Global School Bus Market 2019-2023
- Published: May 2019
- Pages: 119
- SKU: IRTNTR31320
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The global school bus market will grow at a CAGR of over 2% during 2018-2023, and the market size will increase by 10,504 units during 2019-2023. The market’s growth momentum is expected to accelerate throughout the forecast period.
To identify growth opportunities in the school bus market, the market has been segmented into regions that are growing faster than the overall market. These regions have been pitted against regions that have a slower growth rate than the global market in 2018-2023. APAC and MEA will grow faster than the overall market. The growth of Europe, North America, and South America will be slower than the global market.
The global school bus market is expected to witness a CAGR of 2.21% during the forecast period. Certain factors that are driving the market growth include advantages of school buses over other modes of transportation, increase in number of school enrolments, and government initiatives for promoting electric buses.
Some of the key findings from our school bus market forecast report are summarized below
See the complete table of contents and list of exhibits, as well as selected illustrations and example pages from the report.
There is a consumer preference for both ICE-powered and electric school buses. ICE-powered school buses were more popular in 2018, and the segment's position will remain unchanged throughout the forecast period. During 2019-2023, the growth rate of the electric school bus segment will be faster than the global market growth.
The market is fragmented, and the degree of fragmentation is expected to remain the same till 2023. The accelerating growth will provide immense growth opportunities to market participants. To make the most of the opportunities, school bus manufacturers should focus more on the growth prospects in the fast-growing segments, while maintaining their positions in the slow-growing segments.
The market report provides a detailed analysis of the market by powertrain (ICE-powered and electric) and geography (APAC, Europe, MEA, North America, and South America). Also, the report analyzes the market's competitive landscape and offers information on several market vendors including Ashok Leyland Ltd., Blue Bird Corp., Daimler AG, REV Group Inc., and Tata Motors Ltd.
School buses are specifically built with the focus of providing safe transportation to school-going children. Hence, these buses are fitted with safety equipment to secure onboard kids. Heavy and medium-duty school buses distribute crash forces differently than light-duty school buses. Therefore, passengers onboard on these buses experience much lesser crash force than those in light-duty buses. Various laws have been enforced for the safety of the school children with features such as protective seating, high crush standards, and rollover protection features. Also, they are fitted with large windows to increase visibility and comprise some other features such as flashing red lights, cross-view mirrors, and stop-sign arms. Hence, the enhanced safety features of school buses make them the preferred choice for the transportation of students, which will boost the growth of the global school bus market.
Global school bus market: Key drivers and trends
School buses are increasingly using information technology to enhance effectiveness. Passenger management systems in school buses allow the monitoring of children and the vehicle. These systems also generate automated reports and can send direct messages to parents and administrators. Vendors are also offering predictive maintenance technologies for school buses to enhance reliability and minimize the overall maintenance costs of the vehicle. By helping school bus operators to fix vehicle issues proactively, these technologies will ensure safety and punctuality of school going children. Such technological innovations will be a critical trend that will positively impact the growth of the school bus market size during the forecast period.
The rising global population has resulted in increasing enrollment in schools. This has consequently resulted in an increase in the demand for schools and the necessary infrastructure such as transportation. Moreover, the number of international schools in emerging economies such as India, China, and the UAE is increasing. The increasing number of schools and the rapid growth in the number of school enrollments will create a demand for school buses. As a result of these factors, the school bus market will register a CAGR of over 2% during the forecast period.
School bus market: Competitive landscape and companies covered
The global school bus market is fragmented. To help clients improve their market position, the report provides an analysis of the market’s competitive landscape and offers information on the products offered by various companies. Moreover, the school bus market research report also includes information on the upcoming trends and challenges that will influence market growth. This will help companies create strategies to make most of the upcoming growth opportunities.
The report offers a detailed analysis of several school bus companies, including:
- Ashok Leyland Ltd.
- Blue Bird Corp.
- Daimler AG
- REV Group Inc.
- Tata Motors Ltd.
School bus market: Segmentation based on powertrain
The ICE-powered segment will account for the largest school bus market share throughout the forecast period. The report provides an accurate prediction of the contribution of all the segments to the growth of the school bus market size.
School bus market: Segmentation based on geographic region
- North America
- South America
With a complete study of the growth opportunities for companies, it has been identified that North America will account for the largest school bus market share throughout the forecast period. The expansion of existing fleets, the increasing number of school enrollments, the rising adoption of electric buses, and the growing focus on replacing aging vehicles will fuel school bus market growth in the region.
School bus market: Key highlights of the report for the forecast period 2019-2023
- CAGR of the market during the forecast period 2019-2023
- Detailed information on factors that will accelerate the growth of the school bus market during the next five years
- Precise estimation of the global school bus market size and its contribution to the parent market
- Accurate predictions on upcoming trends and changes in consumer behavior
- The growth of the school bus industry across APAC, Europe, MEA, North America, and South America
- A thorough analysis of the market's competitive landscape and detailed information on several vendors
- Comprehensive details of factors that will challenge the growth of school bus companies
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Technavio presents a detailed picture of the market by way of study, synthesis, and summation of data from multiple sources. The analysts have presented the various facets of the market with a particular focus on identifying the key industry influencers. The data thus presented is comprehensive, reliable, and the result of extensive research, both primary and secondary.
- Market size and forecast
- Market segmentation
- Geographical insights
- Competitive landscape
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