all report title image

Electric buses are run by the electric motors that is powered with the assistance of on-board batteries , as these buses are run by the battery itself totally, they are required to be recharged once they are drained, without refueling in case of the ICE buses. Electric buses are completely effective over the ICE buses in terms of the power delivery, torque, maintenance and pollution free.

Statistics:

The electric bus market was valued at US$ 14,795.5 Mn in 2021 and is forecast to reach a value of US$ 44,309.04 Mn by 2030 at a CAGR of 13.4% between 2022 and 2030.

Figure 1: Global Electric Bus Market Value (US$ Bn) Analysis and Forecast, 2017 - 2030

Electric Bus  | Coherent Market Insights

Asia Pacific held a dominant position in the Global Electric Bus Market Share in 2021

Statistics:

Asia Pacific held dominant position in the Global Electric Bus Market in 2021, accounting for 88.0% share in terms of volume.

Figure 2: Global Electric Bus Market Share (%), By Region, 2021

Electric Bus  | Coherent Market Insights

Key Developments:

In October 2019, AB Volvo approved a new electrically powered articulated bus for smooth and emission free high capacity operations. The Volvo 7900 Electric Articulated in the trading configuration is accessible in an option of two lengths 59 and 61 feet. The bus is 80% more energy-effective than a corresponding diesel bus, the company declared.

In November 2019, AB Volvo signed a contract with the Transdev, a French originated international private public transport operator to export the electric buses in Europe. The Volvo would deliver 157 electric articulated buses to Transdev that started in the 2020. These buses operated a number of routes in the Gothenburg.

CMI table icon

Electric Bus Market Report Coverage

Report Coverage Details
Base Year: 2021 Market Size in 2021: US$ 14,795.5 Mn
Historical Data for: 2017 to 2020 Forecast Period: 2022 to 2030
Forecast Period 2022 to 2030 CAGR: 13.4% 2030 Value Projection: US$ 443,09.04 Mn
Geographies covered:
  • North America: U.S. and Canada
  • Latin America: Brazil, Argentina, Mexico, and Rest of Latin America
  • Europe: Germany, U.K., Spain, France, Italy, Russia, and Rest of Europe
  • Asia Pacific: China, India, Japan, Australia, South Korea, ASEAN, and Rest of Asia Pacific
  • Middle East: GCC Countries, Israel, and Rest of Middle East
  • Africa: South Africa, North Africa, and Central Africa
Segments covered:
  • 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
  • By Battery Capacity: Up to 400 kWh, Above 400 kWh
  • By Power Output: Up to 250kW, Above 250 kW
Companies covered:

AB VOLVO, CAF, CONSTRUCCIONES Y AUXILIAR DE FERROCARRILES, S.A., ANKAI BUS, ZHONGTONG BUS HOLDINGS CO., LTD, BYD COMPANY LTD, PROTERRA, DAIMLER AG, YUTONG GROUP, NFI GROUP INC. and  VDL GROEP BV

Growth Drivers:
  • Rising demand of the fuel efficient and low emission buses
  • Strict regulatory rules and regulations 
Restraints & Challenges:
  • High manufacturing cost
  • Low fuel economy

Market Drivers:

Driver 1:

Gasoline being a fossil fuel it is not renewable source of the energy, and it is projected to be exhausted in the upcoming future, and to assist the sustainable development in the nature, it is very essential to develop and utilize the alternative source of the fuel which is anticipated to fuel the growth of the electric bus market.

Driver 2:

The involvement of the buses that do not utilize gas and is more economical than the conventional buses and an electric bus converts around 50% of the electric energy from the grid to power at the wheels while the gas powered bus only controls and tries to convert around 17%-21% of the energy that is stored in the gasoline and this is projected to propel the growth of the global electric bus market.

Market Restraint:

Restraint 1:

Electric buses are very beneficial than the conventional buses, and moreover, the price of the former or the electric buses is much more than that of the gas powered automotive. This is because the automotive have not been produced very vastly and are yet to advocate the economies of the scale which is anticipated to hinder the growth of the global electric bus market.

Restraint 2:

The inaccessibility of the infrastructure that is associated to an electric automotive development has proven to be an adverse factor , that hinders the growth of the electric bus market, and in the same line the production of the electric bus needs huge investment that also restricts the growth of the global electric bus market.

Market Opportunities:

Opportunity 1:

Automobile industries aim on the production of the electric automotive methods that are anticipated to have less particular emission or release at the relatively low price. Industries also have started to create downsized engines that are to be executed in the automotive as smaller engines that help to achieve the upcoming BHARAT STAGE VI emission norms or the rules.

Opportunity 2:

The electric vehicles produce very less emission comparatively to the heavier and the larger engines and the compactness and the efficiency of the price and the downsized small engines also add other dimension to their necessities. Hence, the development of the advance GDI systems to prevent the opportunities for the dominating players in the future.

