Market Insights Mobility Commercial Vehicles

Buses - Iceland

Iceland

The Buses market in Iceland is projected to reach 141.00vehicles unit sales by 2024.
It is expected to experience a compound annual rate of 0.58% from 2024 to 2030, resulting in a projected market volume of 146.00vehicles units by 2030.
This indicates the potential for growth in the Buses market.
From an international standpoint, the in China is expected to have the highest sales volume in 2024, with 537.50k vehicles units.
The demand for electric buses in Iceland is increasing due to the country's commitment to renewable energy and sustainable transportation.

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Analyst Opinion

The Buses market in Iceland has been experiencing significant growth in recent years, driven by various factors such as customer preferences, market trends, local special circumstances, and underlying macroeconomic factors. Customer preferences in the Buses market in Iceland have been shifting towards more environmentally friendly and sustainable options.

With increasing awareness of climate change and the need to reduce carbon emissions, customers are increasingly opting for electric and hybrid buses. These buses offer lower emissions and are more fuel-efficient, making them a popular choice among environmentally conscious customers. In addition to environmental concerns, customers in Iceland also prioritize safety and comfort when it comes to buses.

They prefer buses that are equipped with the latest safety features and offer a comfortable and spacious interior. This has led to an increased demand for buses with advanced safety technologies and improved passenger amenities. Trends in the Buses market in Iceland are also influenced by global and regional market dynamics.

For example, the growing trend of urbanization and the increasing need for public transportation in urban areas have resulted in a higher demand for buses. The government in Iceland has been investing in the development of public transportation infrastructure, which has further fueled the growth of the Buses market. Local special circumstances in Iceland, such as its unique geography and climate, also play a role in shaping the Buses market.

The country's rugged terrain and harsh weather conditions require buses that are specially designed to withstand these challenges. This has led to the development of buses with robust build quality and advanced features that can handle the demanding Icelandic environment. Underlying macroeconomic factors, such as economic growth and government policies, also influence the Buses market in Iceland.

A strong economy and favorable government policies that support public transportation infrastructure development have created a conducive environment for the growth of the market. Additionally, government subsidies and incentives for electric and hybrid buses have further boosted the demand for these vehicles. In conclusion, the Buses market in Iceland is experiencing growth due to customer preferences for environmentally friendly and safe buses, global trends in urbanization and public transportation, local special circumstances, and underlying macroeconomic factors.

The market is expected to continue to expand as customers increasingly prioritize sustainability and governments invest in public transportation infrastructure.

Methodology

Data coverage:

The data encompasses B2B enterprises. Figures are based on unit sales and production of buses.

Modeling approach:

Market sizes are determined through a combined Top-Down and bottom-up approach, building on specific predefined factors for each market. As a basis for evaluating markets, we use annual financial reports of the market-leading companies and industry associations, third-party studies and reports, survey results from our primary research (e.g., the Statista Consumer Insights Global survey). In addition, we use relevant key market indicators and data from country-specific associations, such as consumer spending per capita on transportation and consumer price index for purchase of vehicles. This data helps us estimate the market size for each country individually.

Forecasts:

In our forecasts, we apply diverse forecasting techniques. The selection of forecasting techniques is based on the behavior of the relevant market. For example, linear regression, the S-curve function and exponential trend smoothing methods are applied.

Additional notes:

The data is modeled using current exchange rates. The impact of the COVID-19 pandemic and the Russia-Ukraine war are considered at a country-specific level. The market is updated twice a year.