Global Electric Bus Market Size, Industry Share, Growth & Forecast To 2025

The global electric bus market is estimated to grow at a CAGR of around 17% during the forecast period. Global electric bus market is growing owing to the government initiatives taken to control the emission of greenhouse gases emitting from vehicles. Governments of different countries are encouraging the adoption of electric buses in place of diesel buses. In July 2019, the US Department of Transportation's Federal Transit Administration (FTA) announced the grant of $84.9 million through the Low-or No Emission (Low-No) grant program, which will focus on the deployment of transit buses and development of infrastructure that uses advanced propulsion technologies. These grants are allotted for thirty-eight projects in 38 states of the country. The selected project under Low-No grants includes The Prince George's County', Maryland department of transportation has received $2.2 million to purchase electric buses and charging stations which will run nearby places to the University of Maryland and communities within opportunity zones.

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Government initiatives and stringent emission regulations have influenced the market in Japan. Japan is going to implement Nissan LEAF technology in its electric bus project. The project is initiated by Kumamoto University by bringing together the automotive industry, government, and academia. The Japanese Ministry of Environment project is also involved with the aim of reduction or emission of CO2 and other harmful substances emission from the buses and other larger vehicles. The major cost component in the manufacturing of electric buses includes batteries and electric motors and the Nissan LEAF technology will help in reducing the cost of manufacturing. The bus, named Yoka ECO BUS, will have three electronic motors, three batteries, and an inverter from Nissan LEAF with addition to a gearbox that will provide the technical support to the vehicle.

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In India, in Dec 2019, the state government of Punjab announced that it is in talks with Japan to launch electric buses in their state based on quick charge lithium-ion batteries. State governments are trying to adopt electric buses as a part of the central government's FAME II (Faster Adoption and Manufacturing of (Hybrid &) Electric Vehicles in India) initiative. The government is offering a subsidy of 40% up to $76000 per standard electric buses of 10-12 meters. The government is planning to deploy over 5000 electric buses on the Indian streets for that government will invest $1.4 billion over three years period under the FAME ll initiative, which began in April 2019.

Asia-Pacific region has shown the highest growth in the global electric bus market. China is the largest manufacturer as well as the consumer of the electric bus in the market. China alone has 99% of the total buses in the world. The Shenzhen city of China is the first city in the world to have 100% electric-based buses with over 16000 electric buses running on the streets of Shenzhen. The major Chinese player of the electric bus market includes BYD Co. Ltd and Yutong which contributed to becoming china the leading consumer of electric buses. The government of China offered various subsidies and tax rebates to the electric bus manufacturers are supporting to drive the electric bus market in the country.

Electric Bus Market Segmentation

By Bus Type

Hybrid Electric Bus
Fuel Cell Electric Bus
Battery Electric Bus

By Battery Type

Lithium-ion
NiMH
Others

By End-User

Government
Fleet Owners

Electric Bus Market - Segment by Region

North America

United States
Canada

Europe

Germany
United Kingdom
France
Spain
Italy
Rest of Europe

Asia-Pacific

China
Japan
India
Rest of Asia-Pacific

Rest of the World

Latin America
Middle East and Africa

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This release was published on openPR.