Electric Bus Market

The electric bus market is estimated to be valued at USD 36.98 billion in 2024 and is expected to reach USD 107.92 billion by 2031, growing at a compound annual growth rate (CAGR) of 16.5% from 2024 to 2031.

Report Description:

The global electric bus market has been witnessing significant growth in recent years. Factors, such as stringent emission norms across major countries, growing environmental concerns, and rising fossil fuel prices, have been driving the demand for electric buses. Government initiatives in the form of fiscal incentives and subsidies for adoption of electric vehicles have further boosted the electric bus market. Several cities around the world have announced plans to completely replace their existing fuel-based bus fleet with electric buses over the next 5-10 year period. Leading automakers and startups have intensified their efforts in developing efficient and affordable electric bus technologies. Recent technological advancements including improved battery energy density and reduced battery costs are expected to make electric buses more viable as compared to conventional fuel-based buses.

Market Dynamics:

The global electric bus market is expected to witness strong growth driven by factors such as stringent emission regulations for commercial vehicles across various countries, growing environmental concerns regarding vehicular emissions, rising fossil fuel prices, and supportive government policies promoting adoption of electric vehicles. However, high upfront costs of electric buses as compared to conventional fuel-based buses and underdeveloped charging infrastructure in many regions continue to restrain the market to some extent. Ongoing technological advancements in battery technologies offering higher driving range and reduced battery costs present significant opportunities for the faster adoption of electric buses globally. Market players are investing heavily in R&D to develop superior and affordable products.

Key features of the study:

• This report provides an in-depth analysis of the global electric bus market, and provides market size (US$ Billion) and compound annual growth rate (CAGR %) for the forecast period (2024–2031), considering 2023 as the base year.
• It elucidates potential revenue growth opportunities across different segments and explains attractive investment proposition matrices for this market.
• This study also provides key insights about market drivers, restraints, opportunities, new product launches or approvals, market trends, regional outlook, and competitive strategies adopted by key players.
• It profiles key players in the global electric bus market based on the following parameters – company highlights, products portfolio, key highlights, financial performance, and strategies.
• Key companies covered as a part of this study include AB Volvo, Alexander Dennis Limited, Anhui Ankai Automobile Co. Ltd., Ashok Leyland Limited, Blue Bird Corporation, Bolloré SE, BYD Company Limited, Daimler AG, Dongfeng Motor Company, Geely Automobiles Holdings Ltd., Hyundai Motor Company, Iveco S.p.A., New Flyer Industries Inc., Nissan Motor Corporation, Paccar Inc., Proterra Inc., Scania AB, Solaris Bus & Coach S.A., Tata Motors Limited, Toyota Motor Corporation, VDL Bus & Coach BV, Wrightbus Limited, Yutong Group, and Zhengzhou Yutong Bus Co., Ltd.
• Insights from this report would allow marketers and the management authorities of the companies to make informed decisions regarding their future product launches, type up-gradation, market expansion, and marketing tactics.
• The global electric bus market report caters to various stakeholders in this industry including investors, suppliers, product manufacturers, distributors, new entrants, and financial analysts.
• Stakeholders would have ease in decision-making through various strategy matrices used in analyzing the global electric bus market.

Market Segmentation

• Propulsion Type
  • BEV
  • FCEV
  • PHEV
• Length
  • Less than 9 meters
  • 9-14 meters
  • Above 14 meters
• Range
  • Less than 200 miles
  • More than 200 miles
• Region
  • North America
  • Latin America
  • Europe
  • Asia Pacific
  • Middle East & Africa
• Key Players Insights
  • AB Volvo
  • Alexander Dennis Limited
  • Anhui Ankai Automobile Co. Ltd.
  • Ashok Leyland Limited
  • Blue Bird Corporation
  • Bolloré SE
  • BYD Company Limited
  • Daimler AG
  • Dongfeng Motor Company
  • Geely Automobiles Holdings Ltd.
  • Hyundai Motor Company
  • Iveco S.p.A.
  • New Flyer Industries Inc.
  • Nissan Motor Corporation
  • Paccar Inc.
  • Proterra Inc.
  • Scania AB
  • Solaris Bus & Coach S.A.
  • Tata Motors Limited
  • Toyota Motor Corporation
  • VDL Bus & Coach BV
  • Wrightbus Limited
  • Yutong Group
  • Zhengzhou Yutong Bus Co., Ltd.