Enjoy complimentary customisation on priority with our Enterprise License!
The School Bus Market size is estimated to increase by USD 1,235.20 million between 2022 and 2027 and the size of the market is forecast to grow at a CAGR of 3.93%. The growth of the market depends on several factors, such as the increasing number of school enrollments, the growing interest in electric vehicles, and the advantages of school buses over other modes of transportation.
To learn more about this report, View Report Sample
Our researchers analyzed the data with 2022 as the base year, along with the key drivers, trends, and challenges. A holistic analysis of drivers will help companies refine their marketing strategies to gain a competitive advantage.
The increasing number of school enrollments is driving growth in the market. The increased world population is generating an increase in the number of children who attend school, thanks to countries like China and India. This, in turn, raises the demand for a large number of schools and adequate infrastructure pertaining to the education sector, which includes transportation and other amenities.
However, according to the World Federation of International Schools, which has about 10,000 international schools around the world as of 2020, this increase in school enrolments is an important factor that will contribute to the global bus market's growth over the forecast period. The number of international schools is on the rise even in emerging economies such as India, China, and the UAE. In addition, countries such as the US and Canada are global leaders in the education infrastructure, which is a significant driver for the growth of the global market.
Technological innovations for effectiveness are a primary trend in the market. The global market is witnessing a few technological innovations in using information technology to ensure the effectiveness. Such in-depth diagnostics ensure more accurate and timely repairs and avoid breakdowns and high maintenance expenses down the line. Advanced Telematics enhances the safety, a variety of sensor-based detection systems are currently available. Sensors for seat belt use, door opening and shutting, stop sign and stop arm functionality, speed control, and engine idle time, among other things, assist in conducting pre-trip tests.
In the event of a driver's failure to notice, lane departure warning and Lane Assist systems shall automatically drive the car back in line. Intelligent Speed Assistance is Speeding in one of three primary factors that contribute to road fatalities. The system will notify drivers of speed limits using GPS-linked speed limit data or speed recognition cameras and will be capable of immediately shutting down acceleration. The introduction of such innovations is likely to positively impact the global market during the forecast period.
The lack of adequate charging infrastructure is a major challenge in the market. Electrified road transportation was implemented 20-30 years ago, Over the past ten years, the concept of electric vehicles has spread its applications to different segments, such as light and heavy commercial vehicles. The need to develop an adequate number of recharging stations is crucial for the uptake of energy-efficient cars, including buses that have a heavy dependence on public utilities' electricity networks. However, a significant impediment to the growth of the global market for buses is that there are no adequate infrastructure arrangements in some possible markets. Regulators are working on increasing public awareness about electric vehicles but focusing on building charging infrastructure is also needed to make public and private enterprises adopt electric vehicles.
However, governments play a major role in the development of electric vehicle charging infrastructure. A majority of governments are providing tax relief and subsidies for the purchase of environmentally friendly vehicles; however, there is a lack of focus on the construction and delivery of better-recharging infrastructure. Although the adoption of electric buses drives the global market, the lack of necessary measures for the improvement of charging infrastructure would limit the adoption rate of electric buses, which will hamper the growth of the global market during the forecast period.
The market research report includes the adoption lifecycle of the market, covering from the innovator’s stage to the laggard’s stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their growth strategies.
Global Market Customer Landscape
Companies are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market.
Ashok Leyland Ltd - The company offers school buses such as sunshine diesel.
The research report also includes detailed analyses of the competitive landscape of the market and information about 15 market companies, including:
Qualitative and quantitative analysis of companies has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize companies as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize companies as dominant, leading, strong, tentative, and weak.
The ICE-powered segment will account for a major share of the market's growth during the forecast period. In this segment, buses using alternative fuels (other than diesel and gasoline) such as compressed natural gas (CNG) and propane have been considered. All these fuels use the same powertrain (ICE). Fuels used in buses have a harmful impact on the environment, which is one of the major challenges faced by the global market.
