LONDON--(BUSINESS WIRE)--Technavio analysts forecast the global buses and coaches market to grow at a CAGR of almost 5% during the forecast period, according to their latest report.
The research study covers the present scenario and growth prospects of the global buses and coaches market for 2017-2021. Buses and coaches are a significant part of the transportation system as it helps in commuting from one place to another, both intercity and intracity.
Buses and coaches play a significant role in commuting from one place to another, both for short and long journey and duration. The numbers of buses and coaches are on the rise and will have a major share in the transportation industry. This market is a highly fragmented market as there are many players both in the regional and the international market.
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Technavio analysts highlight the following three factors that are contributing to the growth of the global buses and coaches market:
- Subsidies provided by government to boost electric buses and coaches
- Awareness and adoption of non-conventional fuel buses and coaches for public transit
- Increase in demand for mini buses and coaches
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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 as 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.
Amey Vikram, a lead automotive manufacturing research analyst at Technavio, says, "The government of Quebec and Consortium Bus Électrique has collaborated to develop electric buses to cater to the international mass-transportation market. An investment of about USD 30 million is being made by the Quebec government for the same and is aimed at electrifying 95% of its public transport by 2030. The autonomous operator of Parisian transport of France has entered into an agreement with EDF, which aims at converting all buses to greener buses by 2025."
Awareness and adoption of non-conventional fuel buses and coaches for public transit
Majority of the buses and coaches around the world are mainly owned or operated by the governing bodies of the country to facilitate an affordable, economical, and easy way to commute to the passengers. As the number of people who commute by public transport is comparatively much higher than the number of people who commute by cars, it decreases the congestion on roads and reduces pollution.
"Many programs and initiatives have been set up by various government bodies to increase awareness, encourage the adoption of alternative fuel buses, emphasizing electric and hybrid buses and coaches, instead of the conventional diesel and gasoline buses and coaches," adds Amey.
Increase in demand for mini buses and coaches
A mini bus is a type of bus that helps passengers to commute from one place to another. It is designed to carry more people compared with a multi-purpose vehicle and at the same time lesser number of people than a full-sized bus. As there is an increasing global urban population, the demand for mini buses and coaches is expected to rise during the forecast period.
Mini buses and coaches can be used for a variety of purposes, such as city and intercity buses, airport buses, transit buses, tour buses, school buses, taxi cabs, and share taxis. As the auto manufacturers are ensuring that all buses and coaches are equipped with all safety and security features, the sales of the light commercial vehicles, such as vans, mini buses, and coaches, are expected to increase.
Top vendors:
- Daimler
- MAN
- Scania
- Volvo
- Xiamen King Long United Automotive Industry
- YUTONG
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