South America Electric Bus Market - Size, Share, COVID-19 Impact & Forecasts up to 2028

South America Electric Bus Market - Size, Share, COVID-19 Impact & Forecasts up to 2028

The South America Electric Bus Market is projected to register a CAGR of 8.75%

Key Highlights

• Largest Segment by Fuel Type - HEV : The largest fuel type is a plug-in hybrid in buses sales. The demand for low-emission buses among consumers and increased fuel economy are growing plug-in hybrid electric bus sales in South America.
• Fastest-growing Segment by Fuel Type - BEV : FCEV is the fastest-growing fuel type sector due to its zero emissions, increased economy, and quicker refueling times compared to electric vehicles.
• Largest Segment by Country - Argentina : 2,162 battery-powered electric buses counted in 2021, this is due to the government’s focus on clean and carbon-free transportation, making Chile largest country with e buses sales in South America
• Fastest Growing Country Market - Brazil : Brazil is a potential market in South America, and governmental efforts in terms of rebates and subsidies are promoting electric transportation in Brazil.

Argentina is the largest segment by Country.

• South America has the highest use of buses per person globally. With a growing Bus Rapid Transit System, nearly 19 million passengers have been identified as traveling through BRT services across several cities in the region. To support this growing demand, many municipalities in the region have started working on expanding public transit options into less-served areas, where cleaner buses may play a vital role in filling the gaps. For instance, in 2019, Chile launched its first electric bus corridor serviced by electric buses from BYD in its capital city Santiago, with the help of local operators Enel X and Metbus.
• Several global climate groups have started pitching in toward reducing emission levels. C40 Cities, a collective of cities taking action on climate change, and the International Council on Clean Transportation have been working with Medellín, São Paulo, and Mexico City to adopt zero-emission buses. The organizations and cities won USD 900,000 from P4G, a sustainability initiative funded by the Danish government. The Inter-American Development Bank is providing technical support, financing, and related services to accelerate clean bus adoption in Argentina, Brazil, Colombia, Costa Rica, Mexico, and Paraguay.
• The lack of charging stations and high taxes on imported electric buses are also identified as a few major factors that have been driving the demand for other private vehicles as a viable alternative transport system for public commutes in South America. In recent years, bus ridership has seen a slight drop in places where motorcycles or ride-hailing services are cheaper or more convenient than fragmented, inefficient bus routes.

Competitive Landscape

The South America Electric Bus Market is fairly consolidated, with the top five companies occupying 77.10%. The major players in this market are Byd Auto Industry Company Limited, Daimler AG, Higer Bus Company Limited, IVECO and Volvo do Brasil Veiculos Ltda (sorted alphabetically).

Additional Benefits:

• The market estimate (ME) sheet in Excel format
• 3 months of analyst support

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