The global bus manufacturing market is anticipated to grow at a significant CAGR during the forecast period (2022-2028). Significant grants from various governments coupled with incentives for electric vehicles are anticipated to drive the growth of the global bus manufacturing unit. For instance, in June 2021, the Department of Heavy Industry launched the production linked incentive for advanced chemistry cell battery storage. This PLI scheme aims to entice international and domestic investors to invest in India’s Giga scale ACC manufacturing units. Furthermore, the FAME-2 Scheme was introduced in April 2019 with a budget outlay of $1.3 billion to support 7,000 buses and 55,000 passenger vehicles. Thus, the government of India extended the second phase of FAME by two years to 31 March 2024 to push the sales of electric vehicles. Furthermore, the US government is awarding $1.5 billion in grants in 2022 to modernize bus fleets. Out of these $1.1 billion will be allocated for low or no emission programs in 2022. Thus, such grants and incentives offered by various governments are anticipated to fuel the demand for the global bus manufacturing market.
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Looking toward the demand for the bus manufacturing market, key market players are adopting various strategies including mergers & acquisitions, geographical expansion, partnerships and collaborations, and new product launches, to stay competitive in the market. For instance, in April 2022, Pinnacle industries had received the approval to launch electric vehicle manufacturing under the production linked incentives and had committed to invest $262 million to set up an EV manufacturing unit. The chairman of EKA and Pinnacle Industries stated that the company had invested $19 million in designing and developing the bus. Further, the company plans to make 1000 buses by 2023 with indigenously developed components. Moreover, in June 2019, Olectra-BYD, a joint venture of BYD Auto and Olectra Greentech announced its plans to set up a factory to manufacture buses. The Olectra –Byd plan to supply 500 electric buses between April 2019 and March 2020. Therefore, such launches coupled with government incentives are anticipated to drive the growth of the global bus manufacturing market during the forecast period.
Market Coverage
- The market number available for – 2021-2028
- Base year- 2021
- Forecast period- 2022-2028
- Segment Covered-
- By Product Type
- By Application
- Regions Covered-
- North America
- Europe
- Asia-Pacific
- Rest of the World
- Competitive Landscape- AB Volvo, IC Bus (Navistar Inc), and Blue Bird Corp., among others
Key questions addressed by the report
- What is the market growth rate?
- Which segment and region dominate the market in the base year?
- Which segment and region will project the fastest growth in the market?
- How has COVID-19 impacted the market?
- Deviation from the pre-COVID-19 forecast
- Most affected region and segment
- Who is the leader in the market?
- How players are addressing challenges to sustain growth?
- Where is the investment opportunity?
Global Bus Manufacturing Market Report by Segment
By Product Type
- Diesel Fuel
- Alternative Fuel
- Hybrid – Electric
- Battery Powered
By Application
- Commercial
- Industrial
- Others
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