Bus Market Overview in Iceland
Market Overview
In 2019, the Icelandic bus market decreased by -
% to $, falling for the third consecutive year after six years of growth. Overall, consumption, however, recorded a notable expansion. The most prominent rate of growth was recorded in 2016 with an increase of % against the previous year. As a result, consumption attained the peak level of $. From 2017 to 2019, the growth of the market remained at a somewhat lower figure.
% to $, falling for the third consecutive year after six years of growth. Overall, consumption, however, recorded a notable expansion. The most prominent rate of growth was recorded in 2016 with an increase of % against the previous year. As a result, consumption attained the peak level of $. From 2017 to 2019, the growth of the market remained at a somewhat lower figure.Consumption
In 2019, consumption of public-transport type passenger motor vehicles decreased by -% to units, falling for the second consecutive year after seven years of growth. Overall, consumption, however, enjoyed resilient growth. The pace of growth was the most pronounced in 2016 when the consumption volume increased by % against the previous year. Over the period under review, consumption attained the maximum volume at units in 2017; however, from 2018 to 2019, consumption stood at a somewhat lower figure.
The revenue of the bus market in Iceland dropped dramatically to $ in 2019, with a decrease of -% against the previous year. This figure reflects the total revenues of producers and importers (excluding logistics costs, retail marketing costs, and retailers' margins, which will be included in the final consumer price). In general, consumption, however, saw a tangible expansion. The growth pace was the most rapid in 2016 with an increase of % y-o-y. As a result, consumption reached the peak level of $. From 2017 to 2019, the growth of the market remained at a lower figure.
% to units, falling for the second consecutive year after seven years of growth. Overall, consumption, however, enjoyed resilient growth. The pace of growth was the most pronounced in 2016 when the consumption volume increased by % against the previous year. Over the period under review, consumption attained the maximum volume at units in 2017; however, from 2018 to 2019, consumption stood at a somewhat lower figure.The revenue of the bus market in Iceland dropped dramatically to $
in 2019, with a decrease of -% against the previous year. This figure reflects the total revenues of producers and importers (excluding logistics costs, retail marketing costs, and retailers' margins, which will be included in the final consumer price). In general, consumption, however, saw a tangible expansion. The growth pace was the most rapid in 2016 with an increase of % y-o-y. As a result, consumption reached the peak level of $. From 2017 to 2019, the growth of the market remained at a lower figure.Market Forecast
Driven by increasing demand for bus in Iceland, the market is expected to continue an upward consumption trend over the next decade. Market performance is forecast to accelerate, expanding with an anticipated CAGR of +% for the period from 2019 to , which is projected to bring the market volume to units by the end of .
% for the period from 2019 to , which is projected to bring the market volume to units by the end of .Trade Balance
Iceland remains a net importer of bus; in physical and value terms, imports consistently exceeded exports from 2007 to 2019. In 2019, there was a significant trade deficit of units, which was equal to $. This tangible trade deficit reflects the fact that the market remains dependent on imports, which is likely to continue in the medium term.
units, which was equal to $. This tangible trade deficit reflects the fact that the market remains dependent on imports, which is likely to continue in the medium term.
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