Bus Market Report 2025 (Global Edition)

Global Bus Market Report 2025 Market Size Split by Type Outlook: (Single Deck, Double Deck), by Fuel Type Outlook: (Diesel, Electric and Hybrid, Others), by Seat Capacity Outlook: (15-30 Seats, 31-50 ...

Bus Market Report Description

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Competitive Landscape of the Bus Market

In the bus market's competitive landscape, numerous key competitors are driving innovation and growth. The bus industry witnessed several significant launches, emphasizing advancements in electric mobility and innovative designs. These launches highlight the industry's shift towards sustainable and efficient transportation solutions, catering to diverse market needs.

In March 2024, Introduced in March 2024, the Volvo BZR is a versatile electric bus and coach chassis suitable for bus rapid transit and intercity services. It features a modular design, accommodating various body configurations, and supports both single and dual-motor setups, offering power outputs up to 400 kW. (Source: https://www.volvobuses.com/en/news-stories/press-releases/2024/mar/volvo-buses-launches-new-global-electromobility-platform.html) In May 2024, BYD presented the BD11, an all-electric double-decker bus equipped with a 532 kWh Blade battery, providing a range of up to 400 miles. Designed to replace traditional models in London, it accommodates up to 90 passengers and features rapid charging capabilities, fully charging in approximately two hours. (Source: https://bydeurope.com/byd-ebus-bd11) In July 2024, Unveiled in July 2024, the Garud chassis is Ashok Leyland's first 15-meter, multi-axle bus platform. Aimed at enhancing passenger capacity and comfort for long-distance travel, it reflects the company's commitment to innovation in the commercial vehicle sector. (Source: https://ashokleyland.com/pressrelease/ashok-leyland-unveils-garud-15m-bus-chassis-at-prawaas-4-0)

Top Companies Market Share in Bus Industry: (In no particular order of Rank)

• Anhui Ankai Automobile Co. Ltd
• BYD Company Limited
• Alexander Dennis Limited (ADL)
• King Long United Automotive Industry Co. Ltd.
• Zhengzhou Yutong Group Co. Ltd
• Zhongtong Bus Holding Co. Ltd
• NFI Group Inc.
• AB Volvo
• Solaris Bus & Coach sp. z o.o.
• Daimler Truck Holding AG
• Mobico Group
• Suzhou Eagle Electric Vehicle Manufacturing Co. Ltd
• Tata Motors Limited
• Mercedes-Benz Group AG
• Marcopolo S.A.
• New Flyer Industries
• Ashok Leyland
• Mahindra & Mahindra
• Proterra
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*List of Second Tier Companies, List of Third Tier/ Start-up Companies (Inquire with sales executive) Request Any Company Profile for Preview Purpose OR Data Validation!

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Regional Analysis of the Bus Market

Which Region Dominates the Bus Market in 2024?

According to Cognitive Market Research, North America currently dominates the bus market, and the region is expected to have significant growth during the projected period. This is due to the increasing adoption of electric buses due to stringent government regulations on emissions and substantial financial incentives to promote clean energy vehicles. Cities across the United States and Canada are transitioning their public transit fleets to electric and hybrid buses, supported by government initiatives such as the Federal Transit Administration’s (FTA) Low or No Emission Program.

Which Region is Expanding at the Fastest CAGR?

Asia-Pacific is expected to make significant gains during the projected period, with the greatest compound annual growth rate (CAGR). Countries like China and India are witnessing significant demand for affordable and efficient public transportation to address traffic congestion and reduce pollution. Massive government-led electrification programs, such as China’s push for fully electric bus fleets and increasing investments in infrastructure development, are bolstering the market.

The current report Scope analyzes Bus Market on 5 major region Split (In case you wish to acquire a specific region edition (more granular data) or any country Edition data then please write us on info@cognitivemarketresearch.com

• North America (United States, Canada, Mexico)
• Europe (United Kingdom, France, Germany, Italy, Russia, Spain, Sweden, Denmark, Netherlands, Switzerland, Belgium)
• Asia-Pacific (China, Japan, Korea, India, Australia, Philippines, Singapore, Malaysia, Thailand, Indonesia, Rest of APAC)
• South America (Brazil, Argentina, Colombia, Peru, Chile, Rest of South America)
• Middle East and Africa (Saudi Arabia, Turkey, Nigeria, UAE, Egypt, South Africa, GCC Countries, Rest of MEA)

The above graph is for illustrative purposes only.

North America Bus

According to Cognitive Market Research, the global bus market size was estimated at USD 51245.6 Million, out of which North America held the major market share of more than 40% of the global revenue with a market size of USD 20498.24 million in 2024 and will grow at a compound annual growth rate (CAGR) of 4.8% from 2024 to 2031.

