Market Size of bus Industry
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Study Period | 2017 - 2030 |
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Market Size (2024) | USD 109 Billion |
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Market Size (2030) | USD 212.7 Billion |
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Largest Share by Vehicle Body Type | Buses |
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CAGR (2024 - 2030) | 11.79 % |
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Largest Share by Region | Global |
Major Players |
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*Disclaimer: Major Players sorted in no particular order |
Bus Market Analysis
The Bus Market size is estimated at 109 billion USD in 2024, and is expected to reach 212.7 billion USD by 2030, growing at a CAGR of 11.79% during the forecast period (2024-2030).
109 Billion
Market Size in 2024 (USD)
212.7 Billion
Market Size in 2030 (USD)
2.67 %
CAGR (2017-2023)
11.79 %
CAGR (2024-2030)
Largest Segment by Fuel Category
60.29 %
value share, Diesel, 2023
Diesel remains dominant due to its established refueling infrastructure, higher energy density, and cost-effectiveness for long-distance travel and heavy-duty operations.
Fastest-growing Segment by Fuel Category
30.35 %
Projected CAGR, FCEV, 2024-2030
FCEVs are the fastest-growing segment due to rapid advancements in hydrogen technology, increased investment in hydrogen infrastructure, and a push for zero-emission public transportation.
Largest Segment by Country
58.87 %
value share, China, 2023
China leads the global bus market due to its large urban population, significant investment in public transportation, and strong government policies promoting bus adoption.
Leading Market Player
3.28 %
market share, Zhengzhou Yutong Bus Co. Ltd., 2023
Yutong leads with innovative bus designs, large manufacturing capacity, and a focus on sustainable public transportation solutions, making it a global leader.
Second leading Market Player
3.22 %
market share, Daimler Truck Holding AG, 2023
Daimler is a major player with advanced bus technology, extensive product lineup, and a strong global presence, catering to diverse transportation needs.
Electric buses offer significantly lower total cost of ownership compared to diesel buses through reduced fuel and maintenance costs
- Fuel constitutes a major part of the operating cost of any vehicle. Using an electric bus for public transport reduces fuel costs, along with other upfront costs and the total cost of ownership. By 2030, the prices for electric buses are expected to decrease to the price level of diesel fuel buses. Electric buses help reduce 81-83% of the maintenance and operating costs compared to a diesel-engine bus.
- An electric bus costs USD 750,000 compared to USD 500,000 for a typical diesel transit vehicle. Despite their higher initial costs, electric buses are a cost-effective alternative. They offer lower operating costs due to lower maintenance and fuel expenditures, as well as greater cost predictability due to the relative stability of electricity prices compared to fossil fuel prices, resulting in significant savings over the course of their lifetime. With favorable legislation, electric buses are more financially feasible. Manufacturers of electric buses assert that these vehicles more than make up for their higher initial cost, with fuel savings of USD 4,00,000 and maintenance savings of about USD 1,25,000.
- Although the components of the global e-bus ecosystem are being implemented in accordance with established government regulations, the immediate challenge of setting up and managing e-bus charging stations in terms of planning, the scope of responsibilities, and operation must be addressed on a high-priority basis to expedite the development of the e-bus ecosystem across the world.
Bus Industry Segmentation
Hybrid and Electric Vehicles, ICE are covered as segments by Propulsion Type. Africa, Asia-Pacific, Europe, Middle East, North America, South America are covered as segments by Region.
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Bus Market Size Summary
The bus market is experiencing significant growth, driven by the increasing adoption of electric buses and supportive government initiatives aimed at reducing emissions. The transition to electric vehicles is fueled by their potential to enhance energy efficiency and lower operating costs, despite higher initial investments. Electric buses offer substantial savings in maintenance and fuel expenditures, making them a cost-effective alternative to traditional diesel-engine buses. The market is characterized by a fragmented landscape, with major players like Ashok Leyland Limited, Daimler Truck Holding AG, King Long United Automotive Industry Co. Ltd., Tata Motors Limited, and Zhengzhou Yutong Bus Co. Ltd. leading the charge in electrification efforts. The global push towards zero-emission fleets is evident, with organizations setting ambitious targets for electrification by 2040.
The Asia-Pacific and European regions are at the forefront of electric vehicle production, benefiting from advancements in battery technology and vehicle electrification. Companies like Kia Motors are strategically shifting towards electrification, with plans to introduce multiple EV models globally. The market is poised for substantial growth, with projections indicating a significant increase in demand and sales of electric vehicles from 2024 to 2030. Collaborative efforts, such as Volvo Energy's partnership with Connected Energy and Daimler Trucks & Buses' collaboration with PACCAR and Accelera by Cummins, highlight the industry's focus on developing sustainable solutions, including battery energy storage systems and localized battery cell production. These developments underscore the bus market's commitment to innovation and sustainability in the face of evolving environmental and regulatory landscapes.
Bus Market Size - Table of Contents
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1. MARKET SEGMENTATION (includes market size in Value in USD and Volume, Forecasts up to 2030 and analysis of growth prospects)
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1.1 Propulsion Type
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1.1.1 Hybrid and Electric Vehicles
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1.1.1.1 By Fuel Category
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1.1.1.1.1 BEV
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1.1.1.1.2 FCEV
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1.1.1.1.3 HEV
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1.1.1.1.4 PHEV
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1.1.2 ICE
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1.1.2.1 By Fuel Category
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1.2 Region
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1.2.1 Africa
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1.2.2 Asia-Pacific
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1.2.2.1 India
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1.2.2.2 Japan
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1.2.3 Europe
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1.2.3.1 Czech Republic
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1.2.4 Middle East
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1.2.5 North America
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1.2.5.1 Canada
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1.2.5.2 Mexico
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1.2.5.3 US
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1.2.6 South America
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Bus Market Size FAQs
How big is the Global Bus Market?
The Global Bus Market size is expected to reach USD 109.01 billion in 2024 and grow at a CAGR of 11.79% to reach USD 212.74 billion by 2030.
What is the current Global Bus Market size?
In 2024, the Global Bus Market size is expected to reach USD 109.01 billion.
