Market Insights Mobility Commercial Vehicles

Buses - Vietnam

Vietnam

In Vietnam, the Buses market is projected to see unit sales of 100.00vehicles by 2024.
This indicates the expected demand for Buses market in the country.
Furthermore, it is expected that the unit sales will experience a compound annual rate (CAGR 2024-2030) of 0.33%.
As a result, the market volume is projected to reach 100.00vehicles by 2030, showcasing the potential growth of the Buses market in Vietnam.
Additionally, the production of Buses market in Vietnam is anticipated to reach 1.57k vehicles by 2030.
This demonstrates the capacity for the Buses market to expand and meet the increasing demand within the country.
From an international perspective, it is noteworthy that a significant portion of the sales is expected to occur the in China, with a projected figure of 472.90k vehicles for 2024.
This highlights the importance of the US market for the global Buses market industry.
Vietnam is experiencing a growing demand for electric buses in its commercial vehicles market, driven by government initiatives and a focus on sustainable transportation.

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Analyst Opinion

The Buses market in Vietnam has been experiencing significant growth in recent years, driven by several key factors. Customer preferences, trends in the market, local special circumstances, and underlying macroeconomic factors have all contributed to the development of the Buses market in Vietnam.

Customer preferences in Vietnam have shifted towards more sustainable and environmentally friendly modes of transportation. As a result, there has been an increased demand for buses, which are seen as a greener alternative to private vehicles. Additionally, buses offer a cost-effective and efficient mode of transportation for both urban and rural areas, making them a popular choice among Vietnamese consumers.

Trends in the market also play a crucial role in the development of the Buses market in Vietnam. The government has been actively promoting the use of public transportation, including buses, as a means to reduce traffic congestion and air pollution in major cities. This has led to increased investments in the development of the public transportation infrastructure, including the expansion of bus networks and the introduction of new bus routes.

Local special circumstances in Vietnam, such as the country's rapid urbanization and population growth, have further fueled the demand for buses. As more people migrate to urban areas, the need for efficient and reliable public transportation options becomes increasingly important. Buses provide a practical solution for commuting within cities and connecting different regions of Vietnam.

Underlying macroeconomic factors have also contributed to the growth of the Buses market in Vietnam. The country's strong economic growth has resulted in an expanding middle class with higher disposable incomes. This has led to an increase in consumer spending, including on transportation services.

Furthermore, the government's focus on infrastructure development and investment in the transport sector has created a favorable business environment for bus manufacturers and operators. In conclusion, the Buses market in Vietnam is developing due to customer preferences for sustainable transportation, trends in the market promoting public transportation, local special circumstances such as urbanization and population growth, and underlying macroeconomic factors including economic growth and government investment in infrastructure. These factors have created a conducive environment for the growth of the Buses market in Vietnam, and the industry is expected to continue expanding in the coming years.

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.