Home > Automotive > Mobility > Commercial Vehicles > Transit Bus Market

Transit Bus Market Trends

Report ID: GMI7238
Published Date: Oct 2023
Report Format: PDF

Download Free Sample

Transit Bus Market Trends

The extensive adoption of electric buses is fostering lucrative growth of the transit bus industry. The increasing environmental awareness and government initiatives promoting eco-friendly transport are driving the demand for electric buses. For instance, in September 2023, the U.S. and India joined forces to increase the presence of electric buses in India. Approximately 10,000 electric buses are set to be introduced on Indian roads through this collaboration. This trend will encourage technological advancements and innovations among manufacturers, creating a competitive market. As more cities are transitioning to electric buses, the market will expand, generating substantial revenue.

Government initiatives aimed at enhancing public transportation are instrumental in augmenting the transit bus market revenue. Government subsidies, incentives, and policy frameworks promoting the expansion of public transportation networks will encourage the adoption of transit buses. Investments in infrastructure, coupled with initiatives promoting eco-friendly transportation including electric buses. Such initiatives increase the demand by fostering a conducive environment for public transport development, encouraging manufacturers to innovate, expand offerings, and ultimately drive market value.

Authors: Preeti Wadhwani

Frequently Asked Questions (FAQ) :

The market size of transit bus reached USD 431.3 billion in 2022 and is set to grow at 8.1% CAGR between 2023 and 2032, driven by the increasing number of people opting for bus travel.

The diesel fuel type segment held over 65% of the market share in 2022, due to advantages, such as established infrastructure, affordability, and operational efficiency.

Asia Pacific garnered over 65% of the market share in 2022, owing to the increasing environmental consciousness and efforts to reduce pollution.

Some of the prominent transit bus companies are AB Volvo, Apollo Baidu (Baidu, Inc.), BYD Co. Ltd., Daimler AG, Easymile, MAN Truck & Bus, Navya, New Flyer (NFI Group), Toyota Motor Corporation, and Yutong Group Co. Ltd.