Market Size of Canada School Bus Industry
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| Forecast Data Period | 2024 - 2029 |
| Historical Data Period | 2019 - 2022 |
| CAGR | 4.00 % |
| Market Concentration | High |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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Canada School Bus Market Analysis
The Canadian school bus market is valued at USD 352.92 Million in 2021 and is projected to grow at a value of USD 446.56 Million at a CAGR of 4.0% during the forecast period 2022-2027.
In the wake of the COVID-19 pandemic, the market is expected to witness nominal growth due to continuous lockdown and travel restrictions across the country. 2020 was the year that saw the downfall of all the major automotive industries, especially the school bus market across Canada, due to the widespread of COVID-19.
The advantage of school buses over the other modes of transport for students is also one reason for augmenting the market's growth during the forecast period. School buses are generally built with high safety standards, protective seating, rollover protection, etc. The rising number of children enrolling in schools across Canada is likely to increase the demand for school buses across the country. This results in the increased demand for a large number of schools and adequate infrastructure for the education industry, which includes transportation and other amenities.
The increasing adoption of electric vehicles in the commercial vehicle segment has influenced the school bus segment across Canada. Electric buses are 2 to 3 times more expensive to manufacture than diesel equivalents, and many of the low-income areas with the most children in need of cleaner commutes are also the ones least able to afford to replace their fleets, which is likely to restrain the market.
