Global Buses and Coaches Market 2017-2021
About Buses and Coaches
Buses and coaches play a crucial role in the transportation system for connecting cities through roads. Their demand goes hand in hand with several, mostly region-specific, factors, including demographics, increasing mobility of people, and environmental awareness, as well as public funding. Buses and coaches are cheap and easy to use as compared with other modes of transportation. Their use does not necessarily require the implementation of a specific infrastructure, which makes buses and coaches ideal vehicles for both short- and long-distance services.
Technavio’s analysts forecast the global buses and coaches market to grow at a CAGR of 4.97% during the period 2017-2021.
Covered in this report
The report covers the present scenario and the growth prospects of the global buses and coaches market for 2017-2021. To calculate the market size, the report considers the new shipments/sales of buses and coaches.
The market is divided into the following segments based on geography:
Technavio Announces the Publication of its Research Report – Global Buses and Coaches Market 2017-2021
Technavio recognizes the following companies as the key players in the global buses and coaches market: Daimler, MAN, Scania, Volvo, Xiamen King Long United Automotive Industry, and YUTONG
Other Prominent Vendors in the market are: ANKAI, Ashok Leyland, Eicher Motors Limited, Higer Bus, Hyundai Motor Company, IVECO, Marcopolo, TATA Motors, VDL Bus & Coach, and Zhongtong Bus.
Commenting on the report, an analyst from Technavio’s team said: “The latest trend gaining momentum in the market is Automobile makers showing an increase in shift from conventional fuel. Conventional automobiles operate on non-renewable energy sources, such as diesel and petrol. As there is an increasing demand for non-renewable sources and the supply for the same is depleting rapidly, an imbalance in supply and demand is created, which, in turn, increases the price of petrol and diesel. As there is only a limited amount of resources left, the leading vendors and various startups are looking for alternative sources of energy that can be used to power buses and coaches effectively. The vehicles that operate on diesel and petrol emit a certain amount of GHG into the atmosphere. However, various regulatory bodies around the globe have set a limit for the emission of these GHG, compelling the vendors to look for permanent solutions.”
According to the report, one of the major drivers for this market is Subsidies provided by government to boost electric buses and coaches. Electric buses have been successfully operated around the world since 2009. Hybrid buses and electric buses are estimated to have an exponential growth with a CAGR of 17.14% and 28.85%, respectively, during the forecast period. Various technological advancements, such the development of lithium-ion batteries, solid-state batteries, lithium-sulfur batteries, and aluminum ion batteries, are expected to revolutionize the global buses and coaches market.
Further, the report states that one of the major factors hindering the growth of this market is High initial investment for alternative fuel buses and coaches. The cost of procuring/owning a bus powered by alternative fuel, such as electric buses and hybrid buses, is comparatively higher than that for a bus powered by diesel. This is a major factor hindering the demand for electric and hybrid buses and coaches. The demand for buses and coaches in APAC is comparatively higher and is expected to grow at a CAGR of 5.24% during the forecast period from 2016 to 2021 as there is an exponential growth in population.
Daimler, MAN, Scania, Volvo, Xiamen King Long United Automotive Industry, and YUTONG, ANKAI, Ashok Leyland, Eicher Motors Limited, Higer Bus, Hyundai Motor Company, IVECO, Marcopolo, TATA Motors, VDL Bus & Coach, and Zhongtong Bus.
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