Electric Bus Market outlook
According to the report by Expert Market Research (EMR), the global electric bus market is projected to grow at a CAGR of 13.6% between 2024 and 2032. Aided by increasing demand for sustainable and eco-friendly transportation solutions and the growing applications of electric buses in public transportation, the market is expected to grow significantly by 2032.
Electric buses are a type of public transportation vehicle that uses electricity as its primary source of power instead of traditional fossil fuels. These buses are equipped with batteries that can be recharged, making them an eco-friendly alternative to diesel and gasoline-powered buses. The robust growth of the electric bus market is primarily driven by the rising need to reduce greenhouse gas emissions, government initiatives promoting electric mobility, and advancements in battery technology.
The increasing consumer preference for sustainable and green transportation is driving the global electric bus market growth. With the growing awareness of the environmental impact of fossil fuels, there has been a significant shift towards electric vehicles that offer zero emissions and lower operational costs. Additionally, the rising trend of urbanization and the need for efficient public transportation systems have further contributed to the increasing popularity of electric buses.
The expanding applications of electric buses in various sectors also play a significant role in propelling the market. In the public transportation sector, electric buses are used in city transit systems to reduce air pollution and improve urban mobility. The commercial sector utilises electric buses for corporate shuttles and intercity travel, providing a sustainable transportation solution for businesses. Moreover, electric buses are also gaining traction in the tourism sector, offering an eco-friendly way to transport tourists while reducing the carbon footprint.
The trend towards fleet electrification is gaining momentum, with public and private transportation operators transitioning to electric buses. This trend is driven by environmental concerns, cost savings, and government incentives.
The development and expansion of charging infrastructure are crucial for the growth of the electric bus market. Governments and private companies are investing in fast-charging stations and wireless charging solutions to support the adoption of electric buses, consequently driving up the electric bus market share.
The lower operational and maintenance costs of electric buses compared to traditional diesel buses are driving their adoption. Electric buses offer significant savings on fuel and maintenance, making them an economically viable option for public and private transportation operators.
The integration of autonomous driving technology with electric buses is an emerging trend. Autonomous electric buses offer the potential for improved safety, efficiency, and reduced operational costs, driving interest from transportation operators.
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Continuous advancements in battery technology, including improvements in energy density, charging speed, and cost reduction, are propelling the market. Innovations such as solid-state batteries and wireless charging are expected to further enhance the performance and adoption of electric buses.
Collaborations between electric bus manufacturers, battery suppliers, and transportation operators are fostering innovation and driving market growth. Partnerships are enabling the development of advanced electric bus models and charging solutions.
As per the electric bus market analysis, North America is a significant market driven by government initiatives and investments in electric mobility infrastructure. Europe is leading the market with strong policies supporting electric vehicle adoption and a focus on reducing carbon emissions. Asia-Pacific is the fastest-growing market, driven by rapid urbanisation, government incentives, and the presence of major electric bus manufacturers.
Electric Bus Market Segmentation
The market can be divided based on propulsion type, length, range, battery capacity, power output, and region
Market Breakup by Propulsion Type
- Fuel Cell Electric Vehicle (FCEV)
- Battery Electric Vehicle (BEV)
- Plug-in Hybrid Electric Vehicle (PHEV)
Material Breakup by Length
- Less than 9 meters
- 9-14 meters
- Above 14 meters
Market Breakup by Range
- Less than 200 miles
- More than 200 miles
Market Breakup by Battery Capacity
- Up to 400 kWh
- Above 400 kWh
Market Breakup by Power Output
- Up to 250kW
- Above 250 kW
Market Breakup by Region
- North America
- Europe
- Latin America
- Asia Pacific
- Middle East and Africa
Competitive landscape
The EMR report looks into the market shares, plant turnarounds, capacities, investments, and mergers and acquisitions, among other major developments, of the leading companies operating in the global electric bus market. Some of the major players explored in the report by expert market research are as follows:
- BYD Motors Inc.
- Solaris Bus & Coach sp. z o.o
- Volvo Group
- Yutong Bus Co., Ltd.
- VDL Bus & Coach BV
- Hyundai Motor Company
- Edison Motors Co., Ltd.
- Zhongtong Bus Holding Co., Ltd.
- IVECO S.p.A
- EvoBus GmbH (Daimler Truck)
- Others
