School Bus Market Size & Share Analysis - Growth Trends & Forecasts (2023 - 2028)


School Bus Market Analysis:

1. The school bus market has been valued at USD 3.95 billion in 2021, and it is projected to grow at a CAGR of over 6.59% in terms of revenue over the next five years. The report provides insights into the market dynamics, latest trends, size, share, and industry overview.

2. The COVID-19 pandemic had a negative impact on the school bus industry due to manufacturing shutdowns, lockdowns, and trade restrictions. The closure of schools worldwide and the adoption of homeschooling models eliminated the need for new school buses, resulting in double-digit declines in 2020. However, the market is expected to recover in the coming years as automotive manufacturers resume operations and implement contingency plans to mitigate future uncertainties. Additionally, increasing investments in R&D, a rise in sales of electric school buses, and increasing enrolment of children in schools are creating demand in the automotive and transportation industry, leading to a surge in sales of school buses. Key players in the market are expanding their production capacity to cater to the increased demand for electro-hydraulic power steering systems, such as Thomas Built Buses, which announced its plan to start an additional shift at its Saf-T-Liner C2 Plant in High Point, North Carolina, United States, adding new 250 jobs at the same manufacturing site in May 2022.

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