USD 29.50 billion
Electric Bus Market Size, Share, Growth Analysis, By Propulsion Type (Battery Electric Bus (BEB), Plug-In Hybrid Electric Bus (PHEB)), By Length, By Battery Capacity, By Power Output, By Application, By Region - Industry Forecast 2025-2032
Report ID:
SQMIG25C2116 |
Region:
Global |
Published Date: December, 2024
Pages:
219
|Tables:
222
|Figures:
81
Electric Bus Market Insights
Electric Bus Market size was valued at USD 34.16 Billion in 2023 and is poised to grow from USD 39.56 Billion in 2024 to USD 127.91 Billion by 2032, growing at a CAGR of 15.8% during the forecast period (2025-2032).
Electric buses are growing in popularity and demand, as they offer many benefits over traditional buses. They're more environmentally friendly, as they don't produce emissions, and they're quieter since they don't require engines. They're also much cheaper to operate, as there's not a need for fuel or maintenance. In fact, many electric bus manufacturers offer financing options that make it easier for taxpayers and businesses to invest in this type of bus.
From the last few years, the global electric bus market has been witnessing a strong demand for electric buses across the globe. This can be attributed to a range of factors such as fluctuating crude oil prices, growing concerns about environment, increasing governments efforts to reduce pollution, stringent government regulations on ICE engine buses, and declining cost of lithium-ion batteries. As a result, the world is enjoying entry of new players in the global electric bus market to take advantage of lucrative opportunity and establish themselves in the rapidly evolving electric automotive industry.
Covid Impact
The Covid-19 pandemic has had a significant impact on e-bus rollouts. Several public transportation systems around the world experienced a significant loss in revenue due to deep drop in transit ridership during the pandemic. According to the American Public Transportation Association (APTA), public transit usage dropped by 80% in April 2020, and ridership levels for the rest of 2020 started falling by more than 60% compared to 2019. According to APTA, this trend in the global electric bus market will continue in the near to foreseeable future as a result of factors such as increased adoption of work from home model and growth in private vehicle ownership.
Similarly, according to the Transformative Urban Mobility Initiative, urban transportation systems in Brazil lost around USD 190 million per day between April and May 2020. As a result, the transition to e-buses will be impacted. Increased public-private partnerships, as seen in Latin America, can help to reduce the cost burden that transit agencies are currently facing. for example, in Santiago, Chile, there are 776 e-buses, all of which are privately owned. In this model, fleet owners purchase and maintain these buses before leasing them to municipalities or transportation operators on long-term contracts. This separates operation from ownership. This could pave the way for a large-scale transition to electrified fleets. As a result, these elements will influence the growth of the electric bus market.
US Electric Bus Market is poised to grow at a sustainable CAGR for the next forecast year.
Market snapshot - 2024-2031
Global Market Size
Largest Segment
Up to 250kW
Fastest Growth
Up to 250kW
Growth Rate
15.8% CAGR
Global Electric Bus Market ($ Bn)
Country Share for Asia Pacific Region (%)
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Electric Bus Market Segmental Analysis
Global Electric Bus Market is segmented by propulsion type, length, battery capacity, power output, application and region. Based on propulsion type, the market is segmented into battery electric bus (BEB), plug-in hybrid electric bus (PHEB) and fuel cell electric bus (FCEB). Based on length, the market is segmented into Less than 9 meters, 9-14 meters and above 14 meters. Based on battery capacity, the market is segmented into up to 400 kWh and above 400 kWh. Based on power output, the market is segmented into up to 250 kW and above 250 kW. Based on application, the market is segmented into intercity, intracity and airport shuttle. Based on region, the market is segmented into North America, Europe, Asia Pacific, Latin America and Middle East & and Africa.
Battery Operated Electric Buses are Dominating the Market, But Fuel Cell Can be the Future
In 2021, the battery-electric vehicle segment dominated the electric bus market, accounting for 91.4 There are two main reasons why batteries are installed in buses, but not fuel cells. First, fuel cell buses are extremely expensive to buy and operate. Second, batteries can be replaced more easily than fuel cells. If a battery starts to fail, the bus can be towed to a nearby service station and have the battery replaced. Fuel cell buses are not as easy to repair.
