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
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.
Regional InsightsIn the American region, encompassing the United States & Canada, the increasing need for sustainable urban transit solutions has led to significant investments in electric buses. Consumer behavior indicates a strong preference for eco-friendly and efficient public transport systems. The government's emphasis on clean energy and sustainable transport has fostered an environment ripe for the adoption of electric bus technologies. European Union countries are at the forefront of the adoption of electric buses, driven by strict emission regulations and substantial investments in electric mobility. The European Commission's Green Deal aims to drastically reduce transport emissions, propelling the demand for electric buses. Consumer behavior in Europe shows a strong inclination towards environmental sustainability and support for green transportation solutions. The Middle East and Africa are slowly adopting electric buses, with initiatives in countries such as the UAE and South Africa. The market is driven by the need to diversify energy sources and improve air quality in urban areas. In the APAC region, China, Japan, & India dominate the global electric bus market, with the largest fleet of electric buses. The government's aggressive policies to cut down pollution and investment in electric bus production and infrastructure have significantly influenced consumer adoption.
Market InsightsMarket DynamicsThe market dynamics represent an ever-changing landscape of the Electric Bus Market by providing actionable insights into factors, including supply and demand levels. Accounting for these factors helps design strategies, make investments, and formulate developments to capitalize on future opportunities. In addition, these factors assist in avoiding potential pitfalls related to political, geographical, technical, social, and economic conditions, highlighting consumer behaviors and influencing manufacturing costs and purchasing decisions.
Market DriversIncreasing demand for emission-free and energy-efficient mass transit solutions
Rising government support for electrification of public transport systems
Growing adoption of electric bus fleets by schools and colleges
Market RestraintsLimited availability of necessary infrastructure
Market OpportunitiesTechnological advancements in electric bus design and development
Improvements in charging infrastructure across economies
Market ChallengesConcerns associated with battery capacity and operation
Market Segmentation AnalysisRange: Growing adoption of electric buses with a range of over 200 miles due to its extended operation
Application: Smart city infrastructure development boost the adoption of intracity electric buses
Bus Type: Rising demand for electric school buses for promoting sustainability and environmental responsibility among young generations
Market Disruption AnalysisPorter’s Five Forces Analysis
Value Chain & Critical Path Analysis
Pricing Analysis
Technology Analysis
Patent Analysis
Trade Analysis
Regulatory Framework Analysis
FPNV Positioning MatrixThe FPNV positioning matrix is essential in evaluating the market positioning of the vendors in the Electric Bus Market. This matrix offers a comprehensive assessment of vendors, examining critical metrics related to business strategy and product satisfaction. This in-depth assessment empowers users to make well-informed decisions aligned with their requirements. Based on the evaluation, the vendors are then categorized into four distinct quadrants representing varying levels of success, namely Forefront (F), Pathfinder (P), Niche (N), or Vital (V).
Market Share AnalysisThe market share analysis is a comprehensive tool that provides an insightful and in-depth assessment of the current state of vendors in the Electric Bus Market. By meticulously comparing and analyzing vendor contributions, companies are offered a greater understanding of their performance and the challenges they face when competing for market share. These contributions include overall revenue, customer base, and other vital metrics. Additionally, this analysis provides valuable insights into the competitive nature of the sector, including factors such as accumulation, fragmentation dominance, and amalgamation traits observed over the base year period studied. With these illustrative details, vendors can make more informed decisions and devise effective strategies to gain a competitive edge in the market.
Recent DevelopmentsHitachi and FirstGroup Accelerate the UK's Push to Electric Mobility, Delivering 1,000 New Bus Batteries
Hitachi Ltd. has joined forces with FirstGroup PLC, announcing a strategic collaboration to propel the decarbonization of FirstGroup's bus fleet and infrastructure. With a mutual investment of up to GBP 20 million, this alliance is expected to finance the acquisition of 1,000 batteries, marking a significant commitment to enhancing air quality, reducing congestion, and elevating passenger experiences. As part of the agreement, Hitachi ZeroCarbon anticipates introducing its advanced Battery Charging and Management Services (BCMS) for 1,000 buses, extending their operational efficiency and lifespan beyond the initial eight years guaranteed by manufacturers at no additional leasing cost.
