Electric Bus Market by Component (Batteries, Battery Management System, Charger), Bus Type (Double-Decker Buses, School Buses, Shuttle Buses), Propulsion, Battery Type, Battery Capacity, Seating Capacity, Range, Autonomous Driving Level, Ownership, Applic

Electric Bus Market by Component (Batteries, Battery Management System, Charger), Bus Type (Double-Decker Buses, School Buses, Shuttle Buses), Propulsion, Battery Type, Battery Capacity, Seating Capacity, Range, Autonomous Driving Level, Ownership, Application - Global Forecast 2024-2030

The Electric Bus Market size was estimated at USD 34.35 billion in 2023 and expected to reach USD 38.78 billion in 2024, at a CAGR 14.65% to reach USD 89.47 billion by 2030.

An electric bus operates on electricity, contrasting with traditional buses that run on diesel & other fossil fuels. Electric buses utilize electric motors for propulsion and are powered primarily through a battery & an external power source that charges the battery. These vehicles are a key component in the transition to more sustainable public transport systems, aiming to lower greenhouse gas emissions, operating costs, and air quality in urban areas. Increasing demand for emission-free and energy-efficient mass transit solutions, along with government support for the electrification of public transport systems, boosts the deployment of electric buses. However, the limited availability of necessary infrastructure slows the market expansion globally. In addition, concerns associated with battery capacity and operations create a huge impact on electric bus utilization. Furthermore, technological advancements in electric bus design and development, with the improvements in charging infrastructure across economies, pose significant opportunities for market growth.

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