• According to Cognitive Market Research, the US had a major share in the bus market with a market size of USD 16173.11 million in 2024 and is projected to grow at a CAGR of 4.6% during the forecast period. Adoption of electric and hybrid buses driven by federal subsidies and emission reduction mandates.
• The Canada bus market had a market share of USD 2459.79 million in 2024 and is projected to grow at a CAGR of 5.6% during the forecast period. Expansion of sustainable public transit systems with government support for clean energy buses.
• The Mexico bus market is projected to witness growth at a CAGR of 5.3% during the forecast period, with a market size of USD 1865.34 million in 2024.

Europe Bus

According to Cognitive Market Research, the global bus market size was estimated at USD 51245.6 Million, out of which Europe held the market share of more than 30% of the global revenue with a market size of USD 15373.68 million in 2024 and will grow at a compound annual growth rate (CAGR) of 5.1% from 2024 to 2031.

• The United Kingdom bus market had a market share of USD 2582.78 million in 2024 and is projected to grow at a CAGR of 5.9% during the forecast period. Increasing investments in zero-emission buses under government programs like the ZEBRA scheme.
• The France bus market is projected to witness growth at a CAGR of 4.3% during the forecast period, with a market size of USD 1414.38 million in 2024.
• According to Cognitive Market Research, the German bus market size was valued at USD 3043.99 million in 2024 and is projected to grow at a CAGR of 5.3% during the forecast period. Focus on integrating electric and hydrogen buses to meet stringent EU carbon neutrality goals.
• The Italy bus market is projected to witness growth at a CAGR of 4.5% during the forecast period, with a market size of USD 1322.14 million in 2024.
• The Russian bus market is projected to witness growth at a CAGR of 4.1% during the forecast period, with a market size of USD 2382.92 million in 2024.
• The Spain bus market is projected to witness growth at a CAGR of 4.2% during the forecast period with a market size of USD 1260.64 million in 2024
• The Luxembourg bus market is projected to witness growth at a CAGR of 5.2% during the forecast period, with a market size of USD 476.58 million in 2024.
• The Portugal bus market is projected to witness growth at a CAGR of 4.9% during the forecast period, with a market size of USD 322.85 million in 2024.
• The Greece bus market is projected to witness growth at a CAGR of 5.4% during the forecast period, with a market size of USD 184.48 million in 2024.
• The Rest of Europe's bus market is projected to witness growth at a CAGR of 3.8% during the forecast period, with a market size of USD 2382.92 million in 2024.

Asia Pacific Bus

According to Cognitive Market Research, the global bus market size was estimated at USD 51245.6 Million, out of which Asia Pacific held the market share of around 23% of the global revenue with a market size of USD 11786.49 million in 2024 and will grow at a compound annual growth rate (CAGR) of 8.6% from 2024 to 2031.

• According to Cognitive Market Research, the China bus market size was valued at USD 5303.92 million in 2024 and is projected to grow at a CAGR of 8.1% during the forecast period. Dominance in electric bus production supported by large-scale government electrification initiatives.
• The Japan bus market is projected to witness growth at a CAGR of 7.1% during the forecast period, with a market size of USD 1626.54 million in 2024.
• The India bus market had a market share of USD 1414.38 million in 2024 and is projected to grow at a CAGR of 10.4% during the forecast period. Rising demand for cost-effective public transport and government push for electric bus adoption under FAME policies.
• The South Korean bus market is projected to witness growth at a CAGR of 7.7% during the forecast period, with a market size of USD 1178.65 million in 2024.
• The Australian bus market is projected to witness growth at a CAGR of 8.3% during the forecast period, with a market size of USD 612.90 million in 2024.
• The Southeast Asia bus market is projected to witness growth at a CAGR of 9.6% during the forecast period, with a market size of USD 813.27 million in 2024.
• The Rest of Asia Pacific bus market is projected to witness growth at a CAGR of 8.4% during the forecast period, with a market size of USD 836.84 million in 2024.

South America Bus

According to Cognitive Market Research, the global bus market size was estimated at USD 51245.6 Million, out of which Latin America held the market share of around 5% of the global revenue with a market size of USD 2562.28 million in 2024 and will grow at a compound annual growth rate (CAGR) of 6.0% from 2024 to 2031.

• According to Cognitive Market Research, the Brazil bus market size was valued at USD 1096.66 million in 2024 and is projected to grow at a CAGR of 6.6% during the forecast period. Development of BRT systems and increasing adoption of biodiesel and electric buses.
• Argentina's bus market had a market share of USD 430.46 million in 2024 and is projected to grow at a CAGR of 6.9% during the forecast period. Growing investments in urban mass transit and interest in sustainable transportation solutions.
• Colombia bus market is projected to witness growth at a CAGR of 5.8% during the forecast period, with a market size of USD 228.04 million in 2024.
• Peru bus market is projected to witness growth at a CAGR of 6.2% during the forecast period, with a market size of USD 210.11 million in 2024.
• The Chile bus market is projected to witness growth at a CAGR of 6.3% during the forecast period, with a market size of USD 184.48 million in 2024.
• The Rest of Latin America's bus market is projected to witness growth at a CAGR of 5.1% during the forecast period, with a market size of USD 412.53 million in 2024.

