Growing population and rising urbanization coupled with increasing demand for electric & CNG buses is expected to drive Saudi Arabia bus market through 2024
According to TechSci Research report, “Saudi Arabia Bus Market By Bus Length, By Seating Capacity, By Fuel Type, By Application, Competition, Forecast & Opportunities, 2024”, the bus market in Saudi Arabia was valued close to $ 1.6 billion in 2018 and is forecast to register a double digit CAGR over the coming years. This is due to the reason that buses are the only means of public transport in some of the cities in Saudi Arabia. Increasing demand for public transportation among growing population and worsening traffic congestion are other reasons for the growth of bus market in the country. Also, the government of Saudi Arabia is focusing on manufacturing buses locally in order to create employment opportunities and to save import costs, thereby boosting the domestic industry.
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Saudi Arabia bus market can be segmented based on bus length, seating capacity, fuel type, application and region. Based on the bus length, market can be segregated into 6-8 m, 8-10 m, 10-12 m and above 12 m. 10-12 m segment is anticipated to dominate the market owing to the preference for medium and large buses by the public transport authority. In terms of application, transit bus segment is expected to grow at the highest rate due to increasing investment in the public transit network by the government to solve the issue of overcrowding.
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Toyota Motor Corporation, Daimler AG, Hyundai Motor Company, Zhengzhou Yutong Bus Co., Ltd., Beiqi Foton Motor Co., Ltd., Mitsubishi Motors Corporation, Tata Motors Limited, King Long United Automotive Industry Co., Ltd., MAN Truck & Bus AG, among others are the leading players operating in the Saudi Arabia bus market. The companies operating in the market are using strategies such as product launches and investing in research & development to increase their share in the country.
“In terms of fuel type, diesel dominated the Saudi Arabia bus market in 2018 and the trend is expected to continue over the forecast period as well. However, on account of increasing focus of the government on increasing the number of Umrah and Haj pilgrims by providing efficient, clean and reliable transportation, market share of electric & hybrid bus is expected to increase through 2024.”, said Mr. Karan Chechi, Research Director with TechSci Research, a research based global management consulting firm.
“Saudi Arabia Bus Market By Bus Length, By Seating Capacity, By Fuel Type, By Application, Competition, Forecast & Opportunities, 2024” has evaluated the future growth potential of Saudi Arabia bus market and provides statistics & information on market size, structure and future market growth. The report intends to provide cutting-edge market intelligence and help decision makers to take sound investment decision. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges and opportunities in the Saudi Arabia bus market.
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