HS Code:
Motor vehicles for the transport of ten or more persons, including the driver (HS Code: 8702), encompass a range of vehicles such as buses, coaches, and minibuses designed for public or private mass transportation. This category includes both diesel and electric-powered vehicles and is critical for urban and intercity transit systems globally. Trade in this category is influenced by factors such as urbanization, environmental regulations, and infrastructure development.
Total Trade Volume
USD 15.3 billion
Data from 2022
Source
United Nations Comtrade Database
Average Rate
8.5%
Highest Rate
25% (imposed by certain developing countries to protect domestic industries)
Lowest Rate
0% (under free trade agreements such as EU internal trade or USMCA)
Shift towards electric buses
Increasing demand for electric and hybrid buses due to environmental regulations and government subsidies, particularly in Europe and China, driving innovation and trade in EV technology.
2021-2023
Urbanization and public transport expansion
Rapid urbanization in Asia and Africa boosts demand for mass transit vehicles, leading to higher imports of buses and minibuses in these regions.
2020-2022
Supply chain disruptions
Post-COVID supply chain issues and semiconductor shortages have slowed production and trade, increasing costs and delivery times for manufacturers globally.
2021-2022
The European Union's Green Deal has introduced stricter emission norms and incentives for electric bus adoption, prompting manufacturers to shift production lines towards zero-emission vehicles.
January 2023
Increased exports of electric buses from EU countries to other regions, alongside higher compliance costs for non-EU exporters.
China has significantly increased its export of electric buses, driven by companies like BYD, which have captured markets in Latin America and Europe with competitive pricing and government support.
March 2023
Intensified competition for traditional diesel bus manufacturers and a shift in global trade dynamics favoring electric vehicle exporters.
The US Infrastructure Investment and Jobs Act allocates significant funding for public transit modernization, including the purchase of new buses, with a preference for domestically produced vehicles.
November 2021
Reduced import dependency in the US market, potentially affecting exporters from Europe and Asia.