According to the latest report by Skygaze Market Research, the global electric bus market is poised for remarkable growth, with a projected compound annual growth rate (CAGR) of 17.8 % during the forecast period. This growth is propelled by increasing demand for sustainable transportation solutions, ongoing technological advancements, and favorable government policies promoting electric mobility. The technological advancements have also resulted in significant improvements in battery efficiency, allowing electric buses to achieve longer ranges and quicker charging times. As a result, the electric bus market has emerged as a key player in the transition to a cleaner and greener future. In line with this transition, governments are also implementing ambitious targets and policies to promote electric bus adoption. China has been at the forefront of the electric bus revolution. The Chinese government has implemented stringent emission standards, particularly in heavily polluted cities. It has been investing heavily in building a robust charging infrastructure network for electric buses. Similarly, many European countries offer financial support and grants to encourage the purchase of electric buses. Several cities have implemented zero-emission zones. The U.S. government has also allocated significant funding to support the adoption of electric buses.
Key Findings
The major players in the global electric 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. The BYD Company Ltd. has been a key player in the electric bus market. They have invested heavily in research and development to improve battery technology and increase the range of electric buses. They have also established manufacturing facilities in the U.S. and have been supplying electric buses to transit agencies across the country. Similarly, Yutong has been actively involved in the development and production of electric buses. Daimler, the parent company of Mercedes-Benz, has developed electric bus models and has been collaborating with various cities and transit agencies to introduce electric buses in their fleets.
China dominates the global electric bus market. The country has the largest electric bus fleet globally, with more than 420,000 electric buses in operation as of 2021. Chinese manufacturers like BYD and Yutong have emerged as key players, supplying electric buses domestically and globally. Europe has also been experiencing significant growth, driven by environmental regulations and sustainability goals. Several European countries such as the Netherlands, Germany, and the UK, have made substantial investments in the electric bus market. The market in North America has been growing steadily. Canadian provinces such as British Columbia and Quebec have been particularly active in promoting electric buses.
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