Get a glance at the market contribution of various segments Request Free PDF Sample
The ICE-powered segment was valued at USD 4,972.98 million in 2017 and continued to grow until 2021. The pollutants emitted by ICE-powered school buses have led to a reduction in their sales and are expected to grow at a steady rate during the forecast period.
Within the global market, type C school buses are a specific segment. Type C is also referred to as an ordinary or "front-engined" vehicle. Their distinctive shape, where the engine is placed at the top of the front outside the passenger compartment, allows them to be easily identified. The trend toward weight and cost reduction in the global market is driven by a combination of factors, including technological advancements, environmental considerations, regulatory requirements, and economic considerations.
For more insights on the market share of various regions Request Free PDF Sample now!
Technavio’s analysts have elaborately explained the regional trends, drivers, and challenges that are expected to shape the market during the forecast period. The market in North America is a consolidated one. The region is characterized by the presence of major manufacturers who also cater to other countries. Blue Bird Corporation, IC Bus, and Thomas Built Buses Inc. are the three key players that occupy a major share of the market. Other major companies are Collins Bus Corporation, Micro Bird, and Lion Electric company. Moreover, companies are introducing new features in their products to increase their market share.
The School Bus Market witnesses growth with new launches, particularly by major players like BYD, driving market expansion in Asia-Pacific and Europe. United States leads in school bus manufacturing, often through joint ventures. Market trends include a shift towards electric school buses, propelled by government incentives and environmental consciousness, particularly in North America. Challenges like manufacturing shutdowns and trade restrictions are mitigated by R&D investments, ensuring market recovery. Electromobility gains traction, with a stable demand for school transport and growing sales of electric buses, especially in Canada and North America.
The market report forecasts market growth by revenue at global, regional & country levels and provides an analysis of the latest trends and growth opportunities from 2017 to 2027.
School Bus Market Scope |
|
Report Coverage |
Details |
Page number |
172 |
Base year |
2022 |
Historic period |
2017-2021 |
Forecast period |
2023-2027 |
Growth momentum & CAGR |
Accelerate at a CAGR of 3.93% |
Market growth 2023-2027 |
USD 1235.2 million |
Market structure |
Fragmented |
YoY growth 2022-2023(%) |
3.6 |
Regional analysis |
North America, APAC, Europe, Middle East and Africa, and South America |
Performing market contribution |
North America at 34% |
Key countries |
US, Canada, China, Japan, and UK |
Competitive landscape |
Leading Vendors, Market Positioning of Vendors, Competitive Strategies, and Industry Risks |
Key companies profiled |
Ashok Leyland Ltd, Berkshire Hathaway Inc., Blue Bird Corp., Daimler Truck AG, Eicher Motors Ltd., Ford Motor Co., GreenPower Motor Co. Inc., Higer Bus USA, JCBLGroup, Mahindra and Mahindra Ltd., Mercedes Benz Group AG, REV Group Inc., Scania AB, SML Isuzu Ltd., Tata Motors Ltd., The Lion Electric Co., Trans Tech Bus, Traton SE, Van Con Inc., and Zhengzhou Yutong Group Co. Ltd. |
Market dynamics |
Parent market analysis, Market forecasting, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID 19 impact and recovery analysis and future consumer dynamics, Market condition analysis for forecast period |
Customization purview |
If our market growth and trends report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
We can help! Our analysts can customize this market research report to meet your requirements.
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by Powertrain Type
7 Market Segmentation by Type
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Trends
11 Vendor Landscape
12 Vendor Analysis
13 Appendix
Get lifetime access to our
Technavio Insights
Cookie Policy
The Site uses cookies to record users' preferences in relation to the functionality of accessibility. We, our Affiliates, and our Vendors may store and access cookies on a device, and process personal data including unique identifiers sent by a device, to personalise content, tailor, and report on advertising and to analyse our traffic. By clicking “I’m fine with this”, you are allowing the use of these cookies. Please refer to the help guide of your browser for further information on cookies, including how to disable them. Review our Privacy & Cookie Notice.