PUBLISHER: The Business Research Company | PRODUCT CODE: 1532066
PUBLISHER: The Business Research Company | PRODUCT CODE: 1532066
A school bus is a specialized vehicle intended for transporting students to and from school, as well as to school-related events. It is customarily built for this purpose and distinguished by its yellow color, warning lights, and safety features. School buses ensure safe and efficient transportation for students, adhering to federal and state regulations to uphold the highest standards of safety and security.
School buses come in several types, including those powered by diesel fuel, alternative fuels, hybrid-electric systems, and batteries. Diesel fuel is a refined petroleum product specifically for use in engines that operate on compression ignition rather than spark ignition. These buses are classified into types A, B, C, and D based on their capacity and are utilized in various settings such as education, law enforcement, and community services.
The school bus market research report is one of a series of new reports from The Business Research Company that provides school bus market statistics, including school bus industry global market size, regional shares, competitors with a school bus market share, detailed school bus market segments, market trends, and opportunities, and any further data you may need to thrive in the school bus industry. This school bus market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
The school bus market size has grown strongly in recent years. It will grow from $17.21 billion in 2023 to $18.29 billion in 2024 at a compound annual growth rate (CAGR) of 6.3%. The increase in the historical period can be credited to rising population numbers, fluctuations in fuel costs, heightened environmental awareness, a greater demand for electric school buses, and increased concerns for student safety.
The school bus market size is expected to see strong growth in the next few years. It will grow to $23.46 billion in 2028 at a compound annual growth rate (CAGR) of 6.4%. The rise projected in the forecast period is linked to growing environmental consciousness, increasing demand for electric school buses, urbanization trends, rising demand for hybrid school buses, and a greater preference for propane school buses. Key trends anticipated in the forecast period include advancements in vehicle design, the infusion of technology into educational systems, infrastructure expansion, the incorporation of advanced technologies, and the adoption of electromobility.
The growth of the school bus market is anticipated to be propelled by the increasing number of school enrollments in the future. School enrollment involves arranging attendance at an institution and specific classes, encompassing the current student population in a school or course. The rise in school enrollments is fueled by global literacy initiatives and improved education access, particularly in developing areas. School buses are utilized for safely transporting students to and from school and related activities. For instance, in December 2023, as per the United States Census Bureau, the total school enrollment increased by 1.3 million from 2021 to 2022, reaching 75.2 million enrolled students. In 2022, 81.1% of college-enrolled students attended public universities or colleges, marking a 2.3% point increase from 2020. Thus, the growing school enrollments are contributing to the expansion of the school bus market.
Major players in the school bus market are concentrating on technological advancements, such as type-D school buses, to enhance customer service. A Type D school bus is built using a stripped chassis and is commonly used for transporting students in densely populated and highly trafficked areas, offering improved front service doors and driver visibility. For example, in October 2023, GreenPower Motor Company Inc., a Canada-based electric bus manufacturer and distributor, unveiled the Mega BEAST, an all-electric Type D school bus featuring the longest range and largest battery pack in the market. With a 387 kWh battery pack, the Mega BEAST can travel up to 300 miles on a single charge, making it suitable for longer routes, rural regions, and school districts lacking mid-day recharging facilities.
In August 2021, H.I.G. Capital, a US-based investment firm, acquired North America Central School Bus for an undisclosed sum. The acquisition formed part of H.I.G. Infrastructure's strategy to assist management in expanding the business through geographic reach, advanced bus technology, and fleet electrification endeavors. North America Central School Bus is a US-based provider of school buses.
Major companies operating in the school bus market are Toyota Motor Corporation, Mercedes Benz Group AG, Ford Motor Co., Daimler Truck AG, AB Volvo, Traton SE, Tata Motors Ltd., Mahindra and Mahindra Ltd., Navistar Inc., Ashok Leyland Ltd., Yutong Bus Co. Ltd., Eicher Motors Ltd., Blue Bird Corporation, Thomas Built Buses, SML Isuzu Ltd., The Lion Electric Co., Collins Bus Corporation, IC Bus, GreenPower Motor Co. Inc., Van Con Inc., JCBL Limited, Starcraft Corp., Superior Coach Corp., Endera Motors, Trans Tech Bus Inc.
North America was the largest region in the school bus market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the school bus market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
The countries covered in the school bus market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.
The school bus market consists of sales of conventional school buses, electric school buses, hybrid school buses, and school bus parts and components. Values in this market are 'factory gate' values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
School Bus Global Market Report 2024 from The Business Research Company provides strategists, marketers and senior management with the critical information they need to assess the market.
This report focuses on school bus market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.
Where is the largest and fastest growing market for school bus ? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? The school bus market global report from the Business Research Company answers all these questions and many more.
The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography.
The impact of sanctions, supply chain disruptions, and altered demand for goods and services due to the Russian Ukraine war, impacting various macro-economic factors and parameters in the Eastern European region and its subsequent effect on global markets.
The impact of higher inflation in many countries and the resulting spike in interest rates.
The continued but declining impact of COVID-19 on supply chains and consumption patterns.