Saudi Arabia Bus Market is forecasted to grow USD 1,029.32 million by 2028
Rise in demand for the buses from
the corporate sector and the increase in tourism in the country has increase
the demand for the buses which is driving the Saudi Arabia bus market.
According to
TechSci Research report, “Saudi Arabia Bus Market –By Region, Competition Forecast and Opportunities,
2018-2028F.” Saudi Arabia bus market is valued at USD 666.31
million in the year 2022 and the market is forecasted to grow during the forecasted
period by USD 1,029.32 million in the year 2028. Owing to the rising number of
tourists in the country, the market has witnessed increase in the demand of
buses in the country. The Saudi Arabia Bus Market is being driven by favorable
government initiatives and the development of infrastructure throughout the
region. Various plans have been laid to establish a public transportation
network throughout the country.
The demand
for the Saudi Arabia Bus Market will rise further as the network and
transportation networks expand. As Saudi Arabia has a large geographical area,
intra-city travel is the primary driver of the Saudi Arabia Bus Market. Also,
the pilgrimage impact in Makkah, Saudi Arabia, necessitates the need for bus
services to transport pilgrims, both within the country and between cities. The
insufficient rail network to meet daily transportation demand eventually
increasing the bus demand. Additionally, the country’s public transportation facility
provider company Saptco is increasing its bus fleet every year which increases
the demand for buses in Saudi Arabia. Saudi
Arabia is an important place for pilgrimage, and the number of pilgrims in
Saudi Arabia is increasing every year. As of 2019, the total number of pilgrims
in Saudi Arabia stood at 2,489,406. Large number of pilgrims use bus services
for commuting conveniently, which is positively influencing the growth of the
country’s bus market. In 2021, a fleet of 2500 buses were used to make 26000
trips for the pilgrims. Furthermore, around 25.6 million passengers traveled to
Makkah from public transportation services via 12 routes and 438 stops.
Further, with increasing tourism in Saudi Arabia for Safaris and other
activities, the demand for customized buses is increasing.
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The Public
Transport Authority (PTA) of Saudi Arabia has signed contracts for the largest
project to transport passengers by bus between cities in the Kingdom. It serves
over six million passengers per year and covers more than 200 cities and
governorates. There will be 76 intercity routes, with a new fleet of
environmentally friendly buses outfitted with high-end technology. The National
Strategy for Transport and Logistics Services aimed to increase the proportion
of people using public transportation in the Kingdom from 1% to 15% by 2030.
Riyadh public transportation buses will begin service in March 2023. This USD 22.5
billion project includes trains and buses.
Key
market players in the Saudi Arabia Bus Market include:
- Mercedes-Benz AG (Juffali Commercial
Vehicles)
- TATA Motors Limited (Manahil
International Company)
- Hyundai Motors Company (Mohamed
Yousuf Naghi & Brother Group)
- Zhongtong Bus Holding Co., Ltd
(Zahran operation & Maintenance)
- MAN SE (Haji Husein Alireza &
CO)
- Anhui Ankai Automobile Co., Ltd.
(Hafil transport Company)
- Scania AB (General Contracting
Company)
- AB Volvo (Zahid Tractor & H.M
Co. Ltd)
- Ashok Leyland Limited (AG Auto)
- Eicher Motors Limited (Arabian
Truck& Construction Equipment Co.)
In the Kingdom of Saudi Arabia, the
10 -12 meter bus segment and above 12 meter bus segment will account for
approximately 50% of the total market in 2022. This segment is expected to
maintain its dominance because of the expected high growth rate in major
infrastructure projects, economic revival, and several upcoming investments in
various business sectors, which will lead to an increase in employment
opportunities across the country. With most private businesses providing
transportation to their employees, the demand for 10-12 meter buses and buses
longer than 12 meters are expected to rise in the coming years. With the
increasing number of pilgrims in Makkah each year, there is an increase in
above 10-meter buses due to their ability to transport passengers to the
destination.
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“Saudi
Arabia Bus Market is forecasted to grow during the forecasted period owing to
the rising demand in buses from the various sectors such as corporate, school,
and public transport. By seeing the demand for buses, various bus manufacturing
company has started to invest in the research and development team to introduce
new bus models to give various option among the bus buyers. The government of
Saudi Arabia has increased the fleet of bus in the country by seeing the
increase in tourist number every year. All these factors are driving the bus
market in Saudi Arabia." said Mr. Karan Chechi, Research Director with
TechSci Research, a research-based global management consulting firm.
“Saudi
Arabia Bus Market By Bus Length Market Share Analysis (Small (Up to 8 m), Small
Medium (8m- 10m), High Medium (10m-12m), High (Above 12m), By Fuel Type Market
Share Analysis (Diesel, Petrol, CNG, Others), By Application Type Market Share
Analysis (Inter City, Intra City, School Bus & Others), By Region,
Competition, Forecast and Opportunities, 2028F”, has evaluated the
future growth potential of Saudi Arabia bus market and provides statistics and
information on market structure, size, share, and future growth. The report is
intended 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 present in the Saudi Arabia bus market.
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