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.
Browse more than 87 market data Figures and 9 data Tables spread through 149 Pages and an in-depth TOC on “Europe Bus Market “
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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