As of the third quarter of 2024, the GDP of the U.S. grew by 2.8 percent from the second quarter of 2024. GDP, or gross domestic product, is effectively a count of the total goods and services produced in a country over a certain period of time. It is calculated by first adding together a country’s total consumer spending, government spending, investments and exports; and then deducting the country’s imports. The values in this statistic are the change in ‘constant price’ or ‘real’ GDP, which means this basic calculation is also adjusted to factor in the regular price changes measured by the U.S. inflation rate. Because of this adjustment, U.S. real annual GDP will differ from the U.S. 'nominal' annual GDP for all years except the baseline from which inflation is calculated. What is annualized GDP? The important thing to note about the growth rates in this statistic is that the values are annualized, meaning the U.S. economy has not actually contracted or grown by the percentage shown. For example, the fall of 29.9 percent in the second quarter of 2020 did not mean GDP is suddenly one third less than a year before. In fact, it means that if the decline seen during that quarter continued at the same rate for a full year, then GDP would decline by this amount. Annualized values can therefore exaggerate the effect of short-term economic shocks, as they only look at economic output during a limited period. This effect can be seen by comparing annualized quarterly growth rates with the annual GDP growth rates for each calendar year.

According to recent estimates, the most affected sectors by the coronavirus pandemic in Latin America would be wholesale and retail trade as well as services in general, such as tourism, foodservice, transport, and communications. In 2020, this group of most affected sectors was forecasted to represent more than 16 percent of Brazil’s gross domestic product (GDP). Among the countries shown in this graph, Brazil is the nation where sectors moderately affected by the pandemic could represent the highest contribution to GDP (75.8 percent).

Which Latin American economies were most vulnerable to the pandemic? In 2020, the economic sectors most affected by the coronavirus pandemic - wholesale and retail, hotels and restaurants, transport and services in general - were forecasted to account for 35.5 percent of Panama’s GDP. In addition, the moderately and most affected economic segments were estimated to contribute the most to Panama’s GDP (a combined 97.6 percent) than any other country in this region. A similar scenario was projected in Mexico, where the sectors that would least suffer the pandemic's negative effects would account for only 3.4 percent of GDP.

Did the pandemic put a stop to economic growth in Latin America? Economic growth changed dramatically after the COVID-19 outbreak. Most of the largest economies in Latin America fell under recession in 2020. Estimates predict a more optimistic scenario for 2021, with countries such as Mexico, Colombia, and Argentina growing their GDP at least five percent.

Horizontal Panel Saw Market Outlook

The global market size of the Horizontal Panel Saw industry was valued at around USD 1.2 billion in 2023 and is projected to reach approximately USD 1.8 billion by 2032, growing at a compound annual growth rate (CAGR) of 4.5% during the forecast period. The increasing demand for precision cutting in various industries and advancements in automation technology are driving this growth.

One of the primary growth factors for the horizontal panel saw market is the burgeoning furniture manufacturing industry. With the rise in urbanization and the growing middle-class population, there has been a significant increase in demand for furniture, both residential and commercial. This demand necessitates efficient, precise cutting tools, which boosts the market for horizontal panel saws. Additionally, the trend towards customization in furniture design requires high precision cutting machinery, further driving market growth.

Another critical driver is the construction industry's expansion. The surge in construction activities, especially in emerging economies, demands robust and reliable cutting tools. Horizontal panel saws provide the necessary precision and efficiency required in cutting materials like plywood, MDF, and other panel products used extensively in construction. The growing focus on sustainable construction practices also promotes the use of engineered wood products, which in turn fuels the demand for horizontal panel saws.

Technological advancements in cutting machinery are also propelling market growth. Innovations such as CNC (Computer Numerical Control) integration, laser cutting technology, and automated feeding mechanisms enhance the efficiency and precision of horizontal panel saws. These advancements not only improve product quality but also reduce manual labor, thus attracting more industries to adopt these machines. Moreover, the push towards Industry 4.0 and smart manufacturing is further encouraging the integration of advanced technologies in horizontal panel saws.

Regionally, Asia Pacific is expected to dominate the horizontal panel saw market. The region's rapid industrialization, coupled with the growth of the furniture and construction industries, significantly contributes to market expansion. Countries like China and India are witnessing an upsurge in demand for efficient cutting tools due to their booming real estate and manufacturing sectors. North America and Europe are also substantial markets due to their established industries and focus on technological adoption. However, the Middle East & Africa and Latin America are anticipated to show moderate growth due to economic constraints and slower industrial development.

