Electric Bus Market

Electric Bus Market Size (2023-2028):

The Global Electric Bus Market was worth US$ 51.92 billion in 2022 and is anticipated to reach a valuation of US$ 97.8 billion by 2028 and is predicted to register a CAGR of 13.50% during 2023-2028.

With expanding need for controlling GHG (Greenhouse gases) emissions emitted by vehicles, the government is encouraging the utilization of electric-powered vehicles across various states, which is boosting the demand for electric buses. The growth of the electrical bus market has contributed to increasing concerns about the depletion of fossil fuels and environmental pollution.

Market Drivers:

The global electric bus market sales are driven by different elements. It is predicted that the world has only 50 years of oil left if used in a present manner. As a result, nations across the globe are turning towards energy sources. Past few years, different government legislations are enforcing clean fuel acts. The move is meant to attenuate pollution which has ill effects on people as per World Health Organization (WHO), pollution causes approximately 100,000 deaths annually in the Europe region, lessening the average lifetime of a person by a year at a minimum. Hence so as to curb the perils of pollution, nations are investing in the global electric bus market. Technological developments and the implementation of high-end batteries are predicted to lower EV bus prices by almost 20% by 2025. Other features that add up to demand are high fuel efficiency, higher ROI, and noise efficient compared to standard buses.

Market Restraints

The price of electric buses is far higher as compared to their conventional counterparts. The demand for conveyance vehicles has been on the increase with rapid urbanization and increasing population, especially within the developing economies of the planet. Moreover, the selected pricing of electrical buses is bounding their acceptance in these price-sensitive countries. The shortage of electrical vehicle (EV) charging infrastructure is additionally hindering the penetration of electric buses within the conveyance system across countries, thereby restraining the expansion of the global electric bus market.

Market Recent Developments:

• Nanyang Technological University, Singapore (NTU Singapore) and Volvo Buses have introduced the world’s first full-capacity size, autonomous electric bus. The single-deck Volvo Electric bus is 12 meters long and features a full capacity on the brink of 80 passengers.
• The all-new Volvo 7900 Electric is such a lot quite an electrical bus. It’s an enabler, a tool that provides you totally new possibilities to develop your conveyance – and your whole city. The Volvo 7900 Electric can run everywhere. Silent and clean, with no climate emissions, it can go where people actually want to travel.
• Fully electric buses are being employed by Buses Vule and STP Santiago to serve Santiago public transportation. Yutong's delivery comes due to the Chilean government having announced an eco-friendly urban development policy, part of which incorporates a program to change the current city buses with new-energy vehicles by 2050.

ELECTRIC BUS MARKET REPORT COVERAGE:

Market Segmentation:

Electric Bus Market - By Vehicle Type:

• Battery Electric Bus
•  Plug-in Hybrid Electric Bus

Of these, BEB was the leading category based on volume, accounting for 75% share in 2017. Moreover, the category is predicted to witness considerable growth within the market during the forecast period, due to declining battery prices and therefore the minimum levels of carbon emissions it offers. Plug-in electric buses need a plug-in power source for charging and then the combustion engine will improve the motor, which assists in the battery recharge and stores the energy condition. Hybrid electric buses will save energy while braking/decelerating, therefore used in high-intensity tasks.

Electric Bus Market - By Consumer Segment:

•  Government
•  Fleet Operators

Market Reginal Analysis:

The Global Electric Bus Market Report includes the segmentation of regions:

• North America - U.S, Canada

• Europe - Norway, Germany, Sweden

• Asia Pacific - China, India, Japan

• Latin America - Brazil, Mexico, Argentina

• Middle East and Africa - Middle East, Africa

The North America electric bus market is the key region for engaged players in the global business. In 2017, the electric bus has registered almost 2.5% of the latest transportation system sales in the U.S. Over 67% of electrical bus sales are predicted to expand exponentially by 2025. BYD and Proterra calculated a major portion of regional sales. In addition, New Flyer of America recorded excellent sales in the last half of 2017 and 2018. New players try to emerge within the market through partnerships or mergers and acquisitions as the industry is very consolidated. Sales in North America are going to be primarily driven by rising school electric bus demand.

Of these, the Asia Pacific, dominated by China, registered the best volume sales of those buses in 2017, accounting for quite 95% market share. Further, the region is predicted to continue being the most important market over the calculated period, due to the consolidation and concentration of key players in China. In Asia Pacific, South Korea, India, and Japan are profitable regions for the industry market. 

Market Key Players:

Some of the major players in the global electric bus market are 

1. AB Volvo
2. Zhengzhou Yutong Group Co. Ltd.
3. Shenzhen Wuzhoulong Motors Co. Ltd.
4. Daimler AG
5. BYD Company Limited
6. King Long United Automotive Industry Co. Ltd.
7. Alexander Dennis Limited
8. New Flyer Industries Inc.
9. EBUSCO
10. Solaris Bus & Coach S.A.
11. Proterra Inc.