Global School Bus Market 2019-2023 | Technological Innovations to Boost Growth | Technavio
LONDON--(BUSINESS WIRE)--Nov 14, 2019--
The global school bus market is expected to post a CAGR of over 2% during the period 2019-2023, according to the latest market research report by Technavio. Request a free sample report
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Technavio has announced its latest market research report titled global school bus market 2019-2023 (Graphic: Business Wire)
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 schools and supporting infrastructure which includes transportation and other amenities. Thus, the growing number of school enrolments will increase the demand for school buses, leading to market growth during the forecast period.
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As per Technavio, the technological innovations will have a positive impact on the market and contribute to its growth significantly over the forecast period. This research report also analyzes other important trends and market drivers that will affect market growth over 2019-2023.
Global School Bus Market: Technological Innovations
Vendors in the market are increasingly focusing on bringing new technologies to ensure the efficiency and safety of school buses. For instance, the market recently witnessed the introduction of passenger management systems which help in monitoring both the school children as well as the vehicle. Some of the key market players are also launching technological platforms that provide vehicle diagnostics on a real-time basis to enhance the reliability of these vehicles. The introduction of these innovations are likely to create a positive impact on the global school bus market during the forecast period.
“Increasing initiatives of the government toward the adoption of electric buses, and rising awareness of the advantages of school buses over other conventional modes of transportation are some other major factors that will boost market growth during the forecast period”, says a senior analyst at Technavio.
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Global School Bus Market: Segmentation Analysis
This market report segments the global school bus market by powertrain (ICE-powered and electric) and geography (APAC, Europe, MEA, North America, and South America).
North America led the market in 2018, followed by APAC, Europe, MEA, and South America, respectively. Rising focus on replacing aging vehicles and the expansion of existing fleets are some of the key factors that will drive the school bus market in North America. Furthermore, the introduction of new emission standards to improve fuel economy and growing focus on the adoption of electric vehicles will further drive the school bus market in the region.
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Some of the key topics covered in the report include:
Five Forces Analysis
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INDUSTRY KEYWORD: OTHER TRANSPORT ALTERNATIVE VEHICLES/FUELS TRANSPORT OTHER AUTOMOTIVE AUTOMOTIVE
SOURCE: Technavio Research
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