Product Type Analysis

The horizontal panel saw market is segmented by product type into manual, semi-automatic, and fully automatic machines. Manual horizontal panel saws, while less expensive, require significant operator skill and manual effort. They are primarily used in smaller workshops or by artisans who need flexibility and control over the cutting process. Despite being less efficient, manual saws still hold a niche market due to their cost-effectiveness and simplicity in operation.

Semi-automatic horizontal panel saws represent a balanced approach between manual and fully automatic systems. They incorporate some level of automation, reducing the physical strain on operators while increasing productivity. These machines are popular in medium-sized enterprises that seek to enhance efficiency without the substantial investment required for fully automated systems. The semi-automatic segment is expected to grow moderately due to its affordability and operational efficiency.

Fully automatic horizontal panel saws are at the forefront of technological advancement in the industry. These machines are equipped with advanced features like CNC control, automatic feeding, and laser-guided cutting, ensuring high precision and minimal human intervention. Large enterprises primarily use fully automatic saws due to their high initial investment and maintenance costs. However, their ability to significantly boost productivity and ensure consistent quality makes them a preferred choice for large-scale operations. This segment is anticipated to witness substantial growth as industries move towards automation and smart manufacturing practices.

Report Scope

The inflation rate in the United States is expected to decrease to 2.1 percent by 2029. 2022 saw a year of exceptionally high inflation, reaching eight percent for the year. The data represents U.S. city averages. The base period was 1982-84. In economics, the inflation rate is a measurement of inflation, the rate of increase of a price index (in this case: consumer price index). It is the percentage rate of change in prices level over time. The rate of decrease in the purchasing power of money is approximately equal. According to the forecast, prices will increase by 2.9 percent in 2024. The annual inflation rate for previous years can be found here and the consumer price index for all urban consumers here. The monthly inflation rate for the United States can also be accessed here. Inflation in the U.S.Inflation is a term used to describe a general rise in the price of goods and services in an economy over a given period of time. Inflation in the United States is calculated using the consumer price index (CPI). The consumer price index is a measure of change in the price level of a preselected market basket of consumer goods and services purchased by households. This forecast of U.S. inflation was prepared by the International Monetary Fund. They project that inflation will stay higher than average throughout 2023, followed by a decrease to around roughly two percent annual rise in the general level of prices until 2028. Considering the annual inflation rate in the United States in 2021, a two percent inflation rate is a very moderate projection. The 2022 spike in inflation in the United States and worldwide is due to a variety of factors that have put constraints on various aspects of the economy. These factors include COVID-19 pandemic spending and supply-chain constraints, disruptions due to the war in Ukraine, and pandemic related changes in the labor force. Although the moderate inflation of prices between two and three percent is considered normal in a modern economy, countries’ central banks try to prevent severe inflation and deflation to keep the growth of prices to a minimum. Severe inflation is considered dangerous to a country’s economy because it can rapidly diminish the population’s purchasing power and thus damage the GDP .

Snapshot img

Bus Market Size 2024-2028

The bus market size is estimated to increase by USD 19.07 billion, growing at a CAGR of 6.73% between 2023 and 2028. Market expansion hinges on various factors such as accelerated urbanization, stringent government regulations, incentives, and effective congestion and traffic management strategies. As cities grow rapidly, there is an increased demand for solutions that streamline transportation and infrastructure development. Government policies and incentives play a pivotal role in shaping market dynamics, encouraging innovation and investment in urban planning and mobility solutions. Effective congestion and traffic management strategies are crucial to optimizing urban mobility, reducing environmental impact, and enhancing quality of life. These factors collectively drive market growth in sectors ranging from transportation infrastructure and smart city technologies to sustainable urban development initiatives. Emphasizing sustainable and efficient urban solutions remains essential in meeting the challenges posed by urbanization while fostering economic growth and environmental stewardship.

What will be the Size of the Bus Market During the Forecast Period?

