Due to the strong demand for electric buses from nations like China, Japan, South Korea, and India, the market in the Asia Pacific region is anticipated to grow at the highest rate. To further minimise automobile emissions, China has deployed a large number of electric buses.
The market for electric buses is predicted to develop in the long run as a result of factors such as rapid urbanisation, rising oil prices, rising air pollution, government initiatives, and falling battery prices. However, it is anticipated that market growth would be constrained by high development costs, limited battery capacity, and the growing acceptance of buses powered by natural gas. The desire for buses that are fuel-efficient, high-performing, and low-emission, stringent government emission standards and regulations, and declining battery prices are some of the factors propelling the electric bus industry.
Electric Bus Market valued at US $44.00 Billion in 2022 is expected to reach a value of US $94.32 Billion in 2030, growing at a CAGR of 10%.
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Segmental Analysis Of Global Electric Bus Market:
Based On Type:
- BEV
- PHEV
- FCEV
Based On Consumer Segment:
- Private
- Government
Based On Application:
- Intercity
- Intercity
Based On Bus Type:
- Less than 9 m
- 9-14 m
- Above 14 m
Based On Vehicle Range:
- Less than 200 miles
- Above 200 miles
Based On Battery Capacity:
- Up-to 400 kWh
- Above 400 kWh
Based On Battery Type:
- Lithium- Nickel -Manganese-Cobalt-oxide
- Lithium-Iron-Phosphate
- Others
Based On Component:
- Motor
- Battery
- Fuel Cell Stack
- Battery Management System
- Battery Cooling System
- EV Connectors
Based On Seating Capacity:
- Up-to 40 Seats
- 40-70 Seats
- Above 70 Seats
Based On Level Of Autonomy:
- Semi-autonomous
- Autonomous
Global Electric Bus Market: Geographical Analysis
The market for global electric bus is further segmented into five major countries; North America, Europe, Asia-pacific and LAMEA.
The electric bus market in Asia Pacific is driven by the need to reduce urban pollution and dependency on fossil fuels coupled with growing initiatives by national governments toward clean public transportation.
Chinese companies such as BYD, Yutong, Ankai, and Zhongtong are dominating the Chinese as well as global electric bus markets. These players have managed to develop and provide a wide range of electric bus models at lower prices due to the availability of parts and components at cheaper rates.
Global Electric Bus Market: Competitive Landscape
AB Volvo, Ankai Bus, BYD Company Ltd., Construcciones y Auxiliar de Ferrocarriles, S.A., Daimler AG, NFI Group Inc., Proterra, VDL GROEP BV, Yutong Group, Zhongtong Bus Holdings Co., Ltd.
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