Global Electric Bus Market Size Study, by Propulsion (BEV, FCEV), by Battery (LFP, NMC, NCA), and Regional Forecasts 2022-2032

Global Electric Bus Market Size Study, by Propulsion (BEV, FCEV), by Battery (LFP, NMC, NCA), and Regional Forecasts 2022-2032

The global electric bus market is valued at approximately USD 14.89 billion in 2023 and is projected to expand at a remarkable CAGR of 14.20% during the forecast period of 2024-2032. The electric bus sector embodies a revolutionary shift in urban and intercity transportation, driven by the surging demand for sustainable and eco-friendly mobility solutions. These buses, powered by advanced battery technologies such as Lithium Iron Phosphate (LFP) and Nickel Manganese Cobalt (NMC), are designed to reduce emissions while offering superior operational efficiency. Their adoption has been significantly bolstered by government incentives, stringent emission norms, and growing investments in electric vehicle infrastructure globally.

The increasing preference for Battery Electric Vehicles (BEVs) and Fuel Cell Electric Vehicles (FCEVs) underscores the momentum toward cleaner transportation solutions. City buses dominate the application landscape, serving as a vital cog in urban transit networks, while specialized categories such as school and coach buses gain traction for niche requirements. Moreover, innovations in battery chemistries and advancements in autonomy levels enhance the operational range and safety, positioning electric buses as the future of public and commercial transport.

Despite their immense potential, the market encounters challenges, such as high initial acquisition costs and the need for robust charging infrastructure. Additionally, complexities surrounding the integration of autonomy and power management systems present hurdles for widespread adoption. However, collaborative initiatives among OEMs, energy providers, and public sector entities aim to mitigate these barriers, fostering a sustainable ecosystem for electric mobility.

Geographically, the Asia-Pacific region leads the market, driven by China's dominance in electric vehicle production and supportive government policies. Europe emerges as a prominent contender, propelled by its stringent emission regulations and comprehensive electrification goals. North America follows closely, with increasing adoption of zero-emission buses in cities across the U.S. and Canada. Latin America and the Middle East & Africa regions also exhibit significant growth potential, spurred by investments in urban infrastructure modernization.

Major market players included in this report are:
• BYD Company Ltd.
• Proterra Inc.
• AB Volvo
• Daimler AG
• Zhengzhou Yutong Bus Co., Ltd.
• NFI Group Inc.
• Solaris Bus & Coach S.A.
• Tata Motors Limited
• CNH Industrial N.V.
• Ashok Leyland
• VDL Bus & Coach BV
• Alexander Dennis Limited
• Scania AB
• King Long United Automotive Industry Co., Ltd.
• Gillig Corporation

The detailed segments and sub-segment of the market are explained below:

By Propulsion:
• BEV (Battery Electric Vehicle)
• FCEV (Fuel Cell Electric Vehicle)

By Battery:
• Lithium Iron Phosphate (LFP)
• Nickel Manganese Cobalt (NMC)
• Nickel Cobalt Aluminum (NCA)

By Length:
• <9m
• 9m-14m
• 14m

By Application:
• City
• Coach
• Midi
• School

By Seating/Battery Capacity:
• Detailed breakdown based on vehicle specifications

By Range:
• Up to 150 miles
• 150-300 miles
• More than 300 miles

By Power Output:
• Less than 100 kW
• 100-250 kW
• More than 250 kW

By Autonomy Level:
• Partial Automation
• High Automation
• Full Automation

By Component:
• Electric Drive
• Battery Systems
• Charging Systems
• Others

By Region:

North America
• U.S.
• Canada

Europe
• UK
• Germany
• France
• Spain
• Italy
• Rest of Europe

Asia Pacific
• China
• India
• Japan
• Australia
• South Korea
• Rest of Asia Pacific

Latin America
• Brazil
• Mexico
• Rest of Latin America

Middle East & Africa
• Saudi Arabia
• South Africa
• Rest of Middle East & Africa

Key Takeaways:
• Market estimates & forecasts for 10 years from 2022 to 2032.
• Annualized revenues and regional-level analysis for each market segment.
• Detailed analysis of geographical landscape with country-level analysis of major regions.
• Competitive landscape with information on major players in the market.
• Analysis of key business strategies and recommendations for future market approaches.
• Analysis of the competitive structure of the market.
• Demand-side and supply-side analysis of the market.

Please note:The single user license is non-downloadable and non-printable. Global Site license allows these actions.