Bus Chassis Market: Introduction
Chassis is an integral part of the vehicle also known as support structure or frame of the vehicle. Bus Chassis consists of structural underframe, engine, radiator, wheels, axles, suspension, gearbox, transmission, dashboard, steering wheel, and driver’s seat. Bus Chassis bears all the stresses on the vehicle in both static and dynamic condition.
Chassis plays an important role in maintaining the drive comfort and durability of the structural components. Increasing demand for luxurious buses from private bus fleet owners and corporate offices is anticipated to support the demand for new buses and successively fuel the growth of bus chassis market all across the globe. Owing to the increasing sales of buses, the demand for durable, light weight and high strength Bus Chassis is estimated to witness significant growth during the forecast period. This in turn is anticipated to substantially contribute to the growing market of Bus Chassis during the forecast period.
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Bus Chassis Market: Dynamics
Growing concerns over pollution caused, particularly by automobiles, has forced governments in several nations to make few drastic dealings to maintain a regional or country level pollution check. This in turn is leading towards increasing investments in alternative fuels and electric vehicles. Significant increase in demand for electric buses is estimated to drive the growth of global bus chassis market during the forecast period. Rapidly increasing services sector in several countries, and rising trend of providing pick and drop facilities to the employees is estimated to be a key driving factor for the demand of new buses and consequently for the growth of bus chassis market.
Though the global Bus Chassis market is anticipated to witness significant growth in the coming years, the manufacturers have to face few challenges in order to generate maximum revenue from the target products. Lack of better inter-city public transportation facility in various countries is causing substantial increase in the private vehicle ownership. This in turn is estimated to contribute to the growing automotive market which subsequently act as a key restraining factor to the growth in demand for buses. However, increasing investment by governments in maintaining an easy and proper public commute is estimated to support the demand for buses and subsequently the bus chassis in the coming years. Increasing traction of passengers towards other means of transport including air transport, waterways and railways is also estimated to be a key challenging factor which might hinder the growth of the bus chassis market.
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Bus Chassis Market: Regional Outlook
Rapid urbanization in various developing countries across the globe, led to increase in demand for basic services including housing, water, sanitation and transport. Asia Pacific region is estimated to project significant opportunities in the global bus chassis market owing to relatively higher demand for public and private transit buses in the region. Countries including China and India are expected to be at the forefront in terms of growth in the global bus chassis market. Developed regions including North America and Europe is also estimated to witness significant growth in the coming years on the backdrop of increasing demand for electric buses.
Bus Chassis Market: Key Participants
Examples of some of the market participants identified across the value chain of the global Bus Chassis market include:
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- Dongfeng Motor Corporation
- TATA MOTORS
- Daimler India Commercial Vehicles Pvt. Ltd.
- Scania AB
- Eicher Motors Limited
- AB Volvo
- Ashok Leyland