Global Electric Bus Market Insights
Electric Bus Market size was valued at USD 40 billion in 2021 and is poised to grow from USD 45.4 billion in 2022 to USD 122.7 billion by 2030, growing at a CAGR of 13.5% in the forecast period (2023-2030).
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.
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Analysis:
Global Electric Bus Market Segmental Analysis
Electric Bus Market is segmented based on propulsion type, range, battery capacity, length of bus, component, power output, application, battery type, and region. By length of bus, the Electric Bus Market is segmented into less than 9 meters, 9-14 meters, and above 14 meters. By component, the Electric Bus Market is segmented into battery, motor, fuel cell stack, battery management system, battery cooling system, and EV connector. By power output, the Electric Bus Market is segmented into up to 250kW and above 250kW. By application, the Electric Bus Market is segmented into Intercity and intracity. By battery type, the Electric Bus Market is segmented into lithium-nickel-manganese-cobalt oxide, lithium-iron phosphate, and others. Based on Propulsion Type Electric Bus Market is categorized into Battery Electric Vehicle, Plug-in Hybrid Electric Vehicle, and Fuel Cell Electric Vehicle, based on Range Electric Bus Market is categorized into Less than 200 Miles and More than 200 Miles, based on Battery Capacity Electric Bus Market is categorized into Up to 400 kWh and Above 400 kWh, based on the region Electric Bus Market is categorized into North America, Europe, Asia-Pacific, South America, and MEA.
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.
Electric Bus Market Top Player’s Company Profiles
- BYD Company Limited
- Yutong Group
- Proterra Inc.
- Zhongtong Bus Holding Co. Ltd.
- AB Volvo
- Daimler AG
- New Flyer Industries Inc.
- Solaris Bus & Coach S.A.
- Ebusco BV
- Alexander Dennis Limited
- Bolloré SE
- Wrightbus Limited
- Scania AB
- Tata Motors Limited
- Hyundai Motor Company
- Toyota Motor Corporation
- Anhui Ankai Automobile Co. Ltd.
- Blue Bird Corporation
- VDL Bus & Coach BV
- Iveco S.p.A.
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