CHICAGO, July 25, 2024 /PRNewswire/ -- Electric Bus Market is estimated to grow from USD 17.0 billion in 2024 to USD 37.5 billion by 2030 with a CAGR of 14.2% over the forecast period, according to a new report by MarketsandMarkets. The growth of the electric bus market is driven by countries prioritizing the electrification of their public transportation fleets through subsidies and favorable regulations, prompted by emission concerns. Governments of the UK, Hungary, Japan, China, India, the US, and other countries, are planning to replace their existing gas engine-based transport buses and coaches, including intercity and intracity transport solutions, with battery-powered ones. The European Commission and private companies are pushing for initiatives to transition corporate fleets to ZEVs by 2030. Asia Pacific is expected to be the largest market during the forecast period. Governments of several Asia Pacific countries are offering incentives for the promotion of electric buses.
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Browse in-depth TOC on "Electric Bus Market"
392 - Tables
86 - Figures
351 - Pages
Electric Bus Market Scope:
Report Coverage | Details |
Market Revenue in 2024 | USD 17.0 billion |
Estimated Value by 2030 | USD 37.5 billion |
Growth Rate | Poised to grow at a CAGR of 14.2% |
Market Size Available for | 2019-2030 |
Forecast Period | 2024-2030 |
Forecast Units | Value (USD Billion) |
Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
Segments Covered | The Electric Bus Market By Propulsion, Electric Bus Market By Battery Type, Electric Bus Market By Consumer Type, Electric Bus Market By Length Of Bus, Electric Bus Market By Seating Capacity, Electric Bus Market Level Of Autonomy, Electric Bus Market Range, Electric Bus Market By Application |
Geographies Covered | Asia Pacific, North America, Europe, Latin America, and Middle East and Africa |
Report Highlights | Updated financial information / product portfolio of players |
Key Market Opportunities | Transition towards hydrogen fuel cell electric mobility |
Key Market Drivers | Growing demand for zero-emission vehicles |
The battery electric bus segment is estimated to be the largest segment during the forecast period.
The BEVs segment dominates the electric bus market with around 95% share in 2024. Even though BEVs are more expensive to acquire initially compared to diesel buses, they have more operational efficiency, with the average being about 90% as compared to diesel ones, which is between 30% and 40%. The average range of battery electric buses usually delivers an average range of 150 to 250 miles, based on the installed battery type, and cost less with power consumption compared to diesel-powered vehicles. This results in reduced operational expenses for pure electric buses. The Asia-Pacific will remain the largest market for BEVs, with government policies supportive to pure electric buses. Aggressive efforts of China and financial support of India are the main forces behind this industry at present. By 2023, over 70% of all electric buses running on roads across the world will be from India. Besides, a significant dependence of battery electric buses lies in the improvement of battery technology. LFP, NMC, LTO, LMO, and other lithium-ion types of batteries had higher energy density and were cost-efficient. That way, electric buses can now go further between charges compared to earlier models of electric vehicles, thus reducing operational costs. Suppliers such as CATL, LG Energy Solution, and Panasonic have increased their production in order to satisfy the increasing need for high-performance batteries designed for electric buses. Therefore, increased regulatory compliance efforts, advancements in technology by manufacturers and suppliers, rising environmental consciousness, and a focus on sustainable mobility have all contributed to substantial growth in the battery electric bus sector.
The electric school bus segment by application is projected to be the second fastest-growing segment during the forecast period.
Electric school buses are becoming increasingly popular with the 2nd fastest growing market driven by incentives and policies promoting zero-emission vehicles in school districts and communities concerned with air quality and environmental impact. North America is estimated to be the fastest and largest market for electric school buses.As many states in US provide grants and incentives to encourage the use of electric school buses, the US is leading the world in their implementation. For instance, the Los Angeles Unified School District (LAUSD) recently made the largest order for electric school buses ever placed by Blue Bird Corporation, ordering 180 units. In January 2024, Lion Electric Company started delivering the LionD, a new all-electric school bus that can accommodate 83 students, in California.Lion Electric was awarded USD 38 million for 97 buses and the associated charging infrastructure under the EPA's Clean School Bus Program. Through the EPA's Clean School Bus Rebate Program, over 2,300 electric buses have been funded in all 50 states and territories, totaling more than UAS 900 million. Such incentives within the area are what are promoting growth in the market for electric school buses, for example, the Clean School Bus Rebate Program of the EPA and incentives in California.
Asia Pacific is estimated to be the largest market for electric buses.