To learn more about this report, View Report Sample

Market Dynamics

In the transportation sector, vehicle configuration and fuel category significantly influence operating costs and fuel expenditures for various vehicles, including diesel transit vehicles and luxury coaches used in the tourism sector. With fluctuations in fossil fuel prices, operators of transit buses and tour buses navigate economic challenges while balancing passenger revenue and optimizing routes across the road network. Digital innovations like online ticketing and machine learning (ML) enhance operational efficiencies and passenger experience, streamlining booking processes and optimizing schedules. Addressing environmental pollution, particularly from air travel and road-based transport such as intercity and intracity buses, remains a priority. Governments and industry leaders focus on sustainable practices and integrating digital technology to mitigate environmental impacts while meeting the demands of modern transportation systems and enhancing overall travel experiences.

Key Driver

Rapid urbanization is the key factor driving the growth of the global market. Rapid urbanization has become a key driver for the global market in several countries, including the US, China, and India. There is a growing need for effective and environmentally friendly public transport systems, especially these vehicles, as cities such as Mumbai and Bangalore expand and populations concentrate in urban areas. The requirement to meet the transit needs of an expanding metropolitan population is a major driver of the global bus market. The Chinese government has made significant investments in public transportation infrastructure to accommodate the increased demand for public transportation in metropolitan areas, notably BRT networks.

Moreover, in China, more than 40 BRT lines were operating by 2020, handling millions of passengers daily. According to the United Nations Department of Economic and Social Affairs, 68% of the world's population is expected to reside in urban areas by 2050. This indicates the increased future demand for buses across the world, which is expected to drive the growth of the market during the forecast period.

Significant Trends

Technological advancements in electric vehicles are the primary trend shaping the global bus market growth. Since the global market is growing moderately, many manufacturers are entering into electric vehicle manufacturing. In addition, the need for technological advancements is also high - a factor that is encouraging electric bus manufacturers to focus on advancements in collaboration with technology-based companies. In line with this, Volvo and Nanyang Technological University in Singapore have signed a cooperation agreement on an R&D program for autonomous electric buses as a drive to create new solutions for sustainable public transport. It is expected that this technology, which is being developed by Volvo, will contribute to the future autonomous applications of Volvo.

Another technological advancement has been made to address the difficulty in charging - Li-ion batteries that can be charged with the help of solar power. For instance, Kiira Motors, a Uganda-based company, has come up with the Kayoola bus concept, which can run on solar power. Hence, the adoption of electric buses and significant technological advancements are expected to drive the demand for electric buses, which, in turn, will drive the market growth and trends during the forecast period.

Major Challenge

Inadequate bus infrastructure is a major challenge impeding the growth of the global market. The global market has significant challenges due to poor infrastructure, particularly in

The United States and the world underwent immense economic, social and economic change over the ten years since the last Resources Planning Act (RPA) Assessment, all of which have impacts on production and consumption of forest products. The data in this publication include recent trends (1990-2015) in global and U.S. forest products consumption, production, prices, and net trade. These data also include economic projections (2020-2070) of production, consumption, manufactured product prices, net trade, timber harvest levels, and timber prices, as influenced by four future scenarios regarding economic and population growth, and changing biomass energy demand through 2070. These RPA scenarios pair two alternative climate futures (Representative Concentration Pathways or RCPs) with four alternative futures (Shared Socioeconomic Pathways or SSPs) in the following combinations of U.S. socioeconomic growth: RCP 4.5 and SSP1 (lower warming-moderate, LM), RCP 8.5 and SSP3 (high warming-low, HL), RCP 8.5 and SSP2 (high warming-moderate, HM), and RCP 8.5 and SSP5 (high warming-high, HH).The USDA Forest Service (USFS) produces a periodic assessment of the conditions and trends of the Nation's renewable resources required by the Forest and Rangeland Renewable Resources Planning Act (RPA) of 1974. This RPA Assessment provides a snapshot of current U.S. forest and rangeland conditions and trends on all ownerships, identifies drivers of change, and projects 50 years into the future (https://www.fs.usda.gov/research/inventory/rpaa, Resources Planning Act (RPA) Assessment). For the 2020 RPA Assessment, a new market model named FOROM has been developed providing projections to 2070 for 20 wood products. The FOrest Resource Outlook Model (FOROM) is a global recursive dynamic partial equilibrium model of the forest sector that recognizes Resources Planning Act (RPA) Assessment regions as separate producing, consuming, and trading market regions within a complete global market (Johnston et al. 2021).The FOrest Resource Outlook Model (FOROM) is a global recursive dynamic partial equilibrium model of the forest sector that recognizes Resources Planning Act (RPA) Assessment regions as separate producing, consuming, and trading market regions within a complete global market. FOROM is calibrated to a base year and projects future market variables of price, production, consumption, and trade of primary and secondary forest products across various socioeconomic development paths. Further captured in the model are predicted changes in forest area and forest stocks (inventory volumes) by management category. The model also incorporates changes to forest inventory under specifications of productivity changes as driven by climate change and greenhouse gas accumulations. Model solutions generated by FOROM for the 2020 RPA were generated jointly with the RPA Forest Dynamics Model. For more information on the model, please refer to Johnston et al. (2021).

