Press release
Global Electric Bus Market: Rising Urbanization, Technological Advancements and Government Policies Charting Growth Path
Electric Bus Market Outlook
The electric bus market has witnessed rampant growth in the past few years and is projected to maintain this momentum in the years to come. Highlighting the market trajectory:
•The market is expected to grow from $36.68 billion in 2024 to $41.04 billion in 2025, demonstrating a compound annual growth rate (CAGR) of 11.9%.
•This growth can be attributed to factors such as improvements in charging infrastructure, economic viability, cost reductions, and rising urbanization and congestion.
•By 2029, the market size is forecasted to reach $63.4 billion, growing at a CAGR of 11.5%.
•The forecasted growth can be associated with market demand and acceptance, technological advancements in battery technology, government incentives and policies, and an increase in demand for sustainable transport solutions.
What Is Driving The Growth in the Electric Bus Market?
Growth in the electric bus market is driven by proactive government initiatives encouraging the use of e-buses, with companies gearing towards transforming electric city- and intercity passenger transport. This shift places the focus on enhancing sustainability, reducing carbon emissions, and improving public health by replacing traditional fuel-powered public transport with electric vehicles. A prime example is Volvo Buses' launch in 2023 of the fully electric LUMINUS city bus in Mexico, which offers battery options ranging from 280 to 470 kWh, and lengths from 9.7 to 13 meters. This shift in production emphasizes Volvo's commitment to zero-emission products, thus fostering growth in the electric bus market.
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Who Are The Key Players Driving Electric Bus Market Growth?
The key players contributing significantly to the growth of the electric bus market include:
•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
What Are The Key Trends In The Electric Bus Market?
Major trends shaping the future of the electric bus market are:
•Advancements in battery technology leading to cost reductions in battery production
•Rising urbanization and air quality concerns
•Government incentives and policies that promote the use of electric buses
What Are The Segments Of The Global Electric Bus Market?
The electric bus market is divided as follows:
•By Type: Battery Electric Vehicle, Plug-In Hybrid Electric Vehicle, Fuel Cell Electric Vehicle
•By Battery Type: Lithium-Nickel-Manganese-Cobalt-Oxide, Lithium-Iron-Phosphate, Other Battery Types
•By Vehicle Range: Less Than 200 Miles, Above 200 Miles
•By Battery Capacity: Up to 400 kWh, Above 400 kWh
•By Application: Intercity, Intracity
Which Region Leads The Electric Bus Market?
Asia-Pacific was the largest and fastest-growing region in the electric bus market in 2024, with potential for significant growth in the coming years. The regions covered in this report include Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, and Africa.
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What Is Covered In The Electric Bus Market Global Market Report?
•Market Size Analysis: Analyze the Electric Bus Market size by key regions, countries, product types, and applications.
•Market Segmentation Analysis: Identify various subsegments within the Electric Bus Market for effective categorization.
•Key Player Focus: Focus on key players to define their market value, share, and competitive landscape.
•Growth Trends Analysis: Examine individual growth trends and prospects in the Market.
•Market Contribution: Evaluate contributions of different segments to the overall Electric Bus Market growth.
•Growth Drivers: Detail key factors influencing market growth, including opportunities and drivers.
•Industry Challenges: Analyze challenges and risks affecting the Electric Bus Market.
•Competitive Developments: Analyze competitive developments, such as expansions, agreements, and new product launches in the market.
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