Electric Bus Market is Valued at USD 36.1 Billion in 2021 and Expected to Reach USD 84.3 Billion by 2028 with CAGR of 12.88% Over the Forecast Period.
Electric Bus Market is segmented on the basis of type, charging type, customer, application and region. Based on type the market is divided into battery electric bus and hybrid electric bus. By charging type, the market is classified into non-autonomous and autonomous. By customer, the market is classified into public and private. By application, the market is classified into shuttles, school buses, transit buses and others.
Electric buses are powered by electricity and propelled by traction motors. In conventional buses, internal combustion engines (ICEs) and fossil fuels are used instead of an electricity source and traction motors. Electric buses can use electric energy from on-board sources such as a battery or an electricity generator connected to the ICE, or off-vehicle energy sources such as overhead lines. In developing countries many public transport authorities have a great interest in introducing zero-emission electric buses due to the support efforts to reduce the air pollution. Electric vehicles are composed of fewer moving parts compared to traditional internal combustion motors. So, they require less operational and maintenance issues. Electric buses also have less parts than standard buses so they have lower maintenance costs over time- another factor contributing to savings.
Increase Requirement for Public Transports with Zero Carbon Emission is the Major Factor Driving the Growth of Global Market.
Electric buses are one of the best solutions to reduce fuel energy consumption and reduce air pollution due to the transportation sector. Hazards of automobile exhaust are around 65% of the total urban environmental pollution. Nearly 25% of the CO2 emission and 70% of the toxic gas comes from auto exhaust. Government initiatives and incentives in developed and developing countries are playing a crucial role in facilitating the growth of the electric bus market. In 2016, China’s Ministry of Transport (MOT) provided the tax benefits and subsidies to manufacturers of low-emission buses and the purchase of electric buses $81,600 subsidies is provided for per bus. However, the infrastructure for charging the electric buses is currently weak in many developing economies which may hinder the growth of the electric bus market. In spite of that, technological advancement and increasing demand of wirelessly-charged buses can provide the various opportunities for the further growth of the global electric bus market within the forecast period.
Asia pacific is Expected to Dominate the Global Market
The Asian region holds the largest market share in global electric bus market due to presence of leading players in this region. In addition, increasing government support and incentives for the purchase of electric buses are also anticipated to foster the market growth in this region. China accounted for 98.5% of global electric bus market share in 2017. China has been one of the few developing countries globally to take initiatives to curb vehicular pollution with the introduction of electric buses. China is dominating in the production and investing heavily in 5-th generation electric bus. In addition, exponential increase in demand for electric bus in China is backed by the fact that government provides tax benefits and subsidies to electric bus manufacturers. North America and Europe are projected to witness a significant growth in this market within the forecast period.
The regions covered in this Market report are North America, Europe, Asia-Pacific and Rest of the World. On the basis of country level, Market is sub divided into U.S., Mexico, Canada, UK, France, Germany, Italy, China, Japan, India, South East Asia, GCC, Africa, etc.
|Historical data||2018 - 2021|
|Forecast Period||2022 - 2028|
|Market Size in 2021:||USD 36.1 Billion|
|Base year considered||2021|
|Forecast Period CAGR %:||12.88%|
|Market Size Expected in 2028:||USD 84.3 Billion|
|Tables, Charts & Figures:||175|
|Key Players/Companies||AB Volvo, BYD Company Ltd., Daimler AG, Ebusco, GreenPower Motor Company Inc., Iveco S.p.A., Nanjing Golden Dragon Bus, New Flyer Industries, Proterra Inc., Scania AB, Solaris Bus , & Coach, Tata Motors, Wrightbus, Yutong Group, Zhengzhou Yutong Group Co., Ltd., Others|
|Segments Covered||By Type, By Charging Type,By Customer,By Application|
North America, U.S., Mexico, Canada, Europe, UK, France, Germany, Italy, Asia Pacific, China, Japan, India, Southeast Asia, South America, Brazil, Argentina, Columbia, The Middle East and Africa, GCC, Africa, Rest of the Middle East and Africa
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