Europe Electric Bus Market Size Analysis Report and Forecast 2024-2032

According to the report by Expert Market Research (EMR), the Europe electric bus market size reached a value of USD 2.23 billion in 2023. Aided by heightened environmental concerns, evolving regulatory landscapes, and advancements in electric vehicle (EV) technology, the market is projected to further grow at a CAGR of 18.5% between 2024 and 2032 to reach a value of USD 10.71 billion by 2032.

Electric buses, characterised by their zero tailpipe emissions and reduced operational costs compared to traditional diesel buses, represent a transformative approach to urban mobility. They are increasingly seen as a viable solution for cities aiming to decrease carbon footprints and combat urban air pollution.

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EU regulations and individual country policies advocating for reduced greenhouse gas emissions play a pivotal role. Many European countries have set timelines for phasing out fossil fuel-powered buses, providing significant impetus for the adoption of electric buses, consequently driving up the Europe electric bus market share.

Innovations in battery technology, electric drivetrains, and charging infrastructure have enhanced the range and efficiency of electric buses, making them more appealing for widespread use. Moreover, financial incentives such as grants, subsidies, and tax exemptions are crucial in supporting transit authorities and bus operators in transitioning to electric fleets.

As per the Europe electric bus market analysis, there is a notable increase in the demand for plug-in hybrid electric buses (PHEVs). These buses utilise batteries to power an electric motor and also rely on fuels like gasoline to operate an internal combustion engine (ICE). Initially, the bus operates on electric power, and once the battery is depleted, it seamlessly switches to the internal combustion engine.

The key components of a plug-in hybrid electric bus include batteries, charge ports, electric traction motors, and fuel tanks, among others. On the other hand, fuel-cell electric buses are also gaining popularity in Europe due to their unique ability to incorporate both hydrogen fuel cells and batteries/capacitors, leading to Europe electric bus market development.

Germany is at the forefront, influenced by its national policy frameworks and leading automotive industry. The UK and France are also significant markets, spurred by stringent environmental targets and substantial investments in public transit electrification. The Netherlands and Scandinavia are notable for their high adoption rates of electric buses, supported by ambitious national environmental agendas and high public receptivity to sustainable transport solutions.

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Market Segmentation

The market can be divided based on the propulsion type, length, battery type, range, battery capacity, end user, and country.

Market Breakup by Propulsion Type

Battery Electric Bus
Plug-in Hybrid Electric Bus
Fuel Cell Electric Bus

Market Breakup by Length

Less than 9 Meters
9-14 Meters
Above 14 Meters

Market Breakup by Battery Type

Lithium-ion Battery
Nickel-Metal Hydride Battery (NiMH)
Others

Market Breakup by Range

Less than 200 Miles
More than 200 Miles

Market Breakup by Battery Capacity

Up to 400 kWh
Above 400 kWh

Market Breakup by End User

Private
Public

Market Breakup by Country

Germany
United Kingdom
France
Italy
Others

Competitive Landscape

The EMR report looks into the market shares, plant turnarounds, capacities, investments, and mergers and acquisitions, among other major developments, of the leading companies operating in Europe electric bus market. Some of the major players explored in the report by Expert Market Research are as follows:

Yutong Bus Co., Ltd.
Daimler Truck AG
IVECO S.p.A
Solaris Bus & Coach sp. z o.o.
AB Volvo
Traton SE
Karsan Otomotiv San. ve Tic. A.S
Xiamen Golden Dragon Bus Co.,LTD
TAM-Europe d.o.o.
BYD Europe B.V.
Others

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