Market Key Takeaways/Trends:

Trend 1:

Battery electric automotive are gaining the immense traction in the electric bus market due to its benefits such as changing the perception and thought towards the adoption of the electric buses in advancement and the growth of several regions. Simple technology of the utilization and less maintenance of the battery electric automotive comparatively to other traditional buses supplements of the development of the battery electric automotive.

Trend 2:

Hydrogen fuel cell bus releases water as the resulting factor and is regarded as eco-friendly automotive which propels the growth of the electric bus market. Additionally, it do not need any city construction work unlike the electric bus vehicle other than the centralized refueling station of the hydrogen at the bus depot.

Competitive Landscape:

Major companies that are involved in the growth of the global electric bus market are AB VOLVO, CAF, CONSTRUCCIONES Y AUXILIAR DE FERROCARRILES, S.A., ANKAI BUS, ZHONGTONG BUS HOLDINGS CO., LTD, BYD COMPANY LTD, PROTERRA, DAIMLER AG, YUTONG GROUP, NFI GROUP INC. and  VDL GROEP BV.

In a traditional bus the motor works along with an alternator, however, an electric motor in an Electric vehicle has the double functioning of behaving as an alternator and the motor. This is possible as the voltage of an alternate current signal can easily be raised or reduced.

Market Dynamics:

Electric buses employ the batteries for their functioning. The price of the battery is one main factor which decides the final cost of the electric bus. And the battery pack cost helps a notable share in the final price of the bus. Battery packs usually contribute around 30-50% of the whole price of the final of the bus and hence are regarded as very essential and it is driving the growth of the global electric bus market.

The efficacy of the gas powered automotive might very low as compared to that of the electric automotive, however, it out performs the electric automotive in the terms of long range and the comfortable and easy refueling in the short span of the time which is anticipated to hinder the growth of the global electric bus market.

Usually, the electric buses that scale or range below 200 miles are very low budget than the high range of the electric bus which is fueling the development of the electric bus market. These types of the electric buses market are very appropriate and suitable on the shorter routes, that are very opportunistic for the increase of the market.

Key features of the study:

  • This report provides in-depth analysis of the global electric bus market, and provides market size (US$ Million) and compound annual growth rate (CAGR%) for the forecast period (2022–2030), considering 2021 as the base year
  • It elucidates potential revenue 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 approval, 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
  • Major companies that are involved in the growth of the global electric bus market are AB VOLVO, CAF, CONSTRUCCIONES Y AUXILIAR DE FERROCARRILES, S.A., ANKAI BUS, ZHONGTONG BUS HOLDINGS CO., LTD, BYD COMPANY LTD, PROTERRA, DAIMLER AG, YUTONG GROUP, NFI GROUP INC. and VDL GROEP BV.
  • 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.

Detailed Segmentation:

  • Global Electric Bus Market, By Propulsion Type:
    • BEV
    • FCEV
    • PHEV
  • Global Electric Bus Market, By Length:
    • Less than 9 meters
    • 9-14 meters
    • Above 14 meters
  • Global Electric Bus Market, By Range:
    • Less than 200 miles
    • More than 200 miles
  • Global Electric Bus Market, By Battery Capacity:
    • Up to 400 kWh
    • Above 400 kWh
  • Global Electric Bus Market, By Power Output:
    • Up to 250kW
    • Above 250 kW
  • Global Electric Bus Market, By Region:
    • North America
      • U.S.
      • Canada
      • Mexico
    • Europe
      • Netherlands
      • Norway
      • France
      • Rest of Europe
    • Asia-Pacific
      • China
      • South Korea
      • India
      • Rest of Asia-Pacific
    • LAMEA
      • Latin America
      • Middle East
      • Africa

Frequently Asked Questions

The global electric bus market is estimated to be valued at US$16,157.1 Mn in 2022 and is expected to exhibit a CAGR of 13.4% between 2022 and 2030.
Rise in need for fuel efficient and low emission buses anticipated to drive the growth of the market.
Which is the leading propulsion type segment in the market.
High manufacturing cost is the key factor hampering the growth of the market
Major companies that are involved in the growth of the market are AB VOLVO, CAF, CONSTRUCCIONES Y AUXILIAR DE FERROCARRILES, S.A., ANKAI BUS, ZHONGTONG BUS HOLDINGS CO., LTD, BYD COMPANY LTD, PROTERRA, DAIMLER AG, YUTONG GROUP, NFI GROUP INC. and  VDL GROEP BV.

Related Reports

EXISTING CLIENTELE

Joining thousands of companies around the world committed to making the Excellent Business Solutions.

View All Our Clients
trusted clients logo