JBM Marks European Entry with Two Electric Buses at Busworld Europe 2023
At the Busworld Europe 2023 event in Brussels, Belgium, JBM Electric Vehicles entered the European market by showcasing two flagship e-bus models: the city-focused 'ECOLIFE' and the luxurious inter-city 'GALAXY.' These buses exemplify advanced engineering with their lightweight monocoque stainless steel structure and incorporate cutting-edge features such as Intelligent Transport Systems and enhanced telematics, aligning with EU regulations.
Volvo Buses Signs Agreement with MCV for the Manufacture of Volvo Bodies for Its City and Intercity Buses
Volvo Buses has forged a significant partnership with MCV to produce bodies for the Volvo 7900 Electric and Volvo 7900 Electric Artic models and a forthcoming electric intercity bus. This collaboration is expected to kickstart production in 2024, with the inaugural electric buses featuring chassis from Volvo and bodies by MCV.
Strategy Analysis & RecommendationThe strategic analysis is essential for organizations seeking a solid foothold in the global marketplace. Companies are better positioned to make informed decisions that align with their long-term aspirations by thoroughly evaluating their current standing in the Electric Bus Market. This critical assessment involves a thorough analysis of the organization’s resources, capabilities, and overall performance to identify its core strengths and areas for improvement.
Key Company ProfilesThe report delves into recent significant developments in the Electric Bus Market, highlighting leading vendors and their innovative profiles. These include AB Volvo, Alexander Dennis Limited, Ashok Leyland Limited, Blue Bird Corporation, BYD Company Limited, Chariot Motors, EBUSCO B.V., Eicher Motors Ltd., Eurabus GmbH, Irizar Group, Isuzu Motors Limited, JBM Group, Karsan Otomotiv San. ve Tic. A.Ş., Mahindra & Mahindra Limited, Mercedes-Benz Group AG, Olectra Greentech Ltd., Quantron AG, Rissala Electric Motors Pvt. Ltd, Solaris Bus & Coach sp. z o.o, Tata Motors Limited, The Lion Electric Company, TRATON SE, VDL Groep B.V., WrightBus by Bamford Bus Company Holdings Limited, Xiamen King Long International Trading Co.,Ltd., and Zhengzhou Yutong Bus Co. Ltd..
Market Segmentation & CoverageThis research report categorizes the Electric Bus Market to forecast the revenues and analyze trends in each of the following sub-markets:
Component
Batteries
Battery Management System
Charger
Cooling Systems
HV Cable Routing
Motors
Vehicle Testing
Bus Type
Double-Decker Buses
School Buses
Shuttle Buses
Propulsion
Battery Electric Bus
Fuel Cell Electric Bus
Battery Type
Lead-Acid Batteries
Lithium-Ion Batteries
Nickel-Metal Hydride Batteries
Battery Capacity
Over 350 kWh
Up to 350 kWh
Seating Capacity
40-70 Seats
Over 70 Seats
Up to 40 Seats
Range
Over 200 Miles
Up to 200 Miles
Autonomous Driving Level
Level 0
Level 1
Level 2
Level 3
Level 4
Level 5
Ownership
Government
Private
Application
Intercity
Intracity
Region
Americas
Argentina
Brazil
Canada
Mexico
United States
California
Florida
Illinois
New York
Ohio
Pennsylvania
Texas
Asia-Pacific
Australia
China
India
Indonesia
Japan
Malaysia
Philippines
Singapore
South Korea
Taiwan
Thailand
Vietnam
Europe, Middle East & Africa
Denmark
Egypt
Finland
France
Germany
Israel
Italy
Netherlands
Nigeria
Norway
Poland
Qatar
Russia
Saudi Arabia
South Africa
Spain
Sweden
Switzerland
Turkey
United Arab Emirates
United Kingdom
Please Note: PDF & Excel + Online Access - 1 Year