For more information about the RPA forest products market data, see Johnston et al. (2023).

The first edition of these data (https://doi.org/10.2737/RDS-2022-0073) was published on 11/04/2022. We recommend the use of this second edition, published on 07/10/2023, which includes the following updates: the standing stock projected by FOROM was re-calibrated to better align with the projection of the RPA Forest Dynamics Model. All other projections contained within the dataset remain unchanged. Minor metadata updates were made on 09/12/2023.

Valves (Cast & Ductile Iron) Market Outlook

The global market size for valves (cast & ductile iron) was valued at approximately USD 8.5 billion in 2023 and is projected to reach USD 13.2 billion by 2032, growing at a compound annual growth rate (CAGR) of 5.1% over the forecast period. This robust growth is driven by rising demand in various industries including oil & gas, water & wastewater treatment, and power generation. The increasing emphasis on infrastructure development and modernization, particularly in emerging economies, serves as a significant growth factor for this market.

The growth of the valves (cast & ductile iron) market is significantly influenced by the global surge in infrastructure projects. In developing regions, such as Asia Pacific and Latin America, governments are heavily investing in infrastructure to support economic growth, which is driving the demand for cast and ductile iron valves. These valves are pivotal in ensuring the effective management of water supply and sewage systems, making them indispensable in urban and rural infrastructure projects. Furthermore, the expanding industrial sector, coupled with the modernization of existing facilities, is bolstering the demand for robust, efficient, and durable valves, thereby propelling market growth.

Another critical growth driver is the increasing need for efficient water management systems. With the world facing severe water scarcity issues, there is an urgent need for effective water treatment and distribution systems. Valves made from cast and ductile iron are essential components in these systems due to their durability, corrosion resistance, and ability to withstand high-pressure conditions. This has led to a substantial increase in their adoption in water and wastewater treatment plants globally. Additionally, the implementation of stringent environmental regulations has necessitated the use of high-quality valves to ensure compliance, further driving market expansion.

The oil and gas industry remains a major consumer of cast and ductile iron valves. The ongoing exploration and production activities, along with the need for transportation and distribution of oil and gas, necessitate the use of reliable and durable valves. With the global energy demand on the rise, particularly from emerging economies, the oil and gas sector is expected to witness significant growth, thereby boosting the demand for cast and ductile iron valves. Moreover, the increasing number of petrochemical projects and the expansion of pipeline infrastructure are additional factors contributing to the market's growth trajectory.

Regionally, the Asia Pacific market is anticipated to witness the highest growth rate due to the rapid industrialization and urbanization in countries like China and India. North America and Europe are expected to maintain steady growth due to ongoing investments in infrastructure modernization and the presence of established industries. The Middle East & Africa region also shows promising growth potential, driven by investments in oil & gas exploration and infrastructure development. The Latin American market is set to grow moderately, with increasing investments in water and wastewater treatment projects.

Product Type Analysis

Gate valves dominate the market due to their widespread application in various industries including oil & gas and water & wastewater. These valves are highly preferred for their ability to provide a tight seal and their efficiency in managing the flow of liquids. The gate valves segment holds a significant market share and is expected to continue its dominance over the forecast period. Their simplicity of design and ease of operation make them suitable for a wide range of applications, ensuring their sustained demand in the market.

Globe valves are also a critical segment, known for their precision in flow regulation. These valves are highly effective in throttling applications, where the ability to control flow rates is crucial. The globe valves segment is gaining traction, particularly in the chemical and power generation industries, where precise flow control is essential. The continuous advancements in valve technology to improve their performance and reliability are expected to further bolster the demand for globe valves in the coming years.

Ball valves are another important segment, characterized by their robust design and ability to provide tight shutoff. These valves are extensively used in applications requiring quick and reliable isolation of flow. The ball valves segment