Global School Bus Market 2019-2023 | Increase in Number of School Enrollments to Boost the Market | Technavio
LONDON--(BUSINESS WIRE)--May 23, 2019--
A new market research study by Technavio on the global school bus market projects the market to grow at a CAGR of more than 2% during the period 2019-2023. This research report provides an in-depth analysis of the market in terms of revenue, top drivers and emerging market trends. It also includes detailed insights and forecasts for all the market segments across different geographies.
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Technavio has published a new market research report on the global school bus market from 2019-2023. (Graphic: Business Wire)
Increase in number of school enrollments
The increasing global population, especially in countries such as China and India, has led to a rise in the number of children enrolling in schools. This is resulting in the increased demand for a large number of schools and adequate infrastructure about the education industry, which includes transportation and other amenities. Thus, the growing number of school enrollments will increase the demand for school buses, which will fuel the market growth during the forecast period.
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To ensure the effectivity of school buses, vendors in the market are increasingly focusing on bringing new technologies. For instance, the market recently witnessed the introduction of passenger management systems which helps in monitoring both the school children and the vehicle. Vendors have also launched technological platforms that provide vehicle diagnostics on a real-time basis which enhances the reliability of the vehicle. The introduction of such innovations is likely to create a positive impact on the global school bus market during the forecast period.
According to a senior analyst at Technavio for automobiles, “Governments across the world are increasingly taking initiatives to promote electric buses, which is encouraging major OEMs to venture in the electric bus segment. These measures are mainly introduced with a focus on reducing emissions from diesel and gasoline. This shift towards electric school bus is expected to be a positive trend during the forecast period.”
Lack of adequate charging infrastructure
Over the last decade, the concept of electric vehicles has spread its applications from only passenger vehicles and two-wheelers to various other segments such as light and heavy commercial vehicles. However, there is no adequate charging infrastructure in many potential markets, which is acting as a hindrance for the growth of the electric bus market. Thus, the focus toward building charging infrastructure is needed to make public and private enterprises adopt electric vehicles. It is expected that the initiatives and measures by governments to improve charging infrastructure will increase in the years to come, which will positively impact the market growth.
Top players in the global school bus market:
Some of the key topics covered in the global school bus market include:
Five Forces Analysis
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PUB: 05/23/2019 11:05 AM/DISC: 05/23/2019 11:05 AM