Press release
Electric Bus Global Market Size, Revenue, Growth, Industry Insights, Regional Analysis and Forecast Till 2033 | BYD Co. Ltd., Tata Motors Limited, Scania AB, VDL Groep, NFI Group Inc.
Electric Bus Global Market
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.
Market Overview -
An electric bus is an electric vehicle (EV) that runs on electricity rather than diesel or gasoline. The electric bus is powered exclusively by a zero-emissions electricity source.
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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.
Smart Solutions Drive Electric Bus Market's Technological Evolution
Technology advancement is a key trend in the electric bus market. Companies manufacturing electric buses are investing in technology to maximize passenger load carrying capacity and running time of electric buses to make the whole operation economically viable as well as sustainable for the future. For instance, in January 2022, the Valley Transportation Authority (VTA) installed an innovative clean energy microgrid and electric vehicle (EV) fleet charging system as part of its efforts to meet California's goal of a fully zero-emission bus fleet by 2040. This $3 million project aimed to develop and demonstrate advanced charging controls, reduce costs, and support VTA's long-term electric bus infrastructure strategy for comprehensive bus electrification.
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Key Segments -
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
Key highlights covered in the report -
1. Detailed market size forecast and historical data analysis
2. Key drivers influencing market growth
3. Identification of upcoming trends and potential opportunities in the market
4. Analysis of major players strategies, to understand competitive dynamics and market positioning
5. Evaluation of regional dynamics
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