Electric buses are zero-emission and battery powered buses that provide emission free public transportation. They offer reduced noise and fuel costs compared to conventional diesel buses.
The global Electric Bus Market is estimated to be valued at US$ 14,795.5 Mn or Billions in 2023 and is expected to exhibit a CAGR of 13.% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
The growing focus on reducing carbon emissions from public transportation is acting as a key driver for the electric bus market. Various countries and cities around the world are launching initiatives to replace existing fuel-based bus fleets with electric buses. In China, the world’s largest electric bus market, the government provided significant subsidies for electric buses over the last decade which boosted their adoption among bus operators.
Segment Analysis
The global electric bus market is segmented by propulsion type, vehicle range, length, battery capacity, and region. Based on propulsion type, the battery electric bus segment dominated the market and accounted for around 65% share in 2023. Battery electric buses have almost zero emissions and offer better efficiency and performance compared to hybrid electric buses. By vehicle range, the 100-300 km segment is expected to witness highest demand during the forecast period due to requirement of buses for intra-city transportation having medium range.
Key Takeaways
The global electric bus market is expected to witness high growth, exhibiting CAGR of 13.% over the forecast period, due to increasing regulations regarding emission control. The global electric bus market size is estimated to reach US$ 14,795.5 Mn in 2023. Regionally, Asia Pacific dominated the electric bus market and accounted for around 45% share in 2023 due to presence of countries like China, India, and Japan that are rapidly switching to electric vehicle. Key players operating in the electric bus market are AB VOLVO, CAF, ANKAI BUS, ZHONGTONG BUS HOLDINGS CO., LTD, BYD COMPANY LTD, PROTERRA, DAIMLER AG, YUTONG GROUP, NFI GROUP INC. and VDL GROEP BV.
Regional analysis
Asia Pacific is expected to remain the fastest growing as well as the dominating regional market over the forecast period. Countries like China, India, and Japan are focusing on introducing stricter emission control regulations and providing subsidies to boost adoption of electric vehicles. In China alone, over 400,000 electric buses were plying on roads as of 2020.
Key players
Key players operating in the electric bus market are focusing on expanding their product portfolio and presence across global markets. For instance, BYD Company Ltd offers electric buses with range up to 250 km on a single charge. AB Volvo provides electric buses and charging infrastructure specifically designed for harsh Nordic winter climatic conditions.
*Note:
- Source: Coherent Market Insights, Public sources, Desk research
- We have leveraged AI tools to mine information and compile it
