Winters forecast, the S-curve function and exponential trend smoothing methods are applied.Additional notes:
The data is modeled using current exchange rates. The market is updated twice a year in case market dynamics change.
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