The global market for electric buses is anticipated to develop as demand for vehicles with low emissions and fuel consumption increases. For instance, the Federal Transit Administration (FTA) of the US Department of Transportation has declared financing of USD 130 million for Low or No Emission in June 2020. The strict government laws and regulations that the U.S., Germany, France, and China have put in place regarding vehicle emissions, requiring automakers to adopt cutting-edge technologies to combat excessive levels of emissions in buses, are anticipated to promote the expansion of the global electric bus market. On longer routes, these bus models are more appropriate. They are more affordable than conventional buses as a result, which presents a market potential for the electric bus industry worldwide. The signing of contracts by bus manufacturers to provide operation and maintenance of electric buses in the region and government purchases of electric buses are factors that are projected to drive the growth of the e-bus market in Europe during the forecast period.
According to Coherent Market Insights, the market for Electric Buses was valued at US$ 14,795.5 million in 2021 and is anticipated to grow at a CAGR of 13.4% between 2022 and 2030 to reach US$ 44,309.04 million.
Key Players in the Electric Bus Industry:
AB VOLVO
The company was established in 1927 and its main office is Gothenburg, Sweden. The business manufactures commercial vehicles. The business manufactures construction equipment, engines, buses, trucks, and other vehicles in addition to offering financial services. Volvo stated in April 2021 that it had entered into a new cooperation with steel producer SSAB to create steel free of fossil fuels for use in Volvo's future automobiles.
Construcciones y Auxiliar de Ferrocarriles
The company was established in 1917 and its main office is Beasain, Spain. With its subsidiary Solaris Bus & Coach, the company manufactures buses, railway cars, and related equipment. In January 2023, CAF closes a contract for its establishment in the BWW BISMARK Workshop in Germany. A contract for the extension of the NWL Project was secured by CAF in Germany in June 2022.
ANKAI BUS
The company was established in 1997 and its main office is in Hefei, Anhui, China. The business produces buses and coaches, including urban buses, normal coaches, sleeping berth coaches, and bus. Ankai collaborated on the construction of a power battery factory in 2022 with JAC Motors and BYD. At the September 2022 World Manufacturing Conference, the Ankai L4 Autonomous Drive Bus makes its debut.