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Transit Bus Market Share

Report ID: GMI7238
Published Date: Dec 2024
Report Format: PDF

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Transit Bus Market Share

BYD, Yutong and Volvo collectively held a substantial market share of over 30% in the transit bus industry in 2024. BYD has established itself as a global leader in the electric bus market, leveraging China's strong support for green public transport. The company is expanding its electric bus portfolio in China and key international markets, including the U.S., Europe, and Latin America.

BYD focuses on developing buses with extended ranges, faster charging, and advanced features, targeting urban and intercity transit. Strategic partnerships with governments and transit authorities, along with significant investments in proprietary battery technology, enable BYD to secure large contracts and maintain a competitive edge.

Yutong is expanding globally into Europe, Asia, and Africa. The company uses advanced manufacturing and competitive pricing to secure contracts in emerging markets like the Middle East and South America. In Europe, Yutong is strengthening its presence in the electric bus segment by offering eco-friendly products that meet stringent EU regulations.

Volvo prioritizes electrification in its transit bus strategy, aligning with global and European zero-emission mandates. Its electric buses are widely adopted in cities like London and Gothenburg, driven by the EU's green initiatives. Volvo also offers hybrid solutions for clients transitioning to fully electric fleets, broadening its product range and supporting gradual adoption of sustainable transport.

Transit Bus Market Companies

Major players operating in the transit bus industry are:

Ashok Leyland
BYD
Daimler
MAN
NFI Group
Scania
Tata Motors
VDL Bus & Coach
Volvo
Yutong

Authors: Preeti Wadhwani, Aishvarya Ambekar

Frequently Asked Questions (FAQ) :

The market size of transit bus reached USD 488.7 billion in 2024 and is set to grow at a CAGR of 8.3% from 2025 to 2034, driven by increasing urbanization and population density.

The 40-70 seats segment is projected to surpass USD 560 billion by 2034, led by the adoption of electric powertrain technologies and high-capacity battery systems optimized for urban transit.

Chinas market held over 55% of the global revenue share in 2024, propelled by stringent government policies, subsidies, and incentives promoting electric buses to reduce emissions and improve urban air quality.

The key players in the industry include Ashok Leyland, BYD, Daimler, MAN, NFI Group, Scania, Tata Motors, VDL Bus & Coach, Volvo, and Yutong.