The global bus seating systems market size is expected to grow by USD 2.46 billion during 2020-2024. The report also provides the market impact and new opportunities created due to the COVID-19 pandemic. We expect the impact to be significant in the first quarter but gradually lessen in subsequent quarters with a limited impact on the full-year economic growth.
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Technavio has announced its latest market research report titled Global Bus Seating Systems Market 2020-2024 (Graphic: Business Wire)
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Buses are one of the most convenient and popular modes of transportation in cities. For instance, as of 2016, more than 1.6 million buses were registered in India, of which the public sector operates about 170,000 buses transporting about 70 million people per day. This leads to an increased need for funding for capital investments in the development of proper infrastructure, vehicles, and technologies to support the increasing travel demand. The government of India launched the National Urban Renewal Mission (NURM) by allocating funds to revamp the infrastructure. 361.64 miles of Bus Rapid Transit System (BRTS) is proposed, of which 137.94 miles is operational and the remaining 175.22 miles is under construction. The government has also proposed to open up the public bus sector to the private companies. Similarly, in the US, the regional transportation agencies have integrated private commuter buses as alternative transportation. Such high investments and initiatives by governments will propel bus transportation, thereby driving market growth.
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As per Technavio, the increasing demand for comfort and incorporation of luxury seats will have a positive impact on the market and contribute to its growth significantly over the forecast period. This research report also analyzes other significant trends and market drivers that will influence market growth over 2020-2024.
Bus Seating Systems Market: Increasing Demand for Comfort And Luxury Seats
Over the years, the image of long-distance travel in bus was characterized by uncomfortable seats, bumpy roads, and overloaded fellow passengers. Therefore, most people used to stick to airplanes, trains, and automobiles for intercity travel. Bus companies have worked hard to change this impression over the years. Offerings, such as leather seats, onboard movies, reclining seats, and free Wi-Fi among others have changed the image of traveling in a bus in the minds of passengers. Moreover, suppliers such as Faurecia, Johnson controls, and Continental are working on other developments which will allow the vehicle seats to adjust automatically to the user preferred settings stored by the memory function. Therefore, it is expected that the demand for integration of additional functionality will allow an increase in adoption of comfort and luxury seats among wider application areas. These developments would increase the demand for luxury and comfort in bus seats, which would drive the market for global bus seating systems during the forecast period.
"Other factors such as the expansion in tourism and private bus transportation services, and potential integration of bus driver seat with automatic emergency braking system will have a significant impact on the growth of the bus seating systems market value during the forecast period," says a senior analyst at Technavio.
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Bus Seating Systems Market: Segmentation Analysis
This market research report segments the bus seating systems market by type (coach buses, transit buses, school buses, and transfer buses) and geography (APAC, Europe, North America, South America, and MEA).
The APAC region led the bus seating systems market share in 2019, followed by Europe, North America, South America, and MEA respectively. During the forecast period, the APAC region is expected to register the highest incremental growth due to factors such as the increasing demand for buses, flourishing market of e-buses, and favorable government policies and initiatives such as subsidies to promote the public transport infrastructure.
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Some of the key topics covered in the report include:
Market Drivers
Market Challenges
Market Trends
Vendor Landscape
- Vendors covered
- Vendor classification
- Market positioning of vendors
- Competitive scenario
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