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Electric Mid- & Large (9-14m) Bus Market Size & Forecast 2024-2033 | Growth & Key Players
Electric Mid- & Large (9-14m) Bus Market Size
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According to The Business Research Company's, The electric mid- and Large (9-14m) bus market size has grown rapidly in recent years. It will grow from $7.66 billion in 2023 to $8.84 billion in 2024 at a compound annual growth rate (CAGR) of 15.4%. The growth in the historic period can be attributed to environmental concerns and regulations, government policies and incentives, urbanization and public transport demand.
The electric mid- and Large (9-14m) bus market size is expected to see rapid growth in the next few years. It will grow to $15.83 billion in 2028 at a compound annual growth rate (CAGR) of 15.7%. The growth in the forecast period can be attributed to electric drivetrain efficiency, government support and incentives, climate change mitigation, public demand for clean transport, and autonomous technology. Major trends in the forecast period include advancements in battery technology, integration of smart features, and expansion of charging infrastructure.
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Market Drivers and Trends:
The increasing demand for public transportation is expected to propel the growth of the electric mid- and large (9-14m) bus market going forward. Public transportation, also known as public transit or mass transit, refers to various modes of transportation available to the public that operate on set routes and schedules. The increasing demand for public transport is driven by a combination of demographic trends, environmental imperatives, economic considerations, technological advancements, and changes in societal attitudes. Mid- and large-sized buses (9-14 meters) are pivotal in enhancing public transportation systems' capacity, efficiency, and sustainability. Their ability to transport large numbers of passengers, coupled with the benefits of modern electric bus technology, makes them an indispensable asset in meeting the growing demand for public transport in urban and suburban areas. For instance, according to the Metropolitan Transportation Authority, a US-based transportation network, the total annual bus ridership in the US increased from 71.4 million rides in 2021 to 82.6 million in 2022. Further, the total yearly subway ridership in the US increased from 75.9 million in 2021 to 1.01 billion rides in 2022. Therefore, increasing demand for public transportation is driving the growth of the electric mid- and large (9-14m) bus market.
Major companies operating in the electric mid- and large (9-14m) bus market are focused on developing innovative products such as hydrogen-powered fuel cell electric vehicles (FCEVs) to offer an alternative zero-emission solution to battery-electric buses. Hydrogen-powered fuel cell electric vehicles (FCEVs) refer to vehicles that use hydrogen as fuel and convert it into electricity through a chemical reaction in the fuel cell. For instance, in October 2023, Iveco Group N.V., an Italy-based automobile company, and Hyundai Motor Company, a South Korea-based automotive manufacturer, launched IVECO BUS E-WAY H2, a 12-meter-long hydrogen-powered fuel cell low-floor city bus. The bus is designed with a hybrid-mid power concept that optimizes how the vehicle is charged, helping the onboard battery pack and fuel cell system achieve its highest efficiency and durability. The E-WAY H2 is a 12-meter low-floor city bus featuring a 310-kW electric motor and an advanced fuel cell. It has four hydrogen tanks holding 7.8 kg of hydrogen and a 69 kWh battery pack from FPT Industrial, Iveco Group's powertrain technology brand. This setup provides the bus with a driving range of 450 km under typical operating conditions.
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Major Key Players of the Market:
BYD Company Ltd., Daimler Truck AG, Tata Motors, AB Volvo, CRRC Zhuzhou Locomotive Co. Ltd., Cummins Inc., Transdev, Yutong Bus Co. Ltd., NFI Group, Blue Bird Corporation, Solaris Bus & Coach sp. z o.o., Nova Bus, VDL Bus & Coach, Proterra Inc., Anhui Ankai Automobile Co. Ltd., Lion Electric Co., Pelican Engineering Group, GreenPower Motor Company, Jefferson Transit Authority, Eicher Motors Limited
Electric Mid- And Large (9-14m) Bus Market 2024 Key Insights:
• The electric mid- and Large (9-14m) bus market size is expected to see rapid growth in the next few years. It will grow to $15.83 billion in 2028 at a compound annual growth rate (CAGR) of 15.7%.
• Increasing Demand For Public Transportation Drives Growth In The Electric Mid- And Large-Sized Bus Market
• Advancements In Hydrogen-Powered Fuel Cell Electric Vehicles (Fcevs) In The Electric Mid- And Large Bus Market
• North America was the largest region in the electric mid- and large (9-14M) bus market in 2023
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