Global Electric Bus Market Size & Growth Trends Analysis Report

The electric bus market as the name suggests refers to the industry segment that involves the production, sales, and deployment of buses powered by electric propulsion systems. These are vehicles that use electricity as their primary source of energy instead of traditional fossil fuels such as diesel or gasoline. The largest contributor to the emission of greenhouse gases is the transport sector which causes air pollution. Therefore, to control the increasing air pollution various countries are compelling their states to adopt electric buses. Government policies and initiatives have played a crucial role in driving the growth of the entire electric bus market. Many countries have also implemented supportive regulations, and financial incentives, and provide subsidies to encourage the adoption of electric vehicles, including buses. The advancements in battery technology have significantly contributed to the growth of electric buses. Moreover, urbanization and the increasing demand for efficient and sustainable public transportation have boosted the electric bus market.

The electric bus market, while experiencing significant growth, also faces several challenges. One of the primary challenges is the high upfront cost of electric buses. Electric buses typically have a higher purchase price compared to conventional buses, primarily due to the cost of battery systems. Another challenge is the limited availability and accessibility of charging infrastructure. Range anxiety and battery performance are also significant concerns. While battery technology has improved, electric buses still face limitations in terms of range and charging time compared to conventional buses. Maintenance and servicing of electric buses require specialized skills and knowledge. Lastly, concerns about the lifecycle and performance of battery systems exist. There are multiple safety concerns as well in the EV batteries mainly due to heavy rain, overcharging of the batteries, etc.

However, the transition towards fuel cell electric vehicles (FCEVs), which use pure hydrogen as their fuel brings a humongous opportunity for the entire global electric bus market. These vehicles only emit water vapor and don’t emit any harmful greenhouse gases. The multiple recharging of batteries in a long commute is also heavily reduced through the use of these fuel-cell electric vehicles. Similarly, the incorporation of artificial intelligence in the upcoming years has created lucrative new opportunities in terms of autonomous driving in electric buses with improved operational efficiency.

Segmentation

The global electric bus market can be segmented into bus type, vehicle length, battery capacity, charging infrastructure, end user, and region. By bus type, the electric bus market can be segmented into battery electric buses (BEBs) and plug-in hybrid electric buses (PHEBs). By vehicle length, the market can be segmented into standard-length buses and articulated buses. Standard-length buses are typically 10 to 12 meters long and are the most common size for urban transit applications. By battery capacity, the market can be segmented into high-capacity buses and medium-capacity buses. By charging infrastructure, the market can be segmented into depot charging and opportunity charging. By end-users, the market can be segmented into public transportation agencies and private fleet operators. The private fleet operators also have a strong eye for the changing market environment of the intercity and intracity buses. However, the large budget provided by the government has made the public transport agencies dominate the electric bus market.

Regional Analysis

The Asia Pacific is anticipated to be the largest market for the electric bus market in the upcoming years, wherein, China leads the global electric bus market, primarily due to its strong government support and initiatives to promote electric vehicles. The government of China has implemented ambitious targets and subsidies to encourage the adoption of electric buses, resulting in a substantial market share. Similarly, the Indian government has also launched the Faster Adoption and Manufacturing of Electric Vehicles scheme, which provides financial incentives to promote electric vehicles.

Europe has also witnessed substantial growth in the electric bus market. The region is driven by stringent emissions regulations, government incentives, and a strong commitment to sustainability. Countries like Norway, the Netherlands, and Germany have been at the forefront of electric bus adoption. North America, particularly the U.S. and Canada, has seen a growing interest in electric buses. Government initiatives, environmental policies, and efforts to modernize public transportation systems have propelled the adoption of electric buses. Other regions, including Latin America, and the Middle East, are also witnessing a gradual shift towards electric buses.

Competitive Analysis

The major players in the global electric bus market are BYD Company Ltd., Yutong Group, Proterra Inc., Zhongtong Bus Holding Co., Ltd., Volvo Group, Daimler AG (Mercedes-Benz), New Flyer Industries Inc., Solaris Bus & Coach S.A., Alexander Dennis Limited, CRRC Corporation Limited, Ebusco BV, Higer Bus Company Limited, Blue Bird Corporation, Irizar Group, and Ankai Bus.

Many leading OEMs offer electric buses for intracity applications in their product line. A fierce competition among the major players in the electric bus market to obtain supply contracts from various governments worldwide is already in place for the same. These major players are heavily investing in the research and development of new technologies in electric buses. They are testing various autonomous features that can be included in the electric buses which are majorly developed by autonomous driving companies and seeking a partnership with them. The emerging players in the global electric bus market are similarly working on expanding their business footprint in emerging economies around the globe.

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The global electric bus market is segmented as follows:

By Bus Type (Revenue: USD Billion, 2018 – 2030)
●    Battery Electric Bus (BEBs)
●    Plugin Hybrid Electric Bus (PHEBs)

By Vehicle Length (Revenue: USD Billion, 2018 – 2030)
●    Standard-Length Bus
●    Articulated Bus

By Battery Capacity (Revenue: USD Billion, 2018 – 2030)
●    High-Capacity Bus
●    Medium-Capacity Bus

By Charging Infrastructure (Revenue: USD Billion, 2018 – 2030)
●    Depot Charging
●    Opportunity Charging

By End-User (Revenue: USD Billion, 2018 – 2030)
●    Public Transportation Agencies
●    Private Fleet Operators

By Region (Revenue: USD Billion, 2018 – 2030)

● North America
o U.S.
o Canada
o Mexico

● Europe
o U.K.
o France
o Germany
o Italy
o Spain
o Rest of Europe
 
● Asia Pacific
o China
o Japan
o India
o South Korea
o South East Asia
o Rest of Asia Pacific

● Latin America
o Brazil
o Argentina
o Rest of Latin America

● Middle East & Africa
o GCC Countries
o South Africa
o Rest of Middle East & Africa