Market Overview
The global Electric Bus market size was valued at USD 58,700 million in 2022 and is projected to reach USD 680,500 million by 2033, growing at a CAGR of 45.1% during the forecast period.
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Report Scope
| Report Attributes | Description |
| Market Forecast in 2022 | USD 58,700 million |
| Market Forecast in 2033 | USD 680,500 million |
| CAGR % 2023-2033 | 45.1% |
| Base Year | 2022 |
| Historic Data | 2020-2021 |
| Forecast Period | 2023-2033 |
| Report USP | Product, end-user industry, company share, company heat map, company Capacity Technology Product capacity, growth factors and more |
| Key Companies | BYD Company Ltd.; Proterra Inc.; Yutong Group; Zhongtong Bus Holding Co., Ltd.; NFI Group Inc. (New Flyer Industries); VDL Groep; Alexander Dennis Limited; Solaris Bus & Coach S.A.; Volvo Group; Daimler AG (Mercedes-Benz) |
Global Electric Bus Market- Description
Electric buses refer to buses that are powered by electricity, typically using rechargeable battery packs or overhead electric wires (in the case of trolleybuses). They are an eco-friendly alternative to traditional diesel or gasoline-powered buses, contributing to reduced emissions and improved air quality in urban areas. Environmental Concerns and Government Initiatives: Growing concerns about air pollution and the need to mitigate climate change have led governments and regulatory bodies worldwide to prioritize the adoption of clean transportation solutions. Governments are implementing supportive policies, offering financial incentives, and setting targets for the adoption of electric buses, thereby driving market growth. Rapid advancements in battery technology, including the development of high-capacity lithium-ion batteries, have significantly improved the range and performance of electric buses. Additionally, economies of scale and advancements in manufacturing processes have led to a reduction in the overall cost of electric buses, making them more competitive with conventional buses.
Global Electric Bus market: Key Trends
• Shift towards Long-Range Electric Buses:
The market is witnessing a trend towards the adoption of long-range electric buses that can cover greater distances on a single charge. This trend is driven by the increasing focus on intercity and long-haul transportation, where buses need to travel extended distances without frequent recharging. Manufacturers are investing in advanced battery technologies and energy management systems to enhance the range and efficiency of electric buses.
• Integration of Autonomous and Connected Technologies:
The electric bus market is also experiencing a trend towards the integration of autonomous driving and connected technologies. Electric buses are being equipped with advanced driver assistance systems (ADAS), sensors, and communication modules to enable features such as autonomous driving, real-time monitoring, predictive maintenance, and fleet management optimization. These technologies enhance safety, operational efficiency, and passenger experience.
Global Electric Bus Market- Geographical Analysis
The electric bus market can be analyzed based on regions such as North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa. China dominates the electric bus market, primarily due to the government’s aggressive push for electric vehicle adoption, strong policy support, and significant investments in charging infrastructure. Europe is also a significant market, with countries like Norway, the Netherlands, and Germany leading in electric bus deployment. Stringent emissions regulations, supportive government initiatives, and the presence of leading bus manufacturers contribute to the market growth in this region.
Global Electric Bus Market- Recent Developments
• In 2020, Switch Mobility, the electric vehicle division of Ashok Leyland, a prominent commercial vehicle company, has declared that the Switch 12m electric bus will be introduced on June 14, 2022. As the company commemorated its first year in India, it expanded its global reach to nine locations spanning the United Kingdom, Spain, and India. Moreover, Switch Mobility has unveiled its intention to invest £300 million in the UK and India for the advancement of their electric bus and light commercial vehicle lineup. This investment is projected to generate more than 4,000 skilled job opportunities in both countries.
Global Electric Bus market: Segmental Analysis
Bus Type
• Battery Electric Bus (BEB)
• Plug-in Hybrid Electric Bus (PHEB)
• Fuel Cell Electric Bus (FCEB).
Length of Bus
• Less than 10 meters
• 10-15 meters
• above 15 meters.
Application
• Public Transit
• Intercity/Intracity
• Others.
Global Electric Bus Market: Key Companies
• BYD Company Ltd.
• Proterra Inc.
• Yutong Group
• Zhongtong Bus Holding Co., Ltd.
• NFI Group Inc. (New Flyer Industries)
• VDL Groep
• Alexander Dennis Limited
• Solaris Bus & Coach S.A.
• Volvo Group
• Daimler AG (Mercedes-Benz)
• Others.
Global Electric Bus Market: Regional Scope
North America
• U.S.
• Canada
• Mexico
Europe
• U.K.
• Germany
• France
• Italy
• Spain
• Rest of Europe
Asia Pacific
• China
• India
• Japan
• South Korea
• Australia
• Rest of Asia Pacific
South America
• Brazil
• Argentina
• Rest of South America
Middle East and Africa
• Saudi Arabia
• UAE
• Egypt
• South Africa
• Rest of Middle East and Africa
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Why to buy this Report?
The report provides quantitative and qualitative aspect for the market in terms of value and volume, along with supporting market trends, challenges, restraints.
The report provides an in depth analysis from both production and consumption point of view at the regional and country level. Key Factors considered within the report scope are Production capacity by countries/regions, average price, consumption ratio, revenue earned and gross margin.
The report provides competitive analysis of around 30-50 companies operated in the market, these companies are bifurcated into niche players, the leaders and major contenders. The companies are analyzed in terms of following factors such as:
• Business Model
• Production Capacity, Revenue, Sales, Gross Margin
• Key Business Strategy
• SWOT Analysis
In terms of competitive landscape, the report provides distinctive factors that would help the end user in taking a key decision within the business:
• Company Share Analysis from 2018-2022
• Company Analysis by Revenue and Sales
• Company Production Capacity, Gross Margin
• Company Share Analysis by Application/End Use
• Company Share Analysis by Product/Specification.
Key Questions Answered in the Report:
- What will be the development pace of market? What is the growth rate of the global market?
- Who are the key manufacturers in the market space? Who are the world’s leading manufacturers?
- What are sales, revenue, and price analysis of the top manufacturers of market?
- Who are the distributors, traders, and dealers of market? What are the key factors driving the Global market?
- What are the market opportunities and threats faced by the vendors in the industries?
- What are deals, incomes, and value examinations by types and applications of the market?
- What are the primary factors driving market?
- What are the market’s advantages, disadvantages, and risks, as well as an overview of the market?
- Who are the Top Manufacturers in the Market in Terms of Sales, Revenue, and Price Analysis?
- Analysis of Industry Revenue, Sales, and Pricing, what is the difference between Equipment by region, type, and application?
