Global Smart Bus System Market Size, Share, Growth, Trends, and Global Industry Analysis: By Type (Smart Bus Shelter, Smart Bus Display, Smart Bus Card Reader, and Others), By Application (City Bus and Water Bus), and Region Forecast 2019-2030

Smart Bus System Market size was valued at US$ 6,372.3 million in 2023 and is anticipated to grow at a CAGR of 7.7% from 2024-2030. A smart bus system is referred to as a modern technology-driven system that incorporates various technologies to enhance the safety, efficiency, and overall passenger experience of public transportation services, including bus services.

The rising urban population and congestion in cities across the globe are significant drivers for the increased revenues of the market. The demand for an efficient public transport system is on the rise as the urban population increases. This rising demand for public transportation also increases traffic congestion which leads to longer travel times and reduced productivity. Smart bus system offers technology-driven solutions to reduce congestion and improve the overall productivity of public transportation. The smart bus system incorporates smart bus technology such as smart bus routes that leverage real-time data and advanced algorithms to dynamically adjust their routes and timetables based on real-time traffic conditions, passenger demands, and other relevant factors, which in turn monitor traffic patterns and avoid traffic congestion.

In addition, rapid technological advancements further contribute to the development of the market. As there is an ongoing advancement in technology, the focus and awareness regarding the incorporation of these technologies to optimize the efficiency of public transportation systems like bus service increases. Several advanced technologies such as the Internet Of Things, cloud services platforms, GPS Module, and location locking are being increasingly used in smart bus systems to optimize the movement of the bus. The increased demand for these technologies ultimately increases the growth of the market.

However, strict government regulations, supply chain disruptions, and changing consumer preference stands as potential restraints to market growth. Meanwhile, the increase in the digitalization trend across the globe can create significant opportunities for the growth of the market over the forecasted years. The key players in the market are further contributing to the development of the market by announcing launches, collaborations, and acquisitions. For instance, in April 2021, IntrCity acquired in-bus applications & telematics platform, GoldSeat to expand its service offerings.

Key Developments

• In December 2021, IntrCity collaborated with Daimler India Commercial Vehicles (DICV) to launch intercity buses, pre-fitted with a mobility operating system.
• In July 2020, ViaVan partnered with EMT to launch first on-demand public transport service in Madrid.