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DUBLIN, Sept. 5, 2022 /PRNewswire/ — The “US Bus Market Report: By Vehicle Type, Body Type, Ownership, Propulsion, Length, Seating Capacity – Industry Revenue Estimation and Demand Forecast to 2030” report has been added to ResearchAndMarkets.com’s offering.
The US bus market was worth $7,453.4 million in 2021, which is projected to reach $11,237.7 million by 2030, rising at a 4.7% CAGR from 2021 to 2030
This can be credited to the rising urbanization rate, growing population, as well as the increasing government investment in public transportation upgrades. Furthermore, the significant demand for school buses promotes the market expansion in the country.
Collaborations, partnerships, product debuts, and contract wins have all been used by the players in the US bus market to obtain a competitive advantage. REV Group Inc., Daimler Truck AG, Navistar International Corporation, The Lion Electric Company, AB Volvo, Blue Bird Corporation, GILLIG LLC, NFI Group Inc., GreenPower Motor Company Inc., and BYD Company Limited are the key market players.
Standard buses had the bigger revenue share in 2021, and the category is expected to continue to dominate the US bus market in the coming years. This will be due to the widespread usage of standard buses in public transit and school fleets. Furthermore, schools do not allow customized vehicles, which increases the demand for standard buses.
The usage of public transportation has the potential to enhance traffic safety, personal health, accessibility, and air quality. In comparison to private vehicles, public transportation consumes less fuel and emits less volatile organic compounds, carbon dioxide, and carbon monoxide per passenger mile. In addition to the environmental advantages, it has far lower crash severity rates than personal transport.
Key Findings of US Bus Market Report
- In 2021, the Californian bus market had the largest share in the US Its large population has been increasingly demanding fast and efficient transportation networks. Furthermore, California is becoming a hotspot for innovative electric buses.
- Based on seating capacity, buses with 30-50 seats had the biggest US bus market revenue share, …
Full story available on Benzinga.com
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