Electric Bus Market Trends, Outlook, Overview 2024-2033

Overview and Scope

An electric bus is an electric vehicle (EV) that runs on electricity rather than diesel or gasoline. The electric bus is powered exclusively by a zero-emissions electricity source.

Sizing and Forecast

The electric bus market size has grown rapidly in recent years. It will grow from $33.04 billion in 2023 to $37.17 billion in 2024 at a compound annual growth rate (CAGR) of 12.5%.  The growth in the historic period can be attributed to manufacturing scale and production sophistication, public awareness and perception, improvements in charging infrastructure, economic viability and cost reduction, rising urbanization and congestion.

The electric bus market size is expected to see rapid growth in the next few years. It will grow to $57.51 billion in 2028 at a compound annual growth rate (CAGR) of 11.5%.  The growth in the forecast period can be attributed to market demand and acceptance, development of charging infrastructure, improvements in manufacturing cost, rising demand for sustainable transport. Major trends in the forecast period include government incentives and policies, technological advancements in battery technology, rising urbanization and air quality concerns, cost reduction in battery production, demand for sustainable mobility solutions.

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Segmentation & Regional Insights

The electric bus market covered in this report 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

Asia-Pacific was the largest region in the electric bus market in 2023 and is expected to be the fastest-growing region in the forecast period. The regions covered in the electric bus market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.

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Major Driver Impacting Market Growth

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 using electric buses. For instance, in December 2021, the NITI Aayog (National Institution for Transforming India), the policy thinks tank of the Government of India, launched e-Sawaari, India Electric Bus Coalition, in collaboration with Convergence Energy Service Limited (CESL) and the World Resources Institute, India (WRI India), and with the support of the Transformative Urban Mobility Initiative (TUMI). The coalition was formed to share knowledge and lessons learned from the adoption of e-buses in India among various stakeholders, including the central and state governments, city-level government agencies, financing institutions, transit service providers, ancillary service providers, and original equipment manufacturers (OEMs). Therefore, government initiatives will boost electric bus services which in turn is likely to drive the growth of the electric bus market going forward.

Key Industry Players

Major companies operating in the electric bus market report are BYD Co. Ltd., Tata Motors Limited, Zhengzhou Yutong Bus Co. Ltd., Scania AB, Dongfeng Motor Corporation, MAN Truck & Bus AG, Sinotruk Hong Kong Limited, Foton Motor Group, VDL Groep, Ashok Leyland Limited, NFI Group Inc., Blue Bird Corporation, Solaris Bus & Coach S.A., Gillig LLC, New Flyer of America Inc., Eicher Motors Limited, Alexander Dennis Limited, JBM Auto Limited, King Long United Automotive Industry Co. Ltd., Zhongtong Bus & Holding Company Limited, Proterra lnc., Nanjing Golden Dragon Bus Manufacturing Co. Ltd., Ebusco, The CAF Group incorporates, GreenPower Motor Company Inc., The Volvo Group, Deccan Auto Limited, Daimler AG, Higer Bus Company Limited, Motiv Power Systems Inc., Zhuhai Guangtong Automobile Co. Ltd., Shenzhen Wuzhoulong Motors Co. Ltd., Olectra Greentech Limited, Xiamen King Long United Automotive Industry Co. Ltd., Yaxing Motor Coach Co. Ltd.

The electric bus market report table of contents includes:

1. Executive Summary
2. Electric Bus Market Characteristics
3. Electric Bus Market Trends And Strategies
4. Electric Bus Market – Macro Economic Scenario
5. Global Electric Bus Market Size and Growth
…
32. Global Electric Bus Market Competitive Benchmarking
33. Global Electric Bus Market Competitive Dashboard
34. Key Mergers And Acquisitions In The Electric Bus Market
35.Electric Bus Market Future Outlook and Potential Analysis
36. Appendix

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