What Is The Current and Historic Market Size Analysis Of The School Bus Market?
The school bus market has seen considerable growth due to a variety of factors.
• The school bus market has seen strong growth in recent years. It will grow from $18.29 billion in 2024 to $19.52 billion in 2025, at a CAGR of 6.7%.
This growth is attributed to population increases, fluctuations in fuel prices, growing environmental awareness, rising demand for electric school buses, and heightened concerns for student safety.
What are the Market Size and Expected Growth Rates for the School Bus Market?
The school bus market is expected to maintain its strong growth trajectory in upcoming years.
• The school bus market is forecasted to grow strongly, reaching $24.93 billion by 2029 at a CAGR of 6.3%.
This is driven by environmental awareness, the demand for electric and hybrid school buses, urbanization, and propane school buses. Trends include vehicle design innovations, technology integration in education, and electromobility adoption.
Which Key Drivers Are Propelling The School Bus Market's Growth?
The school bus market is forecasted to expand in response to the surge in school admissions. The term school enrollment relates to the act of securing a spot at an institution, encompassing the total count of students in attendance at a specific school or program. This growth in enrollment springs from more global pushes for literacy and the facilitation of better access to education, notably in emerging regions. School buses serve the purpose of ensuring students get to and from school and related activities safely. For example, data from the US Census Bureau, a leading entity within the U.S. Federal Statistical System, recorded growth of 1.3 million in total school enrollment from 2021 to 2022, culminating in a total of 75.2 million students by December 2023. Furthermore, in 2022, public universities and colleges were the choice for 81.1% of college enrollees. Consequently, the burgeoning number of school enrollments bolsters the expansion of the school bus market.
What Are The Key Segments Within The Global School Bus Market?
The school bus market covered in this report is segmented –
1) By Type: Diesel Fuel, Alternative Fuel, Hybrid-Electric, Battery-Powered
2) By Capacity Design Type: Type A, Type B, Type C, Type D
3) By Application: Education, Law Enforcement, Community Outreach
Subsegments:
1) By Diesel Fuel: Standard Diesel-Powered School Buses, High-Efficiency Diesel-Powered School Buses
2) By Alternative Fuel: Compressed Natural Gas (CNG) School Buses, Propane-Powered School Buses, Hydrogen Fuel Cell School Buses
3) By Hybrid-Electric: Plug-in Hybrid Electric School Buses, Non-Plug-in Hybrid Electric School Buses
4) By Battery-Powered: Full Battery Electric School Buses, Long-Range Battery Electric School Buses
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How Are New Trends Impacting The Size Of The School Bus Market?
Leading companies in the school bus market are turning their focus towards technological progresses, including Type-D school buses, for enhancing customer service. A school bus of Type D variety is built on a stripped chassis, and is commonly used for ferrying students in high-traffic areas and dense regions, offering improved service doors at the front and increased visibility for drivers. As an example, in October 2023, the GreenPower Motor Company Inc., an electric bus manufacturing and distribution company based in Canada, rolled out the Mega BEAST, a Type D school bus completely powered by electricity, known to have the longest range and biggest battery pack in the school bus market. The Mega BEAST is fitted with a 387 kWh battery pack, which permits it to cover up to 300 miles on a single charge. This long-distance capability makes the Mega BEAST a perfect choice for lengthy routes, rural regions, and educational districts lacking facilities for charging during the day.
Who Are the Key Players In The School Bus Market?
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.
What Are The Regional Insights Into The School Bus Market?
North America was the largest region in the school bus market in 2024. 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.
