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Electric Bus Market Size, Growth & Competitive Landscape 2024-2033
Electric Bus Market Size
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According to The Business Research Company's, 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 Drivers and Trends:
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.
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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Major Key Players of the Market:
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.
Electric Bus Market 2024 Key Insights:
• 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%.
• Government-Led Initiatives Propel Growth In The Electric Bus Market
• Smart Solutions Drive Electric Bus Market's Technological Evolution
• Asia-Pacific was the largest region in the electric bus market in 2023 and is expected to be the fastest-growing region in the forecast period
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