Press release
Electric Bus Market Poised for 11.5 % Growth, Set to Hit $15.73 Billion by 2029
Electric Bus Market
Leading corporations in the electric bus sector are capitalizing on several dynamic government strategies that promote e-bus usage and yield profitable growth opportunities. These include the transition to electric forms of city and intercity passenger transportation in an effort to enhance environmental sustainability, minimize carbon emissions, and better public health. The goal of this transition is to swap out traditional fuel-powered public transportation with electric options. An example of this is Volvo Buses, a Sweden-based bus and coach producer, which unveiled the fully electric LUMINUS city bus in Mexico during its 25th year anniversary in May 2023. The LUMINUS, which is produced domestically, has battery choices from 280 to 470 kWh, and sizes varying from 9.7 to 13 meters. It incorporates advanced safety features, easy-access entrances, and spacious interiors that come with WiFi and USB ports for charging. Volvo Buses not only delivers comprehensive solutions such as buses, a charging framework, and financing, but also remains dedicated to the production of zero-emission products.
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What growth opportunities are expected to drive the electric bus market's CAGR through 2034?
In the past few years, there has been a fast-paced growth witnessed within the electric bus market. The market size is expected to escalate from $36.68 billion in 2024 to $41.04 billion in 2025, registering a compound annual growth rate (CAGR) of 11.9%. The notable growth during the historical period can be credited to several factors such as the advancement in manufacturing methods and production refinement, increased public consciousness and perception, enhancements in the charging infrastructure, reduction in costs hence making it economically feasible, along with growing urbanization and traffic congestion.
Over the coming years, the electric bus market is anticipated to witness substantial expansion, reaching $63.4 billion in 2029 with a compound annual growth rate (CAGR) of 11.5%. The projected growth during this period is related to increased market demand and acceptance, enhancement in charging infrastructure, manufacturing cost efficiencies, and an escalating demand for eco-friendly transportation. Foreseeable trends during the forecast period consist of government initiatives and policies, advancements in battery technology, increasing urbanization combined with air quality issues, reduction in battery production costs, and the call for sustainable mobility solutions.
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What are the emerging trends shaping the future of the electric bus market?
Technological progress is a central trend in the electric bus marketplace. Electric bus producers are leveraging this technology to augment the passenger carrying capability and the operational duration of these vehicles, ensuring their economic and sustainable viability. To illustrate, in January 2022, the Valley Transportation Authority (VTA) implemented an advanced clean energy microgrid along with an Electric Vehicle (EV) fleet charging mechanism to adhere to California's objective of becoming fully zero-emission by 2040 with their bus fleet. The project, costing $3 million, was designed to foster the development of advanced charging controls, diminish expenses and back VTA's considerable strategy for complete bus electrification in the long run.
Which growth-oriented segments of the electric bus market are leading the industry's development?
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
Subsegments:
1) By Battery Electric Vehicle (BEV): Standard Battery Electric Bus, Extended Range Battery Electric Bus
2) By Plug-In Hybrid Electric Vehicle (PHEV): Parallel Hybrid Bus, Series Hybrid Bus
3) By Fuel Cell Electric Vehicle (FCEV): Hydrogen Fuel Cell Bus, Hybrid Fuel Cell Bus
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What regions are leading the charge in the electric bus market?
Asia-Pacific was the largest region in the electric bus market in 2024 and