The Asia Pacific region is projected to account for the largest share of the electric bus market during the forecast period. According to IEA, China has become a global leader in the electric bus market, producing almost 60% of all electric buses globally in year 2023. Although this share has decreased from nearly 90% in 2020, China will continue to dominate the market. The decline is due to a drop in demand for both electric and ICE buses and increased sales in other parts of Asia Pacific, Europe, and North America. China is still at the top of the market because of its wide network of original equipment manufacturers (OEMs) that specialise in electric vehicles (EVs) and its established battery and other EV component supply chain. Companies such as BYD, Yutong, and Zhongtong have played a pivotal role in propelling innovation and augmenting production levels within the electric bus industry. These OEMs benefit from China's strategic push for electric mobility, which includes incentives, subsidies, and strict emission regulations that are speeding up adoption in urban areas. The introduction of the 'PM-eBus Sewa' initiative in India, aiming to implement 10,000 electric buses in urban areas through a public-private partnership (PPP) approach, has enhanced the nation's green transportation efforts. India aims to increase the number of electric buses to forty percent by 2030, with the help of programs like FAME I and II, which have approved 5,595 e-buses for public transportation. South Korea, Japan, and Singapore are also making plans to enhance their public and private bus fleets by incorporating electric vehicles. Companies such as Ashok Leyland, Mitsubishi Fuso Truck and Bus Corporation, JBM Group, Tata Motors, and Mitsubishi Fuso Truck and Bus Corporation are introducing electric bus models in an effort to cut emissions and rely less on fossil fuels. The market's expansion is further driven by huge expenditures in research and development and also in charging infrastructure. The Asia Pacific region remains at the forefront of sustainable urban transportation solutions because of its large production and sales volumes, along with ongoing technological innovations aimed at enhancing performance and cost-effectiveness.
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Electric Bus Market Dynamics:
Drivers:
- Growing demand for zero-emission vehicles
Restraints:
- Safety concerns in EV batteries and high development costs
Opportunities:
- Transition towards hydrogen fuel cell electric mobility
Challenge:
- High cost of developing charging infrastructure
Key Market Players Electric Bus Industry:
Prominent players in the Electric Bus Market include BYD Company Ltd. (China), Yutong Co., Ltd. (China), VDL Groep (Netherlands), AB Volvo (Sweden), and CAF (Solaris Bus & Coach sp. z o.o.) (Spain).
The break-down of primary participants is as mentioned below:
- By Company Type: Electric Bus OEM - 80%, Tier 1 - 10%, Others - 10%
- By Designation: C Level - 70%, Director- level - 20%, Others - 10%
- By Region: North America- 15%, Europe - 30%, Asia Pacific - 55%
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Electric Bus Industry Recent Developments:
- In May 2024, Yutong delivered 46 battery-electric apron buses to Spain, where they would be used in 15 major airports. This was China's largest export order for these buses and it will help Spain achieve its green development objectives when building new airports. With more than 70 airports worldwide-including the ones like Madrid, Barcelona, and Rome-Yutong's buses are a popular option in Europe due to its innovative technology.
- The Volvo BZR Electric, electromobility platform which is intended for city, intercity, and commuter operations, was introduced by Volvo Buses in March 2024. This platform for electric vehicles aims to enhance profitability and sustainability for operators around the world. It is available in various configurations. The BZR Electric platform was introduced to meet the increasing demand for electric mobility solutions worldwide. It leveraged the popularity of their low-floor electric buses, currently operational in more than 25 nations.
- In March 2024, Volvo Buses enhanced its European electric mobility options by introducing the Volvo 8900 Electric intercity bus. This electric bus, with easy access, was created for urban, long-distance, and regular commuter services, offered in two- and three-axle versions to improve efficiency and sustainability for companies. In some European cities, the initial versions of bus will be made available for purchase starting in 2025.
Electric Bus Market Size - Key Benefits of Buying the Report:
- The report will help the market leaders/new entrants with information on the closest approximations of the revenue numbers for the overall electric bus market and the subsegments.
- The report includes a comprehensive market share analysis, supply chain analysis, extensive lists and insights into component manufacturers, chapter segmentation based on materials, a thorough supply chain analysis, and a competitive landscape.
- The report also helps stakeholders understand the market pulse and provides information on key market drivers, restraints, challenges, and opportunities.
This report provides insights on:
- Analysis of key drivers (Rising GHG emissions, government incentives and policies, overall targets to reduce fleet-level emissions and increasing demand for emission-free vehicles), restraints (safety concerns in EV batteries and high development cost), opportunities (transition towards hydrogen fuel cell electric mobility), and challenges (high cost of developing charging infrastructure) are influencing the growth of the electric bus market.
- Product Development/Innovation: Detailed insights on upcoming technologies, research & development activities, and new product & service launches in the electric bus market.
- Market Development: Comprehensive information about lucrative markets - the report analyses the electric bus market across varied regions.
- Market Diversification: Exhaustive information about new products & services, untapped geographies, recent developments, and investments in the electric bus market
- Competitive Assessment: In-depth assessment of market shares, growth strategies, and service offerings of leading players like BYD Company Ltd. (China), Yutong Co., Ltd. (China), VDL Groep (Netherlands), AB Volvo (Sweden) and CAF (Solaris Bus & Coach sp. z o.o.) (Spain) among others in the electric bus market.
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