Jan 23,2021 | Automotive
With the religious tourism being the key facilitator of traveller flows, Saudi Arabia stands as one of the most visited country in the Gulf Corporation Council (GCC). Also as one of the wealthiest nations in the Middle East, the country is slowly changing into a global hub for travel and tourism. Furthermore, as part of the Saudi Vision 2030, the country is planning to promote and enhance public transport in the country, which is anticipated to positively influence the market growth over the coming years.
Saudi Arabia bus market was valued around US$ 13.51 billion in 2019 and is projected to grow at CAGR of 8.52% during the forecast period on account of growing inclination of the population towards public transportation. Based on fuel type, diesel segment led the Saudi Arabia bus market with share of 71.84% in 2019 due to its low price in the country.
However, increasing emphasis by the governments on clean energy public transportation, share of electric & hybrid bus is expected to increase over the coming years. Furthermore, increasing air pollution and reducing cost of batteries are expected to have a positive impact on the market growth of electric & hybrid buses in the country. The transit bus segment is expected to grow at the highest rate as public bus operators are upgrading bus fleets to reduce fuel and emission costs, while enhancing the riding experience.
Major players operating in the Saudi Arabia bus market include Mercedes Benz AG, MAN SE, Scania AB, Tata Motors Limited, Hyundai Motors Company, AB Volvo, Eicher Motors Limited, Mitsubishi Fuso Truck and Bus Corporation, Ashok Leyland Limited and Alexander Dennis Limited (ADL). The key players in the market are investing in research & development activities to manufacture technologically advanced buses and increase their market share.
Basis on the latest report, Bharatbook offers a detailed analysis and forecast on the market size of Saudi Arabia bus market. It includes the classification and forecast of the market based on bus length, seating capacity, fuel type, application and regional distribution. The report also helps identify drivers and challenges for Saudi Arabia bus market, as well as examines competitive developments such as expansions, new product launches, mergers & acquisitions, etc.
Moreover the study is useful in providing answers to several critical questions that are important for the industry stakeholders such as manufacturers, suppliers, and partners, end users, etc., besides allowing them in strategizing investments and capitalizing on market opportunities.
For more information, we request you to visit Saudi Arabia bus market.