Continued weak bus market in North America and Europe - increase in China and India

The global bus market is recovering in varying degrees. In Europe, volumes are lower compared to 2011. The number of registrations in southern Europe has declined significantly. The market is characterized by tough competition in all tenders.

In North America, the overall bus market remained weak and operators are restrictive with their investments. The South American market displayed a decline following the prebuy of buses in 2011 prior to the introduction of the Euro V emission regulations at the end of the year. The bus market in Mexico remained weak and largely reflects the trend in the US.

In Asia and the Pacific area, dampened demand for new buses was reported. China continued to grow in all segments. In India, the market for heavy buses increased 38% during the first quarter of 2012.