Market Insights Mobility Commercial Vehicles

Buses - Norway

Norway

In Norway, the Buses market is set to witness a significant growth in unit sales, with a projected figure of 1.11k vehicles by 2024.
This growth is expected to continue at an annual rate of 2.54% between 2024 and 2030, resulting in a market volume of 1.29k vehicles by the latter year.
The production capacity of the Buses market is also expected to expand, reaching 2.80k vehicles by 2030, indicating the potential for further growth in this market.
From an international perspective, it is noteworthy that the in China is anticipated to be the leading market for Buses market, with sales reaching 537.50k vehicles in 2024.
Norway leads the way in the commercial vehicle market for buses, with a strong focus on electric and sustainable solutions.

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Analyst Opinion

The Buses market in Norway has been experiencing significant growth in recent years. Customer preferences in the Buses market in Norway have been shifting towards more environmentally friendly options.

With a strong focus on sustainability and reducing carbon emissions, there has been a growing demand for electric and hybrid buses. This trend is in line with global efforts to combat climate change and reduce dependence on fossil fuels. Customers are also looking for buses that offer comfort, safety, and advanced technology features.

One of the key trends in the Buses market in Norway is the increasing adoption of electric buses. The Norwegian government has been actively promoting the use of electric vehicles, including buses, through various incentives and subsidies. This has led to a rise in the number of electric buses in the country's public transportation fleet.

Electric buses not only help reduce carbon emissions but also offer cost savings in terms of fuel and maintenance. Another trend in the Buses market in Norway is the growing popularity of articulated buses. These buses are longer and have a bendable joint in the middle, allowing for increased passenger capacity.

With the increasing urbanization and population density in major cities, there is a need for buses that can accommodate more passengers. Articulated buses provide a solution to this challenge by maximizing seating capacity while still being able to navigate through city streets. Local special circumstances in Norway, such as the geography and climate, also play a role in shaping the Buses market.

Norway has a rugged terrain with many mountains and fjords, which can pose challenges for transportation infrastructure. Buses need to be designed to navigate these challenging landscapes and provide reliable transportation options to remote areas. Additionally, the cold climate in Norway requires buses to have efficient heating systems and be able to withstand harsh winter conditions.

Underlying macroeconomic factors in Norway contribute to the development of the Buses market. The country has a strong economy with high purchasing power, allowing for increased investment in public transportation infrastructure. The government's focus on sustainable transportation and the promotion of electric buses also creates a favorable environment for market growth.

Additionally, the presence of well-established bus manufacturers and suppliers in Norway supports the development of the market. In conclusion, the Buses market in Norway is experiencing growth due to customer preferences for environmentally friendly options, such as electric and hybrid buses. The adoption of articulated buses is also on the rise to meet the increasing demand for higher passenger capacity.

Local special circumstances, such as the geography and climate, and underlying macroeconomic factors, including a strong economy and government support, further contribute to the development of the market.

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.