Global Electric Bus Market
Global Electric Bus Market By Propulsion Type (BEV, PHEV, FCEV), By Component (Motor, Battery, Fuel Cell Stack, Battery Management System, Battery Cooling System, EV Connectors), By Consumer Segment (Fleet Operator, Government), By Length of the Bus (Less than 9m, 9-14m, Above 14m), By Application (Intercity, Intracity), By Vehicle Range (Less than 200 miles, Above 200 miles), By Battery Capacity (Upto 400 Kwh, Above 400 Kwh), By Power Output (Upto 250 KW, Above 250 KW), By Battery Type (Lithium-Nickel-Maganese-Cobalt-Oxide, Lithium-Iron-Phosphate), And By Geography – Covid-19 Impact Analysis, Post Covid Analysis, Opportunities, Trends And Forecast From 2020 to 2032
The global Electric Bus market was valued at $8.03 Billion in 2022 and is anticipated to grow at a CAGR of 29.32% from 2023 to 2033. This growth is attributed to several macro and microeconomic factors such as
Increasing awareness of environmental issuesAs the awareness of climate change and environmental issues continues to rise, there is a growing emphasis on reducing greenhouse gas emissions and mitigating the impact of human activities on the planet. Conventional internal combustion engine buses, which run on diesel or gasoline, are significant contributors to air pollution and greenhouse gas emissions. They release harmful pollutants such as nitrogen oxides (NOx), particulate matter, and carbon dioxide (CO2) into the atmosphere, leading to poor air quality and adverse health effects. Many governments and municipalities have recognized the importance of addressing environmental concerns and have introduced policies and regulations to incentivize the adoption of electric buses. These measures include setting emissions reduction targets, offering financial incentives for electric bus purchases, and promoting the expansion of charging infrastructure. Moreover, electric buses not only contribute to reducing greenhouse gas emissions but also serve as visible symbols of a commitment to sustainability and eco-friendly practices. Their adoption sends a strong message to the public, stakeholders, and the international community about the city or country's dedication to combatting climate change and creating a healthier environment for its residents. As a result of these environmental concerns and the increasing focus on sustainable transportation solutions, the global electric bus market has experienced significant growth, with an ever-expanding market share in public transit systems worldwide. The continuous efforts to combat climate change and prioritize environmental stewardship are likely to further drive the adoption of electric buses in the future.
Urbanization and CongestionAs urban populations swell, the demand for efficient and sustainable public transportation solutions becomes crucial. Electric buses are well-suited for urban transit, operating quietly and producing zero tailpipe emissions, making them ideal for congested city centers and residential neighborhoods. These buses contribute to reduced traffic noise, improved air quality, and address environmental concerns associated with conventional diesel or gasoline-powered buses. Moreover, some cities have implemented restrictions on vehicles with high emissions in certain areas, granting electric buses access to restricted zones. As cities prioritize sustainable transportation options and smart city initiatives, electric buses play a pivotal role in integrated public transportation systems, providing cleaner, quieter, and more efficient transit solutions that contribute to creating more livable and environmentally-friendly urban environments.
Further several factors restraining the market growth includeRange and Charging Infrastructure
Range anxiety, stemming from the limited range of electric buses compared to conventional buses, can impede their deployment on long-haul or intercity routes. Transit agencies must carefully plan routes to ensure there are sufficient charging opportunities or alternative routes for longer journeys. Additionally, the availability of an extensive and reliable charging infrastructure is crucial for successful electric bus operations. The lack of fast-charging stations and the need for substantial investments in charging infrastructure and power grid upgrades can hinder the seamless integration of electric buses into existing transit systems. Addressing these challenges necessitates advancements in battery technology to improve range and charging capabilities, as well as collaborative efforts between governments, public transportation agencies, and private operators to invest in and expand charging infrastructure. By overcoming these restraining factors, electric buses can become a more viable and sustainable solution for urban and intercity transit systems worldwide.
Government incentives and support and collaborations and alliances in the Electric Bus market are expected to generate higher avenues during the forecast period.In the wake of the COVID-19 pandemic, supply chain disruptions have led to supply shortages or lower demand in the Electric Bus market. The pandemic has caused a decline in new orders and a corresponding decrease in production.
This section will analyze how COVID-19 has impacted supply chains, leading to shortages and lower demand for Electric Bus.
In terms of COVID-19 impact, the Electric Bus market report also includes the following data points:Impact on Electric Bus market size
Operating Weights Trend, Preferences, and Budget Impact
Regulatory Framework/Government Policies
Key Players' Strategy to Tackle Negative Impact/Post-COVID Strategies
Opportunity in the Electric Bus market
Key Insight in the report:The global Electric Bus market report covers an executive summary, market dynamics, COVID impact & post-COVID scenario, market size and forecast, competitive intelligence, market positioning, and product offerings.
Our report covers extensive competitive intelligence which includes the following data points:Business Overview
Business Segment Data
Financial Data
Product Segment Analysis and Specification
Recent Development and Company Strategy Analysis
SWOT Analysis
Electric Bus Market Segmentation:Propulsion Type
BEV
PHEV
Component
Motor
Battery
Fuel Cell Stack
Battery Management System
Battery Cooling System
EV Connectors
Consumer Segment
Fleet Operator
Government
Length of the Bus
Less than 9m
9-14m
Above 14m
Application
Intercity
Intracity
Vehicle Range
Less than 200 miles
Above 200 miles
Battery Capacity
Upto 400 Kwh
Above 400 Kwh
Power Output
Upto 250 KW
Above 250 KW
Battery Type
Lithium-Nickel-Maganese-Cobalt-Oxide
Lithium-Iron-Phosphate
Region/ Countries Covered:North America
US
Canada
Mexico
Europe
UK
Germany
France
Spain
Italy
Rest of Europe
Asia Pacific
China
Japan
Indonesia
India
Malaysia
Rest of Asia Pacific
Latin America
Brazil
Argentina
Rest of Latin America
Middle East & Africa
Saudi Arabia
UAE
Egypt
South Africa
Rest of MEA
Key Players Analyzed in the Report:BYD
Yutong
Volvo
Proterra
Olectra
VDL Bus & Coach
Tata Motors
Scania
Iveco
Blue Bird Corporation