Electric Bus Market Forecast to 2028 - COVID-19 Impact and Global Analysis By Vehicle Type (Battery Electric Bus, Hybrid Electric Bus, and Plug-In Hybrid Electric Bus), Hybrid Powertrain (Series Parallel Hybrid, Parallel Hybrid, and Series Hybrid), Battery (Lithium Iron Phosphate (LFP) and Lithium Nickel Manganese Cobalt Oxide (NMC)), and End User (Public and Private)
The global electric bus market was valued at US$ 29,179.51 million in 2021 and is expected to reach US$ 105,808.15 million by 2028; it is estimated to register a CAGR of 20.2% from 2021-2028.
An electric bus, often known as an e-bus, is a vehicle that runs entirely on electricity rather than a standard internal combustion engine. An on-board electric motor powers the E-bus, which is powered by on-board batteries or a set of batteries. Electric buses are considered environmentally friendly as they emit no emissions and are cost-effective than typical gasoline/diesel buses. A hybrid electric bus (HEB), also known as hybrid diesel-electric buses, uses both a combustion engine and an electric motor or propulsion system. The plug-in hybrid electric bus (PHEB) fuels the combustion engine with electricity, recharging the battery.
Factors driving the electric bus market include increasing demand for fuel-efficient, high-performance, low-emission buses, strict government emission norms and regulations, and lower battery prices. However, high production costs, as well as low fuel economy and serviceability, limit market expansion. Further, technical improvements and strong government measures to promote the usage of e-buses provide the industry with significant potential opportunities. Electric buses are projected to become more prevalent in the coming years as gasoline is used in conventional power buses, which is a non-renewable resource. Electric buses are the most environmentally friendly option for promoting sustainable development and are favorable to the environment. As a result, the worldwide electric bus market is predicted to rise rapidly in the following years. A standard gas-powered vehicle's internal combustion engine emits a large amount of carbon dioxide, highly harmful to the environment. Electric buses, on the other hand, employ pollution-free electric motors. Therefore, the above mentioned advantages of electric buses are boosting the market's growth.
Impact of COVID-19 Pandemic on Electric Bus Market
The US automotive manufacturers witnessed the most severe impact of COVID-19 in 2020 with the enactment of lockdowns and travel restrictions, shut down of production facilities, and shortage of employees. The health and economic crises led to major disruptions in the electric bus industry, impacting everything from supply chain and manufacturing to product sales. However, progress in vaccination programs and opening up of production facilities are enhancing demand for cars, thereby boosting the growth of demand for electric bus for enhanced safety in the coming years. The zero-emission vehicle mandates are increasing EV purchases in North America. Such policies are bolstering charging infrastructure plans, and structure stimulus packages. Further, effective policy tools to mitigate greenhouse gases for the transport sector are supporting EV adoption, boosting the demand for the electric bus market. Thus, covid-19 pandemic has negatively effect on the electric bus market.
The global electric bus market is segmented on the basis of vehicle type, hybrid powertrain, battery, end user, and geography. Based on vehicle type, the electric bus market is segmented into battery electric bus, hybrid electric bus, and plug-in hybrid electric bus. Based on hybrid powertrain, the electric bus market is segmented into series parallel hybrid, parallel hybrid, and series hybrid. The parallel hybrid segment led the electric bus market. Based on battery, the electric bus market is segmented into lithium iron phosphate (LFP) and lithium nickel manganese cobalt oxide (NMC). The Lithium iron phosphate (LFP) segment led the electric bus market. Geographically, the market is broadly segmented into North America, Europe, Asia Pacific (APAC), the Middle East & Africa (MEA), and South America (SAM). In 2020, North America accounted for a significant share in the global electric bus market. The key companies operating in the field of electric bus market that are profiled in the report include King Long United Automotive Industry Co., Ltd; AB Volvo; Shenzhen Wuzhoulong Motors Co., Ltd; BYD Company Limited; Daimler; AGAlexander Dennis Limited; EBUSCO; Proterra; Solaris Bus & Coach S.A; and NFI Group Inc.
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The List of Companies - Electric Bus Market
AB Volvo
King Long United Automotive Industry Co., Ltd
Shenzhen Wuzhoulong Motors Co., Ltd
BYD Company Ltd
Daimler AG
Ebusco
CAF Group (Solaris Bus & Coach)
Proterra Inc
NFI Group
Van Hool NV
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