Asia Pacific Bus market is expected to grow from 22.97 thousand units in 2020 to 42.57 thousand units, growing at a CAGR of 9.08% during the forecast period because of growing environmental concerns and increasing government initiatives. Due to increasing number of personal two-wheelers and four-wheeler vehicles on roads, the level of pollution is increasing day by day which is a huge concern. Not only increasing fleet of personal vehicle is affecting the environment but also leading to traffic congestion on the roads. To overcome the issue of environmental pollution and traffic congestion, governments are taking necessary steps like promoting buses for daily travelling by offering subsidies on buses and providing benefits for increasing the adoption rate of electric vehicles. The electric buses can play a vital role in decreasing the pollution level as use of electricity in place of fuels like diesel and petrol causes less pollution. However, the deployment of electric buses will depend upon country wise policy and also the number of charging stations in countries. To run the electric buses on road countries should have a strong charging infrastructure to avoid problems.
Asia Pacific Bus market can be segmented on the basis of length, fuel type, seating capacity, body type and application. Based on length, below 8m buses is leading the market. But in 2020, the sales of buses with length 10m-12m were good because of use in both intracity and intercity application. In terms of fuel type, diesel buses dominated the market with over 90% market share in 2020. In the forecast period also it is expected that diesel buses will dominate the bus market, but electric buses are projected to grow at a good CAGR in comparison to diesel buses.
By seating capacity segment, the buses with below 30 seats are leading the market because of high demand for intracity purposes. In by body type segment, the fully built buses i.e., which are not modified for individual purposes are dominating the Asia pacific bus market and in forecast period also it is expected that this segment will dominate the market. In by Application bus segment, transit buses are leading the market because of high demand as intracity buses followed by motorcoaches. The demand of motorcoaches is basically due to increasing tourism in Asia-pacific countries like Indonesia, Malaysia, Singapore etc.
Major players operating in Asia-Pacific Bus market are Toyota Motor Corporation, SML Isuzu Ltd., Hino Motors, Ltd., AB Volvo, Scania, MAN, Daimler AG, Nissan, Mitsubishi Fuso Truck and Bus Corporation and Shanghai Shenlong Bus Co., Ltd. Key players are developing advanced technologies and launching new products to stay competitive in the market. Other competitive strategies include mergers and acquisitions and new product developments. Players operating in the market are improving R&D capabilities while enhancing operational efficiency to register positive growth.
Years considered for this report:
Historical Period: 2016-2019
Base Year: 2020
Estimated Year: 2021E
Forecast Period: 2022F–2026F
Objective of the Study:
- To analyze historical growth in market size of Asia Pacific Bus Market from 2016 to 2020.
- To estimate and forecast the market size of Asia Pacific Bus Market from 2021 to 2026 and growth rate until 2026.
- To identify dominant region or segment in the Asia Pacific Bus Market.
- To identify drivers and challenges for Asia Pacific Bus Market.
- To examine competitive developments such as expansions, new product launches, mergers & acquisitions, etc., in Asia Pacific Bus Market.
- To conduct pricing analysis for Asia Pacific Bus Market.
- To identify and analyze the profile of leading players operating in Asia Pacific Bus Market.
TechSci Research performed both primary as well as exhaustive secondary research for this study. Initially, TechSci Research sourced a list of manufacturers across the Asia-Pacific Subsequently, TechSci Research conducted primary research surveys with the identified companies. While interviewing, the respondents were also enquired about their competitors. Through this technique, TechSci Research could include manufacturers which could not be identified due to the limitations of secondary research. TechSci Research analyzed the product offerings, distribution channels and presence of all major manufacturers across the Asia Pacific.
TechSci Research calculated the market size of Asia Pacific Bus Market using a bottom-up approach, wherein data for various end-user segments was recorded and forecast for the future years. TechSci Research sourced these values from the industry experts and company representatives and externally validated them through analyzing historical data of these product types and applications for getting an appropriate, overall market size. Various secondary sources such as company websites, news articles, press releases, company annual reports, investor presentations and financial reports were also studied by TechSci Research.
Key Target Audience:
- Original equipment manufacturers, suppliers and other stakeholders
- Research organizations and consulting companies
- Government bodies such as regulating authorities and policy makers.
- Organizations, forums and alliances related to Asia-Pacific Bus Market.
The study is useful in providing answers to several critical questions that are important for the industry stakeholders such as manufacturers and partners, end users, etc., besides allowing them in strategizing investments and capitalizing on market opportunities.
In this report, Asia Pacific Bus Market has been segmented into following categories, in addition to the industry trends which have also been detailed below:
- Asia Pacific Bus Market, By Length Type:
o Less than 8m
o Between 8m-10m
o Between 10m-12m
o Greater than 12m
- Asia Pacific Bus Market, By Fuel Type:
o Petrol/ Gasoline
- Asia Pacific Bus Market, By Seating Capacity:
o Less than 30
o Between 30-40
o Greater than 40
- Asia Pacific Bus Market, By Body Type:
o Fully built
- Asia Pacific Bus Market, By Application:
o School bus/ others
- Asia Pacific Bus Market, By Country:
o New Zealand
With the given market data, TechSci Research offers customizations according to a company’s specific needs. The following customization options are available for the report:
- Detailed analysis and profiling of additional market players (up to five).