The global buses and coaches market is expected to grow from $76.7 billion in 2020 to $87.46 billion in 2021 at a compound annual growth rate (CAGR) of 14%
Buses and Coaches Global Market Report 2021: COVID-19 Impact and Recovery to 2030 provides the strategists, marketers and senior management with the critical information they need to assess the global buses and coaches market as it emerges from the COVID-19 shut down.
Major players in the buses and coaches market are Daimler, VDL Bus and Coach, Scania, Volvo, Marcopolo, Eicher Motors Limited, TATA Motors, Ashok Leyland, Solaris Bus and Coach SA, and IVECO.
The growth is mainly due to the companies rearranging their operations and recovering from the COVID-19 impact, which had earlier led to restrictive containment measures involving social distancing, remote working, and the closure of commercial activities that resulted in operational challenges.
The market is expected to reach $149.91 billion in 2025 at a CAGR of 14.4%.
The buses and coaches market consists of sales of buses and coaches and related services by entities (organizations, sole traders and partnerships) that produce buses for the purpose of transporting people and goods.
The autonomous bus is a key trend gaining the popularity in the buses and coaches market. The number of autonomous bus pilots is growing, and many manufacturers have already confirmed the introduction of autonomous bus deliveries within a few years from 2019.
In November 2019, Volvo Buses conducted a live presentation of a 7900 Hybrid City Bus designed for autonomous operation. The vehicle successfully travelled between the parking lot and several workstations, including washing, repair and electrical charging, before parking in the correct spot, with all travellers on board.
The buses and coaches market is segmented by type into diesel buses, hybrid buses, electric buses, ethanol buses and by application into general, personal, recreational, tourist, others.
In May 2019, NFI Group, a North American-based bus manufacturer acquired the UK based bus manufacturer Alexander Dennis Limited (ADL) for a deal amount of $405 million (£320 million). The acquisition enhances the NFI product portfolio, diversifies its business model and provides a platform for international development. Alexander Dennis Limited (ADL) is a bus and coach manufacturer and has vehicle services in the UK, Europe, Hong Kong, Singapore, New Zealand, Mexico, Canada, the United States sold under Alexander Dennis and Plaxton brands.
The increasing demand to travel by bus is expected to drive the growth of the buses and coaches' market over coming years. According to the Red Bus Creators, the bus sector in India is expanding at a rate of 30-40% year-on-year. The Redbus organization is exhibiting a massive 80% growth year-on-year in India itself. Therefore, the growing demand for bus drives the growth of the buses and coaches market.
Fluctuating prices of metals such as iron and steel are expected to limit the growth of the buses and coaches market in the coming years. The automotive industry uses various structural components for bus manufacturing, including iron, steel, and other metals and fluctuating metal prices increase operational expenses.
According to Trade Economics, Iron ore, a raw material for iron manufacturing is $27 per Metric ton for the start of 2020. In March, the price of iron ore was $82, and in October price was $118. Steel price in February 2020 was $507 (3370 Yuan) per Metric ton, and in October price was $545 (3631 Yuan) per Metric ton. Therefore, the fluctuating price of metals hinders the buses and coaches market.
Key Topics Covered:
1. Executive Summary
2. Buses and Coaches Market Characteristics
3. Buses and Coaches Market Trends and Strategies
4. Impact of COVID-19 on Buses and Coaches
5. Buses and Coaches Market Size and Growth 5.1. Global Buses and Coaches Historic Market, 2015-2020, $ Billion 5.1.1. Drivers of the Market 5.1.2. Restraints on the Market 5.2. Global Buses and Coaches Forecast Market, 2020-2025F, 2030F, $ Billion
6. Buses and Coaches Market Segmentation 6.1. Global Buses and Coaches Market, Segmentation by Type, Historic and Forecast, 2015-2020, 2020-2025F, 2030F, $ Billion
6.2. Global Buses and Coaches Market, Segmentation by Application, Historic and Forecast, 2015-2020, 2020-2025F, 2030F, $ Billion
6.3. Global Buses and Coaches Market, Segmentation by Body Built, Historic and Forecast, 2015-2020, 2020-2025F, 2030F, $ Billion
7. Buses and Coaches Market Regional and Country Analysis 7.1. Global Buses and Coaches Market, Split by Region, Historic and Forecast, 2015-2020, 2020-2025F, 2030F, $ Billion 7.2. Global Buses and Coaches Market, Split by Country, Historic and Forecast, 2015-2020, 2020-2025F, 2030F, $ Billion