On the other hand, the fuel cell electric bus market is also expected to grow exponentially during the forecast period because hydrogen fuel cell buses last longer and have faster refueling capabilities than standard e-buses. During the forecast period, the plug-in hybrid electric vehicle segment is expected to grow steadily. These buses can charge the battery by plugging into an external power supply as well as regenerative braking, but the segment is holding the least share of the electric bus market.
Electric Bus Market Analysis by Range
There are a few different types of electric buses that have different range specifications. The longest-range bus is the Orion which has a range of 373 miles. The shortest-range bus is the Spark which has a range of 100 miles. There are also buses with a range of 150 miles, 200 miles, and 300 miles. The average distance range for an electric bus is about 160 miles.
Due to lower total operating cost (TCO)/km and less recharging time, the segment of less than 200 miles accounted for the largest share of the electric bus market. During the forecast period, the segment of more than 200 miles is expected to enjoy fastest growth as large number of consumers looking to reduce the charging frequency to cover long distance and improve the convenience. The growth of this segment in the global electric bus market will be driven by factors such as lower battery costs and improvements in energy consumption and mileage of new e-buses.
Global Electric Bus Market By Power output
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Electric Bus Market Regional Insights
In 2021, the Asia Pacific region dominated the global market with more than 167 thousand units. Wherein, China leads the regional and global markets. China is known for its massive number of electric buses. The country has more electric buses than any other country in the world. China’s goal is to have 20 million electric buses on the roads by 2030. For the use of these types of buses, the Chinese government has created public transportation zones. The government's initiatives have increased the use of battery-powered buses in the region. Furthermore, the presence of the market leader BYD is fueling the market's growth in this region. This is further supported by rapidly expanding charging infrastructure in this region bodes well for the regional electric bus market.
As per our market analysis, Europe is the second-largest contributor to the globam market revenue and it is expected to grow at a healthy CAGR over the forecast period thanks to favorable government policies and growing efforts to control vehicular emissions. Many governments in this region have begun projects to make public transportation more sustainable by deploying clean and green transportation technologies.
North America is also expected to remain one of the key contributors to the global market. Wherein, the US is expected to dominate the regional market.
Global Electric Bus Market By Region
- Largest
- Fastest
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Electric Bus Market Dynamics
Electric Bus Market Drivers
Favorable Government Policies to Reduce Vehicular Pollution
- Stringent government regulation to control vehicular pollution is expected to drive electric bus market. According World Health Organization (WHO), air pollution has remained on of the key factors causing numerous deaths around the globe. Vehicular discharge affects general well-being of people and also poses hazardous risk to the environment.
- Governments around the world are robustly putting resources into infrastructural advancements to diminish ozone-depleting substances and lower air pollution levels. This is being achieved through forming stricter polices over vehicle emissions. These guidelines are fueling the expansion of the electric bus market. These buses are environment-friendly as they don't discharge any harmful substances. Additionally, e-buses are proficient and give clean urban transportation, providing urban communities with an alternate track to the maintainability of clean air. In response, many urban areas are increasingly accepting Transport systems in certain nations such as China and the U.S.
Growing Efforts to Make Hydrogen Fuel Cell Buses
- Rising Demand for hydrogen fuel cell bus to boost electric bus market growth. An electric powertrain is combined with fuel cell systems, managed technology, and batteries to power hydrogen fuel cell buses. These buses are considered as next-generation green transportation because they last longer than a standard e-bus. The hydrogen fuel cell bus has a quick refueling rate as well as route flexibility. With such benefits, the demand for hydrogen fuel cell buses is skyrocketing. In line with this, over a thousand hydrogen buses are planned to introduced in Europe over the next few years. China has been the origin of this technology, propelling the battery-electric powered market forward over the forecast period.
Electric Bus Market Restraint
- E-buses are indeed eco-friendly and low-maintenance. However, the initial cost of these buses is significantly higher than that of the conventional buses. This is a major impediment to the implementation of e-buses in the public transportation sector by several governments and administrations. Furthermore, governments are providing subsidies for the purchase of private electric vehicles, which may have a positive impact on this market for those looking to buy commercial fleets.
