Environmental Concerns Driving Electric Bus Market

The rising concern over the emission of greenhouse gases (GHG), improving battery cost and efficiency, surging replacement sales, and long-term cost benefits are increasing the usage of electric buses. During 2018-2025, the electric bus market is expected to advance at a CAGR of 16.6% and witness the sale of 331,327 vehicles by 2025. The primary source of motive power of such buses is electricity, which is why they are considerably cleaner than traditional models, which burn diesel or compressed natural gas (CNG) inside their internal combustion engine (ICE).

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When segmented by vehicle type, hybrid electric bus (HEB), battery electric bus (BEB), and plug-in hybrid electric bus (PHEB) are the various market categories. In 2017, the electric bus market was dominated by BEBs, which held an over 75.0% share, in terms of sales volume. This is attributed to the fact that due to the absence of an ICE, such vehicles produce no emissions, operationally. This is why, in several countries, government subsidies are higher for BEBs compared to HEBs and PHEBs.

As per industry stalwarts, Li-ion battery prices for bulk orders, which were around $642/kWh in 2012, slumped to approximately $209/kWh in 2017. Because the battery price accounts for about 40% of an electric bus's purchase cost, this decline would help automakers keep their price competitive. Additionally, technological advancements are also resulting in an improving battery efficiency, mainly in terms of the storage capacity. This is being done by increasing their energy density, while lowering the dependence on cobalt, which is an expensive raw material.

Another key factor driving the growth of the electric bus market is the long-term cost benefits of such vehicles. Though they are costlier to purchase than conventional models, their operational costs are significantly lower. The main reason behind it is that as these use no (BEB) or less amount of (PHEBs and HEBs) fossil fuel, they result in huge cost savings for operators. As per Indian Infrastructure Publishing, an electric bus, during its lifetime, saves $365,000 for those operating a diesel buses and $225,000 for those operating a CNG bus.

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Competitive Landscape

Some of the key players in the global electric bus market include AB Volvo, Zhengzhou Yutong Group Co. Ltd., Shenzhen Wuzhoulong Motors Co. Ltd., Daimler AG, BYD Company Limited, King Long United Automotive Industry Co. Ltd., Alexander Dennis Limited, New Flyer Industries Inc., EBUSCO, Solaris Bus & Coach S.A., and Proterra Inc.

Global Electric Bus Market Segmentation

By Vehicle Type

Battery Electric Bus (BEB)
Plug-in Hybrid Electric Bus (PHEB)
Hybrid Electric Bus (HEB)
By Hybrid Powertrain

Parallel Hybrid
Series Parallel Hybrid
Series Hybrid
By Length

Longer than 10m (>10m)
Smaller than 10m (

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This release was published on openPR.