The Electric Bus Market Size was valued at USD 18.4 billion in 2023 and is expected to reach USD 56.28 billion by 2031 and grow at a CAGR of 15% over the forecast period 2024-2031.
An electric bus, often known as an e-bus, is a bus that runs solely on electricity rather than an internal combustion engine. An onboard electric motor, powered by onboard batteries or a set of batteries, propels the E-bus. Electric buses are considered environmentally friendly because they produce no pollution. E-buses are gaining traction around the world as commercial transportation companies change their focus to smart transportation. In comparison to traditional buses powered by diesel or gasoline engines, electric buses emit zero or low emissions, supporting the industry trend. The market statistics will improve as various governments place a greater emphasis on promoting electric transit alternatives.
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Plug-in electric buses require a plug-in power source for charging, and the combustion engine boosts the engine later, which further recharges the battery and maintains the energy level, whereas hybrid electric buses conserve energy while decelerating, which finds application in high-intensity tasks. The global electric bus market is expected to be dominated by hybrid buses. However, due to rising government and public interest in emission-free transportation, the pure electric industry is expected to rise at a quick pace.
KEY DRIVERS:
Demand for emission-free and energy-efficient mass transit systems is growing.
Environmental issues are growing.
Government investments in fuel-saving technology & alternative fuel vehicles are driving the electric bus industry.
RESTRAINTS:
Electric bus producers are being held back by the expensive cost of developing electric buses, coaches, and related components.
Infrastructure development for Electric Vehicle is also quite expensive.
Several high-capacity charging stations will need to be installed.
Electric buses and coaches are more expensive than standard ICE buses and coaches.
OPPORTUNITIES:
An increasing number of global bus manufacturers choose to build electric buses as alternatives to diesel-powered buses.
The government of India's National Electric Mobility Mission Plan (NEMMP) aims to promote EV manufacturing and adoption in the country.
CHALLENGES:
Current electric bus batteries have low capacity, long charging times, and a limited range per charge.
Lithium-ion batteries have insufficient capacity to power commercial vehicles.
The charging-discharging performance of batteries degrades dramatically in cold temperatures.
The time it takes to charge an electric bus using current market equipment is quite long, resulting in a loss of time.
The majority of the charging infrastructure is comprised of low-capacity chargers.
COVID-19 has had a considerable impact on the electric bus market. Manufacturing and COVID-19 have had a big impact on the electric bus market. Manufacturing and sales of new electric buses around the world came to a halt as the entire ecosystem was disrupted. OEMs had to wait for lockdowns to be lifted before they could start production, which hurt their bottom line. Demand for new electric buses is expected to increase as economies recover from the pandemic. A new wave of COVID-19, caused by unique strains, may, however, stall recovery in some areas. As a result, depending on the COVID-19 scenario, electric bus manufacturers would have to adjust production levels between countries.
The global market is divided into BEV, PHEV, and FCEV. The BEV segment dominated the market in 2023. These buses are designed to take advantage of those batteries to power the electric motors and all onboard electronics. As hydrogen fuel cell buses survive longer, the FCEV category is expected to increase dramatically.
According to the length segment, the global market is divided into less than 9 meters, 9-14 meters, and above 14 meters. Throughout the projection period, the 9–14 m segment of the automotive electric bus market value is predicted to be the largest. The 9–14 m segment dominates the electric bus industry due to the large number of electric passenger buses used in public transit fleets.
Based on the range segment, the global market has been divided into less than 200 miles, and more than 200 miles. Because of reduced total running costs and shorter recharging times, the segment of fewer than 200 miles captured the largest portion of the market. The sector of more than 200 miles is expected to have a higher CAGR.
By Propulsion Type:
BEV
FCEV
PHEV
By Length:
Less than 9 meters
9-14 meters
Above 14 meters
By Range:
Less than 200 miles
More than 200 miles
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Asia Pacific region is holding the market share of 81% in the year 2023. The desire to minimize urban pollution and reliance on fossil fuels, as well as growth ambitions, are driving the electric bus market in the Asia Pacific. Because parts and components are cheaper in China, Chinese players have been able to design and provide a wide selection of electric bus models at reduced pricing. The Chinese government has made significant investments to convert the traditional public transportation fleet to electric. As a result, it now dominates the market, surpassing European and American competitors. Because of China's strong adoption rate of electric buses, Asia Pacific dominates the electric bus market. Electric buses are also being used in other Asian countries' public transportation fleets.
REGIONAL COVERAGE:
North America
The USA
Canada
Mexico
Europe
Germany
The UK
France
Italy
Spain
The Netherlands
Rest of Europe
Asia-Pacific
Japan
south Korea
China
India
Australia
Rest of Asia-Pacific
The Middle East & Africa
Israel
UAE
South Africa
Rest of Middle East & Africa
Latin America
Brazil
Argentina
Rest of Latin America
Daimler AG (Germany), Volvo Group (Sweden), Wright Enrichment Inc(U.S.), Shandong Yi Xing Electric Auto Co., Ltd (China), Proterra, Anhui Ankai Automobile Co., Ltd.( China), Zhongtong Bus Holding Co., Ltd.( China), Iveco (Italy), Ebus (Singapore), BYD Auto Co., Ltd ( China), NFI Group Inc., Beiqi Foton Motor Co., Ltd.(China). are some of the affluent competitors with significant market share in the Electric Bus Market.
