Electric Bus Market Size, Demand, Share, Industry Trends, Growth Status and Forecast 2031

Promising Growth Outlook for the Global Electric Bus Market: Projected CAGR of 10.5% by 2028

The global electric bus market is experiencing substantial growth, driven by increasing fuel prices and government investments in public transport infrastructure. The market is further strengthened by the introduction of electric buses to support the zero-emission agendas of governments worldwide.

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According to a recent study by strategic consulting and market research firm Report Ocean, the global electric bus market was valued at USD 37.0 billion in 2021 and is expected to reach USD 71.2 billion by the end of 2028, with a compound annual growth rate (CAGR) of 10.5%. Factors contributing to the market's significant traction include the rise in fuel prices and the diminishing availability of non-biodegradable resources. As a result, governments across various countries are taking initiatives to promote electric buses as a viable alternative to traditional fuel-based buses. Moreover, government authorities are investing heavily in public transport infrastructure and launching electric buses to drive their zero-emission agendas, which is expected to fuel the demand for electric buses in the forecast period. However, the higher cost of electric buses compared to traditional buses may pose a challenge to market growth.

Global Electric Bus Market - Battery Type

The global electric bus market is segmented based on battery types, including lithium-nickel-manganese-cobalt oxide, lithium-iron-phosphate, and others. The lithium-iron-phosphate segment holds the largest market share due to its superior durability, longer lifespan, low maintenance requirements, and higher safety standards. Additionally, this battery type is lighter in weight compared to its counterparts, exerting less pressure on the vehicle body. The lithium-iron-phosphate batteries also exhibit excellent thermal and chemical stability, remaining cooler in higher temperatures, which further promotes market growth.

Global Electric Bus Market - Bus Length

The market is segmented by the length of the bus, including 14 meters. Electric buses with a length of 9-14 meters hold the largest market share due to increased demand for passenger buses in public transportation. Manufacturers are focusing on this length range and introducing electric buses ranging from 9 to 14 meters to cater to the growing popularity. These buses offer long-distance capabilities of 125 to 155 miles, contributing to their widespread adoption.

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Electric Bus Market - Components

The market is further segmented by components, including motors, batteries, fuel cell stacks, ultra-capacitors, and others. The battery segment accounts for the largest market share due to the growing demand for battery-powered electric buses in public transportation. The efficiency of batteries is directly influenced by usage, temperature, and distance traveled, necessitating frequent replacements for optimal electric bus performance. This drives the market growth of batteries.

Electric Bus Market - End-Users

Based on end-users, the market is categorized into private and government segments. The government segment holds the largest market share, driven by increasing investments in public transportation and a focus on decarbonizing roads. For instance, the Berlin public transport company Berliner Verkehrsbetriebe recently placed orders for 90 electric buses, with an investment of approximately USD 73.6 million, including charging infrastructure.

Impact of COVID-19 on the Global Electric Bus Market

The global electric bus market faced a significant setback due to the sudden outbreak of the COVID-19 pandemic. The pandemic caused a drastic decline in vehicle sales, negatively impacting the automotive industry and reducing the demand for electric buses. Manufacturers of electric buses and components had to temporarily halt their production operations due to nationwide lockdowns imposed by various countries, hindering market growth. However, the market is expected to regain traction in the forecast period. Additionally, the pandemic led to discussions on sustainability and a shift away from non-renewable resources, which is anticipated to drive the demand for electric buses in the coming years.

Segment-
BY TYPE (BATTERY ELECTRIC BUS, PLUG-IN HYBRID ELECTRIC BUS, FUEL CELL ELECTRIC BUS), BY BATTERY CAPACITY (UP TO 400 KWH, ABOVE 400 KWH), BY VEHICLE RANGE (UP TO 250 KW, ABOVE 250 KW), BY BATTERY TYPE (LITHIUM-NICKEL-MANGANESE-COBALT OXIDE, LITHIUM-IRON-PHOSPHATE, OTHERS), BY LENGTH OF BUS (14 METERS), BY COMPONENT (MOTOR, BATTERY, FUEL CELL STACKS, ULTRA CAPTIVATOR, OTHERS), BY END-USER (PRIVATE, GOVERNMENT), BY REGION (NORTH AMERICA, EUROPE, ASIA-PACIFIC (APAC), LATIN AMERICA (LATAM), MIDDLE-EAST & AFRICA (MEA)

Global Electric Bus Market - Competitive Landscape

The global electric bus market is highly competitive and dominated by multinational industry players. However, as an emerging market, electric buses present opportunities for new entrants. Market players offer diverse product portfolios to cater to various end-users and are heavily investing in new product launches, expanding production capacities, and improving distribution channels. Partnerships, mergers, acquisitions, and joint ventures are prominent strategies adopted by companies in this market. Key players in the market include Proterra, BYD Company, AB Volvo, Zhengzhou Yutong Bus Co. Ltd., Goldstone Infratech Ltd., Ashok Leyland, NFI Group, Lion Electric Company, GreenPower Motor Co., JBM Auto Ltd., Arrival, Blue Bird Corporation, ArcLight Clean Transition, Daimler AG, Anhui Ankai Automobile Co. Ltd, King Long United Automotive, New Flyer Industries, VDL Groep BV, Construcciones y Auxiliar de Ferrocarriles, S.A., and other prominent players.

Table of Content:
1. Research Framework
1.1. Research Objective
1.2. Product Overview
1.3. Market Segmentation
2. Research Methodology
2.1. Qualitative Research
2.2. Methodology
2.3. Regional Split of Primary & Secondary Research
2.4. Secondary Research
2.5. Primary Research
2.5.1. Breakdown of Primary Research Respondents, By Region
2.5.2. Breakdown of Primary Research Respondents, By Industry Participants
2.6. Market Size Estimation
2.7. Assumptions for the Study
2.8. Market Breakdown & Data Triangulation
3. Executive Summary

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This release was published on openPR.