Dublin, Aug. 14, 2024 (GLOBE NEWSWIRE) -- The "Global Coaches Market by Type (Double-Decker Coaches, Executive Coaches, Luxury Coaches), Fuel Type (Diesel, Electric, Hybrid), Seating Capacity - Forecast 2024-2030" report has been added to ResearchAndMarkets.com's offering.
The Coaches Market grew from USD 32.18 billion in 2023 to USD 34.11 billion in 2024. It is expected to continue growing at a CAGR of 6.35%, reaching USD 49.53 billion by 2030
Rising travel & tourism activities and the need for efficient group transport solutions, government initiatives promoting public transportation infrastructure expansion, and increasing adoption of coaches by corporations and educational institutions drive the market growth.
However, the high cost of coach bus services, along with the energy consumption issues of coaches, hinder coaches' adoption. Nevertheless, advancements in coach design, including integrating smart and AI features and the emerging availability of fuel-efficient, luxurious, and customized coaches, are expected to create growth potential for the coaches market.
In the Americas, the coach market is highly developed and characterized by a consumer base emphasizing quality, safety, and sustainability. In the United States, the demand for coaches is driven by both the tourism industry and local commuting needs, with a growing interest in eco-friendly and smart technology-integrated vehicles. Investments in electric coaches and autonomous driving technologies are notable trends. In American countries, the focus on reducing carbon emissions and enhancing public transport infrastructure has led to increased government initiatives that support the coach market. The European Union presents a highly diverse and regulatory-driven market.
Consumer needs across EU countries vary considerably, with a general trend towards eco-innovation and energy efficiency. The EU's strict emission standards have propelled electric and hybrid coaches investments. Urbanization and the expansion of tourism have bolstered the need for comfortable, reliable, and efficient public and private transportation solutions. The Middle East and Africa (MEA) region exhibits significant growth potential for the coach industry amidst challenges such as fluctuating economic conditions and the need for infrastructure development.
The Middle East, with countries including the UAE and Saudi Arabia, is witnessing increased luxury and tourist coach services, driven by a booming tourism sector and mega-events, including the Dubai Expo and FIFA World Cup in Qatar. Africa's market, though still developing, is experiencing increased demand for coaches due to urbanization and the need for robust public transport systems. Investments in road infrastructure and transportation projects are gradually shaping the industry.
The Asia Pacific region is witnessing rapid growth in the coach sector owing to its massive investments in electric buses and the development of smart cities. The country's Belt and Road Initiative also boosts the need for durable and high-capacity coaches. A growing middle class characterizes India's market and increases government spending on infrastructure, leading to demand for luxury and standard coaches for intercity travel and tourism.
Recent Developments
Exel Composites Boosts Foton Bus and Coach Company's Fleet with Advanced Glass Fiber Profiles
Exel Composites has partnered with a Chinese firm, Foton Bus and Coach Company, a BAIC subsidiary known for its diverse commercial vehicle production. This collaboration is poised to harness pultruded glass fiber composite profiles, enhancing the structural integrity and operational efficiency of Foton's fleet. Manufactured locally in China, these profiles are designed to significantly lighten vehicle weight and extend longevity by leveraging their inherent corrosion resistance.
Revolutionizing Long-Distance Travel: The CaetanoBus and Temsa Hydrogen Coach Collaboration
CaetanoBus and Temsa have strategically partnered to develop an innovative hydrogen-powered coach, addressing the growing European demand for environmentally friendly travel solutions. This collaboration combines CaetanoBus's leadership in European hydrogen bus sales and systems integration, which is evident from its wide deployment of urban hydrogen models across multiple European countries, with Temsa's established excellence in manufacturing long-distance and tourism coaches.
Volvo Buses Enhances European Operations Through Collaborative Manufacturing
Volvo Buses is advancing its European strategic direction by signing a Letter of Intent (LOI) with Sunsundegui, a coach and bus bodybuilder, aimed at the licensed production of bodies for the Volvo 9700 and Volvo 9900 models, marking a pivotal move to bolster its new business model across European markets. This collaboration, expected to commence production in 2024 with the introduction of the first models by 2025, symbolizes a deeper integration of chassis production and external bodybuilding expertise to deliver comprehensive premium coach solutions.
Key Attributes:
| Report Attribute | Details |
| No. of Pages | 195 |
| Forecast Period | 2024 - 2030 |
| Estimated Market Value (USD) in 2024 | $34.11 Billion |
| Forecasted Market Value (USD) by 2030 | $49.53 Billion |
| Compound Annual Growth Rate | 6.3% |
| Regions Covered | Global |
Market Dynamics
Market Segmentation Analysis
- Fuel Type: Proliferating adoption of electric coaches in urban and inter-city transportation networks
- Seating Capacity: Evolving utilization of coaches with a seating capacity of more than 50 seats for mass transit purposes
Market Drivers
- Rising travel & tourism activities and need for efficient group transport solutions
- Government initiatives promoting public transportation infrastructure expansion
- Increasing adoption of coaches by corporations and educational institutions
Market Restraints
- High cost of coach bus services
Market Opportunities
- Advancement in coach design with integration of smart and AI features
- Emerging availability of fuel-efficient, luxurious, and customized coaches
Market Challenges
- Energy consumption issues of coaches
Industry Insights
- Market Disruption Analysis
- Porter's Five Forces Analysis
- Value Chain & Critical Path Analysis
- Pricing Analysis
- Technology Analysis
- Patent Analysis
- Trade Analysis
- Regulatory Framework Analysis
Key Company Profiles
- Alexander Dennis Limited
- Anhui Ankai Automobile Co., Ltd.
- Ashok Leyland Limited
- BCI Bus
- BYD Company Limited
- CaetanoBus
- Construcciones y Auxiliar de Ferrocarriles, S.A.
- CRRC Corporation Limited
- Daimler AG
- Eicher Motors Limited
- Higer Bus Company Limited
- Irizar Group
- Isuzu Motors Limited
- Iveco S.p.A.
- JBM Group
- Jupiter Wagon Group
- King Long United Automotive Industry Co., Ltd
- NFI Group Inc.
- Otokar by KOC Holding AS
- Pelican Engineering Co Ltd
- REV Group Inc.
- Scania AB
- Tata Motors Limited
- TRATON SE
- Volvo Group
Market Segmentation & Coverage
Type
- Double-Decker Coaches
- Executive Coaches
- Luxury Coaches
Fuel Type
- Diesel
- Electric
- Hybrid
- Hydrogen Fuel Cell
Seating Capacity
- Between 25 & 50 Seats
- More than 50 Seats
- Up to 25 seats
Region
Americas
- Argentina
- Brazil
- Canada
- Mexico
- United States
- California
- Florida
- Illinois
- New York
- Ohio
- Pennsylvania
- Texas
Asia-Pacific
- Australia
- China
- India
- Indonesia
- Japan
- Malaysia
- Philippines
- Singapore
- South Korea
- Taiwan
- Thailand
- Vietnam
Europe, Middle East & Africa
- Denmark
- Egypt
- Finland
- France
- Germany
- Israel
- Italy
- Netherlands
- Nigeria
- Norway
- Poland
- Qatar
- Russia
- Saudi Arabia
- South Africa
- Spain
- Sweden
- Switzerland
- Turkey
- United Arab Emirates
- United Kingdom
For more information about this report visit https://www.researchandmarkets.com/r/smv2yg
About ResearchAndMarkets.com
ResearchAndMarkets.com is the world's leading source for international market research reports and market data. We provide you with the latest data on international and regional markets, key industries, the top companies, new products and the latest trends.
Attachment
