The U.S. bus market exhibited consistent growth from 2013 to 2019, albeit at modest year-on-year variation percentages. The value stood at 956.16 thousand in 2023, indicating a positive trajectory post the significant dip in 2020, which was impacted by the global pandemic. The market showed resilience with a noteworthy 15.55% increase in 2021, followed by steady growth up to 2023. Looking into the forecasts from 2024 to 2028, the market is expected to continue its upward trend with a modest CAGR of 0.73%, indicating a 3.7% growth rate over the five-year period.
Key Variations and Trends:
- 2013-2019: Gradual increase with low single-digit YoY variations.
- 2020: Sharp decline due to pandemic effects (-16.19% YoY).
- 2021-2023: Recovery phase with robust growth and stabilization.
- 2024-2028: Expected steady upward trend with a forecast CAGR of 0.73% over five years.
Future trends to watch include advancements in electric and autonomous bus technologies, shifts in public transportation policies, and potential impacts of sustainable transportation initiatives on the market dynamics. Environmental regulations and urbanization rates will also play crucial roles in shaping the future of the U.S. bus market.
