Key regions: United States, Europe, Malaysia, Germany, Thailand
The Buses market in Saudi Arabia has been experiencing steady growth in recent years.
Customer preferences: Customers in Saudi Arabia have shown a growing preference for buses due to their affordability and convenience. Buses are a cost-effective mode of transportation for both individuals and businesses, offering a more economical alternative to private cars. Additionally, buses provide a reliable and efficient means of commuting, especially in urban areas with high traffic congestion.
Trends in the market: One of the key trends in the Saudi Arabian Buses market is the increasing demand for electric buses. As the country aims to reduce its carbon emissions and promote sustainable transportation, there has been a significant push towards adopting electric vehicles, including buses. The government has implemented various incentives and subsidies to encourage the purchase and use of electric buses, leading to a rise in their popularity among both public and private transport operators. Another trend in the market is the growing popularity of luxury buses. With the rise in disposable income and changing lifestyles, there is a demand for more comfortable and luxurious travel options. Luxury buses offer amenities such as reclining seats, entertainment systems, and onboard Wi-Fi, providing a premium travel experience. This trend is particularly evident in the tourism sector, where luxury buses are used for sightseeing tours and long-distance travel.
Local special circumstances: Saudi Arabia has a large expatriate population, with many people coming from different countries to work and live in the country. This has led to an increased demand for buses, both for public transportation and employee transportation services. Buses are often used to transport workers to and from their workplaces, as well as for intercity travel. The government has recognized the importance of efficient public transportation systems and has invested in the development of bus infrastructure to meet the growing demand.
Underlying macroeconomic factors: The growth of the Buses market in Saudi Arabia can be attributed to several underlying macroeconomic factors. The country has a young and growing population, which has resulted in increased urbanization and the need for improved transportation systems. Additionally, the government's focus on diversifying the economy and reducing dependency on oil has led to investments in various sectors, including transportation. The Vision 2030 plan, which aims to transform Saudi Arabia into a global investment powerhouse, has also played a significant role in driving the growth of the Buses market.
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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