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Bus Rapid Transit (BRT) Vehicles Market Analysis

  • Report ID: GMI9290
  • Published Date: Apr 2024
  • Report Format: PDF

Bus Rapid Transit Vehicles Market Analysis

Based on fuel, the market is divided into diesel, natural gas, all-electric, hybrid, and others. The diesel segment accounted for USD 22 billion market share in 2023. In general, diesel engines are less expensive to acquire than other fuel sources such as electric or hybrid buses. This is a crucial problem for cities with limited funds, particularly in developing nations where BRT systems are rapidly expanding.

The refueling infrastructure for diesel is already extensively accessible across the globe. This makes operating a fleet of diesel BRT buses easier and less expensive than using alternative fuels, which may need new stations or depot changes. Furthermore, diesel engines have a greater travel range on a single tank than many electric or hybrid options. This is critical for BRT systems that have long routes or few possibilities for mid-route charging.

Bus Rapid Transit (BRT) Vehicles Market Share, By Application, 2023

Based on the application, the bus rapid transit vehicles market is categorized into urban and suburban. The urban segment is expected to hold around USD 41.5 billion market revenue by 2032. Urban regions are heavily populated, creating a strong demand for public transit. BRT systems provide a high-capacity, efficient option for moving large numbers of passengers across a city. Traditional buses may struggle to meet peak hour demand, while other solutions such as subways or trams can be costly to install in densely populated regions. BRT systems may escape heavy traffic in urban areas by using dedicated lanes and priority signaling, providing commuters with a quicker and more dependable mode of transportation.

Additionally, cities already have existing road networks, which make them ideal for BRT adoption. While some adaptation may be required for dedicated lanes and stations, using existing infrastructure makes BRT a more cost-effective choice than creating fully new rail systems in metropolitan areas.

Asia Pacific BRT Vehicles Market Size, 2022 -2032, (USD Billion)

Asia Pacific is the fastest-growing region in the global bus rapid transit vehicles market, with a major share of around 62% in 2023. Cities around Asia are undergoing tremendous expansion, resulting in an increase in demand for efficient public transit bus. BRT provides a cost-effective and scalable alternative for transporting large numbers of passengers. Regional governments are rapidly realizing the benefits of BRT, which include decreased congestion, improved air quality, and economic development. This is leading to large expenditures in BRT infrastructure and car procurement.

The U.S. BRT vehicles market is expected to grow steadily, driven by factors such as increased urbanization and traffic congestion in major cities, rising public awareness regarding sustainability and a push for cleaner transportation options, and potential government funding and initiatives to promote public transportation development. While not as widespread as in other countries, the U.S. has an increasing number of BRT systems in operation, particularly in large metropolitan areas such as Los Angeles, San Francisco, Seattle, and New York City.

European countries, including France, Germany, UK, and the Netherlands, are witnessing significant growth in the BRT vehicles market. European cities are working to reduce carbon emissions and air pollution. BRT systems, which frequently include hybrid or electric buses, correspond with these objectives, resulting in market development.

Europe's well-developed road networks provide an excellent platform for building BRT systems. BRT is a less expensive alternative than completely new systems since it makes use of existing infrastructure. In the Middle East and Africa (MEA), the dependence on oil makes public transportation even more attractive as an alternative to private vehicles. BRT systems offer a fuel-efficient solution, becoming more appealing with rising oil prices.

Authors: Preeti Wadhwani, Aishvarya Ambekar

Frequently Asked Questions (FAQ) :

The market size of bus rapid transit (BRT) vehicles reached USD 37 billion in 2023 and is set to witness 7.5% CAGR from 2024 to 2032, owing to the increasing population, resulting in traffic congestion, lengthier commuting times, and pressurizing traditional transportation networks worldwide.

The diesel fuel segment held over USD 22 billion in 2023, due to being less expensive to acquire than other fuel sources.

Asia Pacific market recoded around 62% share in 2033, attributed to providing a cost-effective and scalable alternative for transporting large numbers of passengers in the region.

Daimler AG, MAN Truck & Bus AG, Marcopolo S.A., New Flyer Industries Inc., Scania AB, Tata Motors Limited, Van Hool NV, Volvo Group, Zhengzhou Yutong Bus Co., Ltd., and Zhongtong Bus Holding Co., Ltd., are some of the major bus rapid transit (BRT) vehicles companies worldwide.

Bus Rapid Transit Vehicles Market Scope

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Premium Report Details

  • Base Year: 2023
  • Companies covered: 20
  • Tables & Figures: 350
  • Countries covered: 25
  • Pages: 250
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