According to Custom Market Insights (CMI), The Global Electric Bus Market size was estimated at USD 29 billion in 2021 and is expected to hit around USD 107 billion by 2030, poised to grow at a compound annual growth rate (CAGR) of 22% from 2022 to 2030.
The report examines the Electric Bus market’s drivers and restraints and their impact analysis. Also, the report mentions global opportunities prevailing in the Electric Bus market.
Electric Bus Market: Overview
An electric bus uses electric motors instead of internal combustion engines to go forward. Electric buses have two options for power supply: they can either store the necessary energy onboard or receive continual external power. The majority of buses that hold electricity are battery electric buses (which this page primarily discusses), where the electric motor receives power from an onboard battery pack. Although there are examples of other storage types, such as the gyrobus, which uses flywheel energy storage, these buses are rare. Electricity is obtained through interaction with external power sources when not stored on board.
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The market is seeing a rise in demand for fuel-efficient buses, anti-air pollution, and non-polluting. Additionally, electric bus development is fueled by government endeavours to meet zero emissions targets, tight restrictions, and growing environmental concerns. The demand is also driven by automakers’ investments in creating hydrogen fuel cell-powered electric buses. The market for e-bus is also anticipated to rise due to battery manufacturers’ increasing investments in developing affordable, technologically superior batteries.
The industry’s growth is primarily constrained by high costs and poor battery performance. Customers are less likely to choose electric buses over conventional ones because their total cost of ownership and maintenance is greater than the former. In addition, because of their poor charging capacity, prolonged charging times, and shorter ranges per charge, e-bus batteries perform less well than conventional buses. In addition, the e-bus performs worse in colder climates, and battery charging is less effective overall.
The global Electric Bus market is categorized into the battery, vehicle type, application, and end-use. By end-use, in 2021, the public segment’s revenue share was greater than 80%. The significant market share is linked to the rising demand for transportation services and governments’ implementation of numerous GHG emissions to reduce reliance on fossil fuels and minimize air and noise pollution. For instance, as part of the Trolebici project, which comprises an investment of roughly USD 35 million and seeks to enhance the transportation and commuting infrastructure in Mexico City, 63 electric trolley buses were added to Mexico’s fleet of public transit vehicles in January 2020.
By application, in 2021, the intracity segment dominated the market and controlled more than 85.0% of the revenue. The increase in people travelling to work, school, and universities worldwide is responsible for the need for intracity e-buses and the increased demand for public transportation.
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In 2021, Asia Pacific accounted for the most significant revenue share, with more than 85.0%. The development can be ascribed to the presence of nations like China, India, and Japan and the rising desire for environmentally friendly transportation. Leading manufacturing businesses are headquartered in China, a significant player in the market. For instance, more than 421,000 e-buses, or approximately 99% of the global fleet, were in China in March 2021. Furthermore, the expansion of the charging infrastructure, environmental concerns, and tight government regulations are driving the overall business growth in this region.
Our market analysis includes a section specifically devoted to key players operating in the Electric Bus market. Our analysts give an overview of each player’s financial statements, product benchmarking and SWOT analysis. In addition, the competitive landscape section includes key development strategies, market share analysis, and market positioning analysis of the mentioned competitors globally.
- AB Volvo
- Shenzhen Wuzhoulong Motors Co. Ltd
- King Long United Automotive Industry Co. Ltd
- BYD Company Ltd
- Daimler AG
- Proterra Inc
- CAF Group (Solaris Bus & Coach)
- NFI Group
- Van Hool NV
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