The global electric bus market size was valued at USD 738 million in 2021 and is expected to grow to USD 3175 million by 2030. The market is expected to grow at a CAGR of 18% during the forecast period (2022– 2030). North America accounts for a market share of USD 588 million in 2021 and is anticipated to reach USD 2588 million by 2030 at a CAGR of 17%.
The conventional fuels like petrol and diesel will not be there as these are not renewable sources of energy and will soon get exhausted with time. To support sustainable development and environment saving activities, there was a need to find alternative sources of fuel, which led to the evolution of electric vehicles. Electric buses are way more economical than conventionally fueled buses, as the electric bus converts over 50% of the electric energy from the grid power at the wheels. The demand for electric vehicles has increased with the high performance and the high fuel efficiency offered. At one full charge, an electric bus can travel up to 150kms of distance, which is just amazing and cost-saving.
|Market Size||USD 3.1 Billion by 2030|
|Forecast Units||Value (USD Billion)|
|Report Coverage||Revenue Forecast, Competitive Landscape, Growth Factors, and Trends|
|Segments Covered||By Propulsion Type, By Power Output, By Region|
|Geographies Covered||North America, Europe, Asia-Pacific, LAME and Rest of the World|
|Key Companies Profiled/Vendors||AB Volvo, Ankai Bus, BYD Company, Daimler AG, NFI Group Inc.|
|Key Market Opportunities||Technological Advancements with Proactive Government Initiatives
Create Huge Opportunities
|Key Market Drivers||Increase in Demand for Fuel-Efficient, High-Performance and Low Emission Buses Driving Global Market
Reduction in Battery Prices Boosting the Global Electric Bus Market Growth
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Reduction in Battery Prices Boosting Global Electric Bus Market Growth
Electric vehicles can’t be worked constantly on an AC power supply due to power fluctuations. Hence all such vehicles work on a DC power supply and use batteries to store the energy. For this, Li-Ion batteries are utilized in the electric vehicles that power the whole vehicle alongside every one of the extras inside the transport. The expense of batteries was a vital worry for the vehicle specialists, as the expense of an electric vehicle’s battery was way higher. It has a significant influence on the general cost of an electric bus.
Thus, the battery packs are considered a significant expense part that influences the market development in the long run. However, presently, the costs of electric vehicle batteries have gone down with the innovative headways occurring in the electric vehicles portion. This is ending up one more driving variable for the global electric bus market, as the primary expense part for electric transport is accessible at a negligible expense and thus expanding the buy amount.
Technological Advancements and Government Initiatives Create Huge Opportunities in the Global Electric Bus Market
There have been mass technological changes in electric vehicles since their introduction in 2010. The battery capacity, increased performance and efficiency, designs and aesthetics, IoT connected buses, fleet systems, etc., are some of the technological advancements in the electric vehicle segment in recent years. The near future will see the giant technological evolution in electric vehicles that may see favorable changes in the electric buses as far as technology is concerned, which has opened a wide range of opportunities in the Research & Development, Manufacturing, Electric technology, Artificial Intelligence in electric buses, fleet management services, etc.
Apart from this, favorable government policies play a key role in the growth of the electric bus market. The government’s subsidies make people think about buying an electric vehicle with the cost-cutting schemes offered by the government. Even manufacturing plants for electric vehicles get many benefits from the government, starting from land acquisition to tax relaxations. This is why the electric vehicle market is a hot topic at this point of time, as it is offering an once-in-a-lifetime chance to earn and create a revolution in the automotive industry.
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Impact of Covid-19 on Global Electric Bus Market
Covid-19 had adverse effects on the electric bus market, with the complete shutdown of the entire transportation industry. The manufacturing facilities of electric buses were completely stopped with various factors like unavailability of the labor force, minimal resources, disruption of the supply chain, and most important one was the sudden stoppage of subsidies from the government.
The most adverse effect was the global supply chain disruption that created a huge shortage of essential raw materials and accessories, leading to a complete manufacturing stoppage. But as the Covid norms were eased by most of the countries, and things went back to normal, everything has come into its place, and booming the market with double the pace.
Regional Analysis of Global Electric Bus Market –
Geographically, the global electric bus market is segmented into North America, Europe, Asia-Pacific, and Middle-East & Africa.
Asia-Pacific is the most dominant region which had a market value of USD 14196 million in 2021 and anticipated to reach at USD 40325 million by 2030 at a CAGR of 12%. The Asia-Pacific being the significant economy has favorable policies for assembling and dispersion of electric vehicles. Numerous nations in the region have started using electric transports for their public transport and states are additionally profiting extraordinary advantages and expense relaxations with sponsorships for electric vehicle manufacturing units.
Europe is known as an automotive hub, and has the highest number of electric vehicle manufacturing units. Many European countries utilize electric buses for their public transportation, which is why the region is fuelling global electric bus market. It accounted for a market value of USD 999 million in 2021 and growing to USD 3980 million by 2030 at a CAGR of 16%.
North America accounts for a market share of USD 588 million in 2021 and is anticipated to reach USD 2588 million by 2030 at a CAGR of 17%, and is third in the list. Middle-East and Africa is the region with the least revenue generation that accounted for a market value of USD 125 million in 2021 and expected to reach at USD 1152 million by 2030 at a CAGR of 28%.
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Key Highlights –
- Global electric bus market was valued at USD 738 million in 2021 and expected to grow at USD 3175 million by 2030. The market is expected to grow at a CAGR of 18% during the forecast period (2022– 2030.
- By propulsion type, the battery electric vehicle (BEV) segment dominates the market with anticipated market value to reach USD 37155 million by 2030 at a CAGR of 13%.
- By power output, the upto 250 kW segment dominates the market share with USD 27851 million by 2030 at a CAGR of 12%
- The Asia-Pacific region has the major revenue generation in the global electric bus market with USD 40325 million by 2030 at a CAGR of 12%.
The major key players in the global electric bus market are
- AB Volvo
- Ankai Bus
- BYD Company
- Daimler AG
- NFI Group Inc.
Global Electric Bus Market: Segmentation
By Propulsion Type
By Power Output
- Upto 2550 kW
- Above 250 kW
- North America
- Middle-East & Africa.