Mo. Jul 8th, 2024

According to a recent report by TechSci Research, the Europe bus market had a value of approximately USD 4.81 billion in 2020. It is projected to grow at a compound annual growth rate (CAGR) of 4.70% over the next five years, reaching a market value of USD 6.92 billion by 2026. The market’s growth is primarily attributed to the increased utilization of buses in the service sector and the growing population of middle-income commuters in Europe.

The deployment of electric buses in municipal environments across European countries has witnessed significant growth in recent years. The European governments’ strong emphasis on environmental concerns has led to support for private fleet owners and public transport departments in adopting electric vehicles, including battery electric vehicles, plug-in hybrid electric vehicles, hybrid electric vehicles, fuel cell electric vehicles, and other alternative fuel-powered vehicles. These vehicles are not only more environmentally friendly but also offer lower operating and ownership costs, making them an attractive choice for charter bus companies.

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

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Many European countries have joined forces with private enterprises and invested substantial funds in improving road transportation facilities, reflecting their commitment to enhancing infrastructure development and road networks. For instance, in 2016, there were 11 greenfield public-private partnership transactions for public transportation in Europe, with a combined value of USD 4.32 billion. This emphasis on infrastructure development and better road networks is expected to contribute to the growth of public transport facilities in Europe.

The Europe bus market is segmented based on application type, fuel type, length, body type, seating capacity, and country. In terms of application type, the market is divided into intercity buses, intracity buses, school buses, and others. Intercity buses experience greater demand due to the extensive use of public transport by daily commuters for intercity travel. The European region has also witnessed an increased demand for school and college buses due to the growing population of students.

Seating capacity classification includes buses with capacities up to 30 seats, 31-40 seats, 41-50 seats, and above 50 seats. Longer buses with a seating capacity of 41-50 units and above 50 units are predominantly used for intercity travel, which constitutes a significant portion of the market. Bus length is categorized as 6-8 meters, 8-10 meters, 10-12 meters, and above 12 meters.

Diesel-powered vehicles still dominate the market in terms of fuel type. However, the market is witnessing a rapid increase in the share of electric and hybrid vehicles, driven by government initiatives in European countries. This trend is expected to continue during the forecast period.

The market is also segmented based on body type, with customizable and fully built buses being the two categories. Custom-built buses are more popular in Europe as every public transit department develops its own designated designs.

In terms of country, the market is segmented into Germany, France, United Kingdom, Nordic Countries, Italy, Spain, Switzerland, the Netherlands, and Portugal. The Nordic countries, including Denmark, Finland, Iceland, Norway, Sweden, the Faroe Islands, and Greenland, are an important part of the region.

Mercedes-Benz AG, Iveco Bus, MAN SE, AB Volvo, and EvoBus GmbH are some of the leading players in the Europe bus market. These companies, along with other bus manufacturers, are actively working on increasing brand awareness, implementing competitive pricing strategies, and expanding their product portfolios in the region to capture a larger customer base. They are also focusing on expanding their dealer and distributor networks and establishing relationships with governments and municipal communities to gain a significant market share in Europe’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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About TechSci Research:

TechSci Research is a research-based management consulting firm providing market research and advisory solutions to its customers worldwide, spanning a range of industries. TechSci Research’s core values are value, integrity and insight. Led by a team of dynamic industry experts, TechSci Research provides its customers with high value market research and advisory services that helps them identify new market opportunities, growth engines and innovative ways to capture the market share. As a result, TechSci’s client leads rather than follow market trends. Not bound by legacy, TechSci’s cutting-edge research model leverages its decades of research knowledge and an increased use of technology as engines of innovation to deliver unique research value. Provided as an alternative to traditional market research, TechSci Research reports do not just deliver data and knowledge rather highlights the insights in a more usable and interactive format for its clients.

 

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