LONDON, May 26, 2022 (GLOBE NEWSWIRE) -- According to The Business Research Company’s research report on the buses and coaches market, the demand for electric buses is increasing at a very rapid pace. There is an increasing demand for the electrification of public transport fleets, such as electric buses, all over the world. The electrification of vehicles reduces operating costs compared to diesel vehicles. In addition to the environmental benefits, electronic vehicles help to improve energy efficiency, increase energy security by reducing fossil fuel dependency, and lower operating costs. Mercedes-Benz eActros LongHaul is a battery-electric vehicle with a range of about 500 kilometers for energy-efficient transport on plannable long-haul routes; it is projected to be ready for series production in 2024. In March 2021, Ashok Leyland, an India-based commercial vehicle manufacturer, announced that it had decided to use electric vehicles for its employees' transportation across its offices in India. In Europe, in 2020, the year of COVID-19, the battery-electric bus market increased by 22%, and 2,062 e-buses were registered.
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The global buses and coaches market size is expected to grow from $38.73 billion in 2021 to $42.34 billion in 2022 at a compound annual growth rate (CAGR) of 9.3%. The global buses and coaches market growth is expected to reach $56.77 billion in 2026 at a CAGR of 7.6%.
In 2021, North America was the largest region in the buses and coaches market. President Joe Biden has announced plans to replace the government’s fleet of cars and trucks with electric vehicles assembled in the U.S. The government is a major purchaser of vehicles. However, replacing such a fleet with American-produced EVs will be costly and take time. There are currently only a handful of all-electric vehicles being assembled in the U.S. Tesla, General Motors, and Nissan Motor produce EVs domestically, while Ford Motor and others have announced plans to do so.
Major players in the buses and coaches market are Daimler, VDL Bus and Coach, Scania, Volvo, Marcopolo, Eicher Motors Limited, TATA Motors, Ashok Leyland, Solaris Bus, Coach SA, and Iveco.
The global buses and coaches market is segmented by type into diesel buses, hybrid buses, electric buses, ethanol buses; by application into general, personal, recreational, tourist, others; by body built into fully built, customizable.
The regions covered in the global bus and coach operators industry report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa.
Buses And Coaches Global Market Report 2022 – Market Size, Trends, And Global Forecast 2022-2026 is one of a series of new reports from The Business Research Company that provide buses and coaches market overviews, buses and coaches market analyze and forecast market size and growth for the whole market, buses and coaches market segments and geographies, buses and coaches market trends, buses and coaches market drivers, buses and coaches market restraints, buses and coaches market leading competitors’ revenues, profiles and market shares in over 1,000 industry reports, covering over 2,500 market segments and 60 geographies.
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