Market Insights Mobility Commercial Vehicles

Buses - Saudi Arabia

Saudi Arabia

Unit sales in the Buses market are projected to reach 28.00vehicles in 2024.
Unit sales are expected to show a compound annual rate (CAGR 2024-2030) of 1.71%, resulting in a projected market volume of 31.00vehicles by 2030.
The production of Buses market is expected to reach 0.00 in 2030, potentially depicting how much the Buses market can grow.
From an international perspective, it is shown that most of the sales will be in China (537.50k vehicles) in 2024.

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Analyst Opinion

The Buses market in Saudi Arabia is experiencing significant growth due to several factors.

Customer preferences: Customers in Saudi Arabia are increasingly favoring buses as a mode of transportation. This is primarily due to the convenience and cost-effectiveness of bus travel compared to other modes of transportation. Buses provide a reliable and affordable option for both short and long-distance travel, making them a popular choice among commuters and travelers.

Trends in the market: One of the key trends in the Saudi Arabian bus market is the increasing demand for electric buses. As the country aims to reduce its dependence on fossil fuels and promote sustainable transportation, there has been a growing interest in electric buses. These buses offer several advantages, including lower operating costs, reduced emissions, and quieter operation. As a result, bus operators and government authorities are actively exploring the adoption of electric buses in the country. Another trend in the market is the integration of advanced technologies in buses. This includes features such as GPS tracking, Wi-Fi connectivity, and onboard entertainment systems. These technological advancements not only enhance the overall passenger experience but also improve the efficiency and management of bus operations. Bus operators are increasingly investing in these technologies to stay competitive and meet the evolving demands of customers.

Local special circumstances: Saudi Arabia has a large and growing population, which is driving the demand for public transportation, including buses. The government has recognized the need to improve the country's public transportation infrastructure and has been investing heavily in the development of bus networks. This includes the construction of new bus terminals, the expansion of existing bus routes, and the introduction of new bus services. These initiatives are aimed at improving accessibility, reducing traffic congestion, and promoting sustainable transportation options.

Underlying macroeconomic factors: The growth of the Buses market in Saudi Arabia is also influenced by macroeconomic factors. The country has a strong economy and high levels of disposable income, which enables individuals to afford bus travel. Additionally, the government's focus on diversifying the economy away from oil has led to increased investment in sectors such as tourism and transportation. This has created opportunities for bus operators to cater to the growing demand for transportation services. In conclusion, the Buses market in Saudi Arabia is witnessing growth due to customer preferences for affordable and convenient transportation options. The adoption of electric buses and integration of advanced technologies are key trends driving the market. The government's investments in public transportation infrastructure and the country's strong economy are also contributing factors. Overall, the future of the bus market in Saudi Arabia looks promising as it continues to evolve and meet the needs of its customers.

Methodology

Data coverage:

The data encompasses B2B enterprises. Figures are based on unit sales and production of buses.

Modeling approach:

Market sizes are determined through a combined Top-Down and bottom-up approach, building on specific predefined factors for each market. As a basis for evaluating markets, we use annual financial reports of the market-leading companies and industry associations, third-party studies and reports, survey results from our primary research (e.g., the Statista Consumer Insights Global survey). In addition, we use relevant key market indicators and data from country-specific associations, such as consumer spending per capita on transportation and consumer price index for purchase of vehicles. This data helps us estimate the market size for each country individually.

Forecasts:

In our forecasts, we apply diverse forecasting techniques. The selection of forecasting techniques is based on the behavior of the relevant market. For example, linear regression, the S-curve function and exponential trend smoothing methods are applied.

Additional notes:

The data is modeled using current exchange rates. The impact of the COVID-19 pandemic and the Russia-Ukraine war are considered at a country-specific level. The market is updated twice a year.