Press release
Electric Bus Market Key Drivers, Analysis, Trends, Overview And Forecast To 2033
Electric Bus Market
The Business Research Company offers in-depth market insights through Electric Bus Global Market Report 2024, providing businesses with a competitive advantage by thoroughly analyzing the market structure, including estimates for numerous segments and sub-segments.
Market Size And Growth Forecast:
The electric bus market size has grown rapidly in recent years. It will grow from $33.04 billion in 2023 to $37.17 billion in 2024 at a compound annual growth rate (CAGR) of 12.5%. The growth in the historic period can be attributed to manufacturing scale and production sophistication, public awareness and perception, improvements in charging infrastructure, economic viability and cost reduction, rising urbanization and congestion.
The electric bus market size is expected to see rapid growth in the next few years. It will grow to $57.51 billion in 2028 at a compound annual growth rate (CAGR) of 11.5%. The growth in the forecast period can be attributed to market demand and acceptance, development of charging infrastructure, improvements in manufacturing cost, rising demand for sustainable transport. Major trends in the forecast period include government incentives and policies, technological advancements in battery technology, rising urbanization and air quality concerns, cost reduction in battery production, demand for sustainable mobility solutions.
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Market Segmentation:
The electric bus market covered in this report is segmented -
1) By Type: Battery Electric Vehicle, Plug-In Hybrid Electric Vehicle, Fuel Cell Electric Vehicle
2) By Battery Type: Lithium-Nickel-Manganese-Cobalt-Oxide, Lithium-Iron-Phosphate, Other Battery Types
3) By Vehicle Range: Less Than 200 Miles, Above 200 Miles
4) By Battery Capacity: Upto 400 kWh, Above 400 kWh
5) By Application: Intercity, Intracity
Major Driver - Government-Led Initiatives Propel Growth In The Electric Bus Market
Various proactive government initiatives to encourage the use of e-buses, create lucrative growth options for the electric bus market. Governments around the world have launched initiatives to make urban public transportation more sustainable and fuel-efficient using electric buses. For instance, in December 2021, the NITI Aayog (National Institution for Transforming India), the policy thinks tank of the Government of India, launched e-Sawaari, India Electric Bus Coalition, in collaboration with Convergence Energy Service Limited (CESL) and the World Resources Institute, India (WRI India), and with the support of the Transformative Urban Mobility Initiative (TUMI). The coalition was formed to share knowledge and lessons learned from the adoption of e-buses in India among various stakeholders, including the central and state governments, city-level government agencies, financing institutions, transit service providers, ancillary service providers, and original equipment manufacturers (OEMs). Therefore, government initiatives will boost electric bus services which in turn is likely to drive the growth of the electric bus market going forward.
Competitive Landscape:
Major companies operating in the electric bus market report are BYD Co. Ltd., Tata Motors Limited, Zhengzhou Yutong Bus Co. Ltd., Scania AB, Dongfeng Motor Corporation, MAN Truck & Bus AG, Sinotruk Hong Kong Limited, Foton Motor Group, VDL Groep, Ashok Leyland Limited, NFI Group Inc., Blue Bird Corporation, Solaris Bus & Coach S.A., Gillig LLC, New Flyer of America Inc., Eicher Motors Limited, Alexander Dennis Limited, JBM Auto Limited, King Long United Automotive Industry Co. Ltd., Zhongtong Bus & Holding Company Limited, Proterra lnc., Nanjing Golden Dragon Bus Manufacturing Co. Ltd., Ebusco, The CAF Group incorporates, GreenPower Motor Company Inc., The Volvo Group, Deccan Auto Limited, Daimler AG, Higer Bus Company Limited, Motiv Power Systems Inc., Zhuhai Guangtong Automobile Co. Ltd., Shenzhen Wuzhoulong Motors Co. Ltd., Olectra Greentech Limited, Xiamen King Long United Automotive Industry Co. Ltd., Yaxing Motor Coach Co. Ltd.
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Top Trend - Innovative Electric Buses Embrace Autonomous Driving Technologies
Major companies operating in the electric bus market are developing innovative products with advanced technologies, such as autonomous driving technologies, to provide reliable services to customers. Autonomous driving technologies are a collection of hardware, software, and algorithms that allow a vehicle to navigate and operate its surroundings without human control. For instance, in February 2022, Switch Mobility launched the next-generation electric bus platform, SWITCH EiV 12, in India in June 2022. This platform is designed for the Indian market and offers two variants: the EiV 12 low floor and the EiV 12 standard. The SWITCH EiV 12 is embedded with proprietary connected technology solutions, 'Switch iON', enabling remote, real-time diagnostics and monitoring services, as well as digital battery management tools. The platform is built on the experience of 50 million electric kilometers globally.
The Table Of Content For The Market Report Include:
1. Executive Summary
2. Electric Bus Market Characteristics
3. Electric Bus Market Trends And Strategies
4. Electric Bus Market - Macro Economic Scenario
5. Electric Bus Market Size And Growth
…..
27. Electric Bus Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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