Middle East Bus

According to Cognitive Market Research, the global bus market size was estimated at USD 51245.6 Million, out of which the Middle East and Africa held the major market share of around 2% of the global revenue with a market size of USD 1024.91 million in 2024 and will grow at a compound annual growth rate (CAGR) of 6.3% from 2024 to 2031..

• The GCC Countries' bus market is projected to witness growth at a CAGR of 7.1% during the forecast period, with a market size of USD 438.66 million in 2024. Expansion of public transportation networks and demand for high-capacity buses in urban areas.
• The Egypt bus market is projected to witness growth at a CAGR of 6.6% during the forecast period, with a market size of USD 107.62 million in 2024.
• The South African bus market is projected to witness growth at a CAGR of 7.3% during the forecast period, with a market size of USD 161.94 million in 2024. Increasing focus on modernizing public transit systems and promoting electric buses to combat urban pollution.
• The Turkey bus market is projected to witness growth at a CAGR of 5.8% during the forecast period, with a market size of USD 88.14 million in 2024.
• The Nigerian bus market is projected to witness growth at a CAGR of 5.4% during the forecast period, with a market size of USD 107.62 million in 2024.
• The Rest of the MEA bus market is projected to witness growth at a CAGR of 5.3% during the forecast period, with a market size of USD 120.94 million in 2024.

Bus Market Analysis

How are Segments Performing in the Global Bus Market?

Bus Market Type Segment Analysis

The double deck is the fastest-growing segment in the bus market. These buses are particularly advantageous in high-density areas, offering a compact footprint while accommodating more passengers per trip, thus addressing challenges like urban congestion. The segment is also seeing rapid growth due to the adoption of electric double-deck buses in cities focusing on sustainable transit solutions.

According to Cognitive Market Research, single-deck buses are likely to dominate the bus market over the forecast period. Single-deck buses hold a dominant position in the global bus market due to their versatility and widespread application in urban and suburban transit. These buses are designed for short to medium-distance travel and are particularly effective in navigating congested city streets, making them the preferred choice for public transportation networks.

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Bus Market Fuel Type Segment Analysis

In the bus market, the electric and hybrid has been expanding at a rapid pace. Governments worldwide are implementing policies, subsidies, and incentives to promote the adoption of electric and hybrid buses, especially in urban areas. The integration of advanced battery technologies, improved charging infrastructure, and extended range capabilities are making electric buses more viable for mass adoption.

According to Cognitive Market Research, the diesel segment holds the largest share of the market. Their long-established presence, robust infrastructure for refuelling, and relatively low upfront costs have made them a preferred choice for public and private transit operators. Diesel buses are highly reliable and suitable for long-distance travel, offering consistent performance across varied terrains.

The above Graph is for representation purposes only. This chart does not depict actual Market share.

Bus Seat Capacity Outlook: Segment Analysis

Bus Market Seat Capacity Segment Analysis

In the bus market, the rapidly growing sector is the more than 50 Seats category. Double-deck and articulated buses, which fall into this category, are increasingly adopted to address urban congestion and improve operational efficiency. This growth is also driven by the expansion of bus rapid transit (BRT) systems globally, which require high-capacity vehicles to handle large commuter volumes.

According to Cognitive Market Research, the 31-50 seats segment holds the largest market share. Public transportation authorities highly prefer these buses as they efficiently cater to medium-sized commuter groups while maintaining operational cost-effectiveness. Their capacity is well-suited for both short-distance urban routes and longer intercity travel, striking a balance between passenger volume and cost efficiency.

• 15-30 Seats
• 31-50 Seats
• More than 50 Seats

Bus Application Outlook: Segment Analysis

Bus Market Application Segment Analysis

Intercity/coaches is projected to be the fastest-growing segment in the bus market. With advancements in road infrastructure and the expansion of intercity connectivity, the popularity of these buses is increasing. Luxury features, such as reclining seats, onboard entertainment, and Wi-Fi, enhance the appeal of coaches for commuters and tourists alike.

According to Cognitive Market Research, the transit bus segment dominates the market. Designed for frequent stops and short-distance travel, these buses efficiently handle high passenger volumes in densely populated cities. Their affordability, fuel efficiency, and ability to reduce traffic congestion and pollution contribute to their dominance.

• Transit Bus
• Intercity/Coaches
• School Bus
• Others

Bus Number of Axle Segment Analysis

• 2 Axle
• 3 Axle

Author's Detail

Sumedha Gosavi

Research Associate at Cognitive Market Research

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