Global Electric Bus Market – Growth, Demand, Development, Trends, Analysis and Forecast to 2024 | VynZ Research

The global electric bus market is growing at 16.2% CAGR during the forecast period, with it’s the fleet size anticipated to reach 281.3 thousand units by 2024. The market is driven by supportive government initiatives and mounting alarm about environmental pollution. Different vehicle type including battery electric bus, hybrid electric bus, plug-in hybrid electric bus contributed to the electric bus market size, globally. The market has witnessed high demand for battery electric bus over the years due to the decreasing battery prices and least amount of carbon emissions.

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The different vehicle type in the electric bus market is battery electric bus, hybrid electric bus, and plug-in hybrid electric bus. Of all vehicle type, battery electric bus accounted the largest share and is expected to grow at the fastest rate in the market, due to decreasing battery prices and least amount of carbon emissions.

On the basis of battery, the market is subdivided into lithium iron phosphate battery, lithium nickel manganese cobalt oxide, and others. Among all batteries, the lithium iron phosphate battery accounted the largest share in the electric bus market, as it is cost-effective and safer. In addition, lithium nickel manganese cobalt oxide is expected to grow at the fastest rate in the market due to reducing price, and higher energy density.

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On the basis of length, the market is subdivided into less than 10m and more than 10m. Among all lengths, the less than 10m accounted the largest share in the electric bus market due to preference of smaller than 10m buses by the transport authority.

Promising and strict government strategies and supports, mounting price of gasoline, mounting government plans for electrification of public transport and launch of novel technologies are the primary growth drivers for electric bus market.

Dearth of standardization, short lifespan of the battery, poor charging infrastructure, high manufacturing price of electric bus, and stringent rules for installation of charging stations are the major challenges for the growth of electric bus market.

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Geographically, Asia-Pacific is the largest electric bus market and is observed to witness the fastest growth in the market due to mounting government initiatives and support. In addition, mounting population, upsurge in air pollution, reducing cost of batteries, mounting disposable income, rapid urbanization, mounting awareness of environmental safety, mounting price of gasoline, increase in the requirement of efficient vehicle with zero carbon emission and large population base are also up surging growth of the Asia-Pacific electric bus market.

Major players in the electric bus market are catering the demand by collaborating with small players and investing on technologically advanced product portfolio across the globe. In October 2017, Proterra introduced DuoPower drivetrain for its Catalyst zero emission buses at American Public Transit Association (APTA). Daimler AG, New Flyer Industries Inc., Zhengzhou Yutong Group, EBUSCO, King Long United Automotive Industry Co. Ltd., Shenzhen Wuzhoulong Motors, BYD Company Limited, Alexander Dennis Limited, and Proterra Inc. are the key players offering electric bus.

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