Electric Bus Market Size, Share | Forecast 2032

The Electric Bus Global Market Report 2023 by The Business Research Company, provides electric bus market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa for the 27 major global industries. The report covers a ten-year historic period – 2010-2021, and a ten-year forecast period – 2023-2032.

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According to The Business Research Company’s Electric Bus Global Market Report 2023, the global electric bus market size will grow from $29.96 billion in 2022 to $33.72 billion in 2023 at a compound annual growth rate (CAGR) of 12.5%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The market size of global electric bus is expected to grow to $55.17 billion in 2027 at a CAGR of 13.1%.

Various proactive government initiatives to encourage the use of e-buses, create lucrative growth options for the electric bus market. Governments around the world have launched initiatives to make urban public transportation more sustainable and fuel-efficient through the use of electric buses.

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The electric bus market is segmented:

1) By Type: Battery Electric Vehicle, Plug-In Hybrid Electric Vehicle, Fuel Cell Electric Vehicle

2) By Battery Type: Lithium-Nickel-Manganese-Cobalt-Oxide, Lithium-Iron-Phosphate, Other Battery Types

3) By Vehicle Range: Less Than 200 Miles, Above 200 Miles

4) By Battery Capacity: Upto 400 kWh, Above 400 kWh

5) By Application: Intercity, Intracity

Technology advancement is a key trend in the electric bus market. Companies manufacturing electric buses are investing in technology to maximize passenger load carrying capacity and running time of electric buses to make the whole operation economically viable as well as sustainable for the future. For instance, in January 2020, Ashok Leyland, an India-based automotive manufacturer, and ABB Power Products and Systems, an India-based provider of energy technologies, signed a Memorandum of Understanding (MoU) to extend India’s eco-system for efficient and greener electric bus transportation systems. According to the agreement, Ashok Leyland will create new electric buses based on ABB’s TOSA flash-charge technology, which recharges the battery in seconds while people board and disembark. This eliminates the need to pull the vehicle out of service for recharging every few hours or having a replacement bus on hand, allowing the fleet to be smaller while carrying more passengers.

The electric bus market report table of contents includes: