Global Electric Bus Market (Battery Electric Bus, Plug-in Hybrid Electric Bus and Fuel Cell Electric Bus): Insights & Forecast with Potential Impact of COVID-19 (2024-2028)

Global Electric Bus Market (Battery Electric Bus, Plug-in Hybrid Electric Bus and Fuel Cell Electric Bus): Insights & Forecast with Potential Impact of COVID-19 (2024-2028)

The global electric bus market is forecasted to reach US$71.72 billion in 2028, experiencing growth at a CAGR of 11.51% during the period spanning from 2024 to 2028. Growth in the global electric bus market was supported by factors such as rapid urbanization, increased oil prices, surge in air pollution, government initiatives and falling prices of batteries. However, the market growth is expected to be restrained by high development cost, limited battery capacity and growing popularity of natural gas-fueled buses.

The global electric bus market by propulsion can be segmented as follows: battery electric bus, plug-in hybrid electric bus and fuel cell electric bus. In 2023, the dominant share of global electric bus market was held by battery electric bus, followed by plug-in hybrid electric bus and fuel cell electric bus. Factors such as increase in demand for fuel-efficient vehicles, rising demand for electric school bus and light weight technology has helped in boosting market growth.

While most of the industries worldwide suffered a negative impact of COVID-19, the electric bus market witnessed a mixed impact on it. Initially, the market witnessed a drop in passengers, since people lessen their mobility via public transports worrying to be in contact with COVID-19 virus. In addition to this, the market faced disruption in supply chain which acted as a challenge in manufacturing new buses. However, the market saw an increase in registration as many countries used this sector to impose recovery in their economy. Counties like China, India, and others, issued many regulations to support the electric bus market at full swing.

Scope of the report:

• The report provides a comprehensive analysis of the global electric bus market with potential impact of COVID-19.
• The Chinese electric bus market has been analyzed.
• The market dynamics such as growth drivers, market trends and challenges are analyzed in-depth.
• The competitive landscape of the market, along with the company profiles of leading players (BYD Company Limited, Daimler AG, Volvo Group, Yutong Bus Co Ltd., Proterra Inc. and Ebusco) are also presented in detail.

Key Target Audience:

• Electric Bus Manufacturers
• Raw Material Suppliers
• Dealers/Distributors of Electric Buses
• Investment Banks
• Government Bodies & Regulating Authorities