| Report Attributes | Details |
| Market Size in 2023 | US$ 18.4 Billion |
| Market Size by 2031 | US$ 56.28 Billion |
| CAGR | CAGR of 15% From 2024 to 2031 |
| Base Year | 2023 |
| Forecast Period | 2024-2031 |
| Historical Data | 2020-2022 |
| Report Scope & Coverage | Market Size, Segments Analysis, Competitive Landscape, Regional Analysis, DROC & SWOT Analysis, Forecast Outlook |
| Key Segments | • by Propulsion Type (BEV, FCEV, PHEV) • by Length (Less than 9 meters, 9-14 meters, above 14 meters) • by Range (Less than 200 miles, more than 200 miles) |
| Regional Analysis/Coverage | North America (USA, Canada, Mexico), Europe (Germany, UK, France, Italy, Spain, Netherlands, Rest of Europe), Asia-Pacific (Japan, South Korea, China, India, Australia, Rest of Asia-Pacific), The Middle East & Africa (Israel, UAE, South Africa, Rest of Middle East & Africa), Latin America (Brazil, Argentina, Rest of Latin America) |
| Company Profiles | Daimler AG (Germany), Volvo Group (Sweden), Wright Enrichment Inc(U.S.), Shandong Yi Xing Electric Auto Co., Ltd (China), Proterra, Anhui Ankai Automobile Co., Ltd.( China), Zhongtong Bus Holding Co., Ltd.( China), Iveco (Italy), Ebus (Singapore), BYD Auto Co., Ltd ( China), NFI Group Inc., Beiqi Foton Motor Co., Ltd.(China). |
| Key Drivers | •Demand for emission-free and energy-efficient mass transit systems is growing. •Environmental issues are growing. |
| RESTRAINTS | •Electric bus producers are being held back by the expensive cost of developing electric buses, coaches, and related components. •Infrastructure development for EVs is also quite expensive. |
Ans:- The market size is expected to reach USD 56.28 billion by 2031.
Ans:- An electric bus, often known as an e-bus, is a bus that runs solely on electricity rather than an internal combustion engine.
Ans:- Yes.
Ans:- Asia pacific region is anticipated to be the primary driver of the market.
Ans:- Daimler AG (Germany), Volvo Group (Sweden), Wright Enrichment Inc(U.S.), Shandong Yi Xing Electric Auto Co., Ltd (China), Proterra, BYD Auto Co., Ltd ( China), NFI Group Inc., and Beiqi Foton Motor Co., Ltd.(China) are the most prominent players in the market.
Table of Contents
1. Introduction
1.1 Market Definition
1.2 Scope
1.3 Research Assumptions
2. Research Methodology
3. Market Dynamics
3.1 Drivers
3.2 Restraints
3.3 Opportunities
3.4 Challenges
4. Impact Analysis
4.1 COVID-19 Impact Analysis
4.2 Impact of Ukraine- Russia war
4.3 Impact of ongoing Recession
4.3.1 Introduction
4.3.2 Impact on major economies
4.3.2.1 US
4.3.2.2 Canada
4.3.2.3 Germany
4.3.2.4 France
4.3.2.5 United Kingdom
4.3.2.6 China
4.3.2.7 Japan
4.3.2.8 South Korea
4.3.2.9 Rest of the World
5. Value Chain Analysis
6. Porter’s 5 forces model
7. PEST Analysis
8. Global Electric Bus Market Segmentation, by Propulsion type
8.1 BEV
8.2 FCEV
8.3 PHEV
9. Global Electric Bus Market Segmentation, by Length
9.1 Less than 9 meters
9.2 9-14 meters
9.3 Above 14 meters
10. Global Electric Bus Market Segmentation, by Range
10.1 Less than 200 miles
10.2 More than 200 miles
11. Regional Analysis
11.1 Introduction
11.2 North America
11.2.1 the USA
11.2.2 Canada
11.2.3 Mexico
11.3 Europe
11.3.1 Germany
11.3.2 the UK
11.3.3 France
11.3.4 Italy
11.3.5 Spain
11.3.6 The Netherlands
11.3.7 Rest of Europe
11.4 Asia-Pacific
11.4.1 Japan
11.4.2 South Korea
11.4.3 China
11.4.4 India
11.4.5 Australia
11.4.6 Rest of Asia-Pacific
11.5 The Middle East & Africa
11.5.1 Israel
11.5.2 UAE
11.5.3 South Africa
11.5.4 Rest
11.6 Latin America
11.6.1 Brazil
11.6.2 Argentina
11.6.3 Rest of Latin America
12. Company Profiles
12.1 Yutong Group,
12.1.1 Financial
12.1.2 Products/ Services Offered
12.1.3 SWOT Analysis
12.1.4 The SNS view
12.2 Daimler AG (Germany)
12.3 Volvo Group (Sweden)
12.4 Wright Enrichment Inc (U.S.)
12.5 Shandong Yi Xing Electric Auto Co., Ltd (China)
12.6 Anhui Ankai Automobile Co., Ltd. (China)
12.7 Zhongtong Bus Holding Co., Ltd. (China)
12.8 Iveco (Italy)
12.9 Ebus (Singapore)
12.10 BYD Auto Co., Ltd (China)
12.11 Beiqi Foton Motor Co., Ltd. (China)
12.12 Proterra
12.13 NFI Group Inc.
13. Competitive Landscape
13.1 Competitive Benchmarking
13.2 Market Share analysis
13.3 Recent Developments
14. Conclusio
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