Electric Bus Market Size, Share, Growth, Outlook 2023-2028
The ‘Global Electric Bus Market Size, Share, Growth, Trend, Analysis, Report and Forecast 2023-2028’ by Expert Market Research gives an extensive outlook of the global electric bus market, assessing the market on the basis of its segments like propulsion types, lengths, ranges, battery capacities, power output, and major regions.
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The key highlights of the report include:
Market Overview 2018-2028
• Forecast CAGR (2023-2028): 13.6%
Electric buses are witnessing heightened deployment in transit, airport, public and school transportation services, owing to the significant advantages they offer. Electric buses offer improved grid reliability, steady and hassle-free recharge, and can provide smooth and noise-free rides to the passengers. The digital revolution across developed and developing economies is escalating the growth of the electric bus market.
Increasing developments in modern urban transportation systems, growing government initiatives aimed towards reducing air and noise pollution, and rising awareness about safety and comfort of the commuters, are some of the major market propelling factors. In addition, the growing efforts to reduce the automotive impact on climate change is further expanding the opportunities in the market.
Electric buses are superior in terms of utility, as these vehicles can recharge in a garage in the night and can run for the whole day. Additionally, electric buses often have greater storage and energy capabilities with advanced features which are further bolstering the electric bus market growth.
Electric Bus Industry Definition and Major Segments
An electric bus is a vehicle powered by a green electricity source. These electricity sources are usually rechargeable and offer various advantages over traditional fuel-based electric buses. Maximum speed of an electric bus can range from 50-60 mph and within the bus, there is extra leg room and height.
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Based on propulsion type, the market can be segmented into:
• Fuel Cell Electric Vehicle (FCEV)
• Battery Electric Vehicle (BEV)
• Plug-in Hybrid Electric Vehicle (PHEV)
On the basis of length, the market has been classified into:
• Less than 9 meters
• 9-14 meters
• Above 14 meters
By range, the market has been categorised into:
• Less than 200 miles
• More than 200 miles
Based on battery capacity, the market has been divided into:
• Up to 400 kWh
• Above 400 kWh
The market can be bifurcated based on power output into:
• Up to 250kW
• Above 250 kW
On the basis of region, the market can be categorised into:
• North America
• Europe
• Asia Pacific
• Latin America
• Middle East and Africa
Electric Bus Market Trends
The key trends in the global electric bus market include the rising prices of traditional fuels such as petrol, diesel, and gasoline which is increasing the operating expenses of traditionally fuelled vehicles. In addition, the growing efforts by governments worldwide aimed towards reducing the dependence on unsustainable fossil fuels are crucial trends improving the market dynamics.
The growing research and development activities by major electric bus manufacturers aimed towards improving the standards of the buses, balancing the weight, and bolstering the aesthetic appeal of the vehicle, are the key trends in the electric bus market.
In regional terms, North America and Europe are likely to witness a steady growth in the forecast period, driven by the increasing acceptance of electric buses as an economical alternative to traditional fuel-powered buses. Moreover, the favourable policies of governments in the region, aimed towards expanding bus fleets are likely to influence the market dynamics in the coming years.
Key Market Players
The major players in the electric bus market are
• 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.
• EvoBus GmbH (Daimler Truck)
• Others
The report covers the market shares, capacities, plant turnarounds, expansions, investments and mergers and acquisitions, among other latest developments of these market players.
The report studies the latest updates in the market, along with their impact across the market. It also analysis the market demand, together with its price and demand indicators. The report also tracks the market on the bases of SWOT and Porter’s Five Forces Models.
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