Europe Bus Market to Reach USD6.92 Billion by 2026
Expanding road infrastructure, growing middle income commuter
population and large deployment of electric buses is going to drive the Europe bus
market through 2026.
According
to TechSci Research report, “Europe
Bus Market By Length (6-8m, 8-10m,
10-12m & Above 12m), By Seating Capacity (Up to 30, 31-40, 41-50 &
Above 50 Seats), By Application (Intercity, Intracity, School / Others), By
Fuel Type (Diesel, Petrol / Gasoline, Electric & Hybrid, Fuel Cell and
Alternative Fuels), By Body Type (Fully Built Vs. Customizable Body), By
Country, Competition Forecast & Opportunities, 2016-2026”, Europe bus market was valued around
USD4.81 billion in 2020 and is forecast to grow at a CAGR of 4.70% in the next
five years to reach USD 6.92 billion by 2026. Growth in the Europe bus market is driven by increase
in the usage of buses in service sector and growing middle income commuter group
population. Moreover, deployment of electric buses in municipal environment of European
countries has considerably increased in the past few years. In European
countries, the government is very much concerned about the environment and is
aiding private fleet owners and public transport departments to adopt battery
electric vehicles, plug-in hybrid electric vehicles, hybrid electric vehicles,
fuel cell electric vehicles and other alternate fuel powered vehicles. As these
vehicles are more environment friendly and have less operating and ownership
costs, hence most of the charter bus running companies are readily adopting
electric vehicles. Moreover, to increase focus on the betterment of road
transportation facilities, several countries of the region have tied up with
private enterprises and invested a large portion of their funds to improve road
transportation facilities. For instance, in 2016, 11 greenfield PPP
transactions were closed regarding public transportation in Europe, for an
aggregate value of USD4.32 billion. Thus, increasing emphasis on infrastructure
development and better road network will lead to the development of public
transport facilities in Europe. These factors have played crucial role in
driving the Europe bus market in the previous years from 2016 to 2019 and the
same trend is expected to nurture the market in the forecast period as well.
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"
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Europe
bus market is segmented based on application type, fuel type, length, body
type, seating capacity and country. Based on application type, the market is
segmented into intercity bus, intracity bus, school bus and others. In European
countries, daily commuters use public transport to travel intercity, therefore
sales for intercity buses are gaining more generous demand as compared to all
other sectors. Due to increase in school and college going population, there
has been an increased demand for school and college buses in the European
region. In terms of seating capacity, classification is done by buses with
seating capacity up to 30 seats, 31-40 seats, 41-50 seats, and above 50 seats. On
the basis of bus length, the market is classified into bus length of 6-8
meters, 8-10 meters, 10-12 meters and above 12 meters. As majority of commuters
travel from intercity buses, for which longer buses are used, the market
majorly constitutes buses of more than 12 meters that have seats between 41-50 units
as well as above 50 units. Based on fuel type, diesel powered vehicles are
still dominating the market, however, due to the initiatives taken by concerned
governments of European countries, electric and hybrid vehicles are gaining
shares rapidly and similar trend is expected to be witnessed in the forecast
period. Based on body type, the market is segmented into customizable and fully
built buses. Almost every public transit department develops its own designated
designs and hence, custom built buses are more popular in Europe. By country, the
market is segmented into Germany, France, United Kingdom, Nordic Countries, Italy,
Spain, Switzerland, the Netherlands and Portugal. The Nordic countries, or the
Nordics, are geographical and cultural region in Northern Europe and the North
Atlantic. The region includes the sovereign states of Denmark, Finland,
Iceland, Norway, and Sweden, as well as the autonomous countries of the Faroe
Islands and Greenland, which are both part of the Kingdom of Denmark.
Mercedes-Benz AG, Iveco Bus, MAN SE, AB Volvo, EvoBus GmbH, etc., are
among some
of the leading players operating in the Europe bus market. Apart from these
companies, other bus manufacturers are also increasing their brand awareness,
price schemes and elevating product portfolio in the region to increase their
customer base. Major companies in the Europe bus market are also focusing on
increasing their dealer and distributor network and their reach to governments
and municipal communities to grab a larger share in the region’s bus market.
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“To cater the growing urban population, investment in the public
transport sector has been done heavily by governments of several European
countries. As a part of the European Commission’s 2021-2027 budget, over USD30
billion has been proposed for transport investment, aiming to further improve
the transportation sector of the region. Also in lieu of The Paris Agreement,
several countries across the region are getting more and more committed to
transition towards low carbon economy. These factors in turn are directly
boosting the demand for technologically advanced low emission buses in Europe”,
said Mr. Karan Chechi, Research Director with TechSci Research, a research
based global management consulting firm.
“Europe Bus Market By Length (6-8m, 8-10m, 10-12m
& Above 12m), By Seating Capacity (Up to 30, 31-40, 41-50 & Above 50
seats), By Application (Intercity, Intracity, School / Others), By Fuel Type
(Diesel, Petrol / Gasoline, Electric & Hybrid, Fuel Cell and Alternative
Fuels), By Body Type (Fully Built Vs. Customizable Body), By Country,
Competition Forecast & Opportunities, 2016-2026” has evaluated the future growth potential of Europe bus
market and provides statistics & information
on market size, structure and future market growth. The report intends to
provide cutting-edge market intelligence and help decision makers take sound
investment decisions. Besides, the report also identifies and analyzes the
emerging trends along with essential drivers, challenges, and opportunities in the
Europe bus market.
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