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Electric Bus Market Competitive Landscape
Currently, the demand for electric buses is not as much as ICE buses. However, the global electric bus market is flooded with number of players engaging in production of electric buses, especially in China. It has been found that most of the market is dominated by regional players as they have netter understanding about the local market and consumer mindset.
As of 2021, all the manufacturers in the global electric bus market are competing for a substantial market share and have creased intense competitive environment. In line with this, most of the leading players are praying on acquiring small players that are working on electric bus technologies in order to strengthen their product capabilities.
China is a major player in the electric bus market, and its dominance is expected to continue throughout the forecast period. In May 2020, more than 420,000 electric buses were running in China, accounting for approximately 90% of the global fleet. Furthermore, China's Ministry of Transport is providing subsidies and other benefits for the development of low-emission bus fleets, which is positively influencing the electric bus market. Despite the pandemic, Chinese bus manufacturers sold 61,000 more new energy buses in 2020.
Electric Bus Market Top Player’s Company Profiles
- BYD Company Ltd.
- Proterra Inc.
- Yutong Bus Co., Ltd.
- Zhongtong Bus Holding Co., Ltd.
- NFI Group Inc.
- Daimler AG
- Solaris Bus & Coach S.A.
- VDL Groep
- Ebusco B.V.
- King Long United Automotive Industry Co., Ltd.
- Anhui Ankai Automobile Co., Ltd.
- Alexander Dennis Limited (ADL)
- Blue Bird Corporation
- Gillig LLC
- Tata Motors Limited
- Ashok Leyland
- Volvo Group
- Scania AB
- MAN SE
- Hyundai Motor Company
Electric Bus Market Recent Developments
- April 2022: Proterra, one of the leading e-vehicle manufacturer in the US, introduced its electric bus named ZX5 with 738KWH of energy, which will be functional from 2023 onwards and has been equipped with advanced features
- January 2022: BYD delivered 70,000 electric buses worldwide and announced that its plans for investment and expansion at BYD's e-Bus factory in Hungary are continuing, supporting the company's 'Made in Europe for Europe' principle.
- July 2021: BYD UK and Alexander Dennis Limited (ADL) announced a contract with the National Transport Authority of Ireland for the delivery of up to 200 BYD ADL Enviro200EV zero-emission battery-electric buses through their electric vehicle partnership, BYD ADL.
Electric Bus Key Market Trends
- The Indian government intends to electrify 30% of total vehicle sales by 2030, which is expected to have positive impact on the electric bus market. As a part of this strategy, the government announced an investment of over USD 1,4000 million in phase two of the FAME (Faster Adoption and Manufacturing of Hybrid and Electric Vehicles) program through 2022. This phase focuses on electrifying public and shared transportation in India by subsidizing over 7090 electric buses.
Electric Bus Market SkyQuest Analysis
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our business information services team that collects, collates, co-relates and analyses the data collected by means of primary exploratory research backed by the robust secondary desk research.
According to our global electric bus market analysis, rapid urbanization, rising oil prices, rising air pollution, government initiatives, and lower battery prices all contributed to the growth of the global electric bus market. High development costs, limited battery capacity, and the growing popularity of natural gas-powered buses are expected to restrict the market growth. The electric bus market is being driven by factors such as increased demand for fuel-efficient, high-performance, and low-emission buses, strict government emission norms and regulations, and lower battery prices.
| Report Metric | Details |
|---|---|
| Market size value in 2022 | USD 29.50 billion |
| Market size value in 2031 | USD 110.46 billion |
| Growth Rate | 15.8% |
| Base year | 2023 |
| Forecast period | 2024-2031 |
| Forecast Unit (Value) | USD Billion |
| Segments covered |
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| Regions covered | North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA) |
| Companies covered |
|
| Customization scope | Free report customization with purchase. Customization includes:-
|
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Table Of Content
Executive Summary
Market overview
- Exhibit: Executive Summary – Chart on Market Overview
- Exhibit: Executive Summary – Data Table on Market Overview
- Exhibit: Executive Summary – Chart on Electric Bus Market Characteristics
- Exhibit: Executive Summary – Chart on Market by Geography
- Exhibit: Executive Summary – Chart on Market Segmentation
- Exhibit: Executive Summary – Chart on Incremental Growth
- Exhibit: Executive Summary – Data Table on Incremental Growth
- Exhibit: Executive Summary – Chart on Vendor Market Positioning
Parent Market Analysis
Market overview
Market size
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- SWOT Analysis
KEY MARKET INSIGHTS
- Technology Analysis
- (Exhibit: Data Table: Name of technology and details)
- Pricing Analysis
- (Exhibit: Data Table: Name of technology and pricing details)
- Supply Chain Analysis
- (Exhibit: Detailed Supply Chain Presentation)
- Value Chain Analysis
- (Exhibit: Detailed Value Chain Presentation)
- Ecosystem Of the Market
- Exhibit: Parent Market Ecosystem Market Analysis
- Exhibit: Market Characteristics of Parent Market
- IP Analysis
- (Exhibit: Data Table: Name of product/technology, patents filed, inventor/company name, acquiring firm)
- Trade Analysis
- (Exhibit: Data Table: Import and Export data details)
- Startup Analysis
- (Exhibit: Data Table: Emerging startups details)
- Raw Material Analysis
- (Exhibit: Data Table: Mapping of key raw materials)
- Innovation Matrix
- (Exhibit: Positioning Matrix: Mapping of new and existing technologies)
- Pipeline product Analysis
- (Exhibit: Data Table: Name of companies and pipeline products, regional mapping)
- Macroeconomic Indicators
COVID IMPACT
- Introduction
- Impact On Economy—scenario Assessment
- Exhibit: Data on GDP - Year-over-year growth 2016-2022 (%)
- Revised Market Size
- Exhibit: Data Table on Electric Bus Market size and forecast 2021-2027 ($ million)
- Impact Of COVID On Key Segments
- Exhibit: Data Table on Segment Market size and forecast 2021-2027 ($ million)
- COVID Strategies By Company
- Exhibit: Analysis on key strategies adopted by companies
MARKET DYNAMICS & OUTLOOK
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- Regulatory Landscape
- Exhibit: Data Table on regulation from different region
- SWOT Analysis
- Porters Analysis
- Competitive rivalry
- Exhibit: Competitive rivalry Impact of key factors, 2021
- Threat of substitute products
- Exhibit: Threat of Substitute Products Impact of key factors, 2021
- Bargaining power of buyers
- Exhibit: buyers bargaining power Impact of key factors, 2021
- Threat of new entrants
- Exhibit: Threat of new entrants Impact of key factors, 2021
- Bargaining power of suppliers
- Exhibit: Threat of suppliers bargaining power Impact of key factors, 2021
- Competitive rivalry
- Skyquest special insights on future disruptions
- Political Impact
- Economic impact
- Social Impact
- Technical Impact
- Environmental Impact
- Legal Impact
Market Size by Region
- Chart on Market share by geography 2021-2027 (%)
- Data Table on Market share by geography 2021-2027(%)
- North America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- USA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Canada
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Europe
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Germany
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Spain
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- France
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- UK
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Europe
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Asia Pacific
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- China
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- India
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Japan
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Korea
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Asia Pacific
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Latin America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Brazil
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of South America
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Middle East & Africa (MEA)
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- GCC Countries
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Africa
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of MEA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
KEY COMPANY PROFILES
- Competitive Landscape
- Total number of companies covered
- Exhibit: companies covered in the report, 2021
- Top companies market positioning
- Exhibit: company positioning matrix, 2021
- Top companies market Share
- Exhibit: Pie chart analysis on company market share, 2021(%)
- Total number of companies covered
Methodology
For the Electric Bus Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Electric Bus Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
Analyst Support
Customization Options
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Electric Bus Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the Electric Bus Market for additional countries.
Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.
Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.
Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.
Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.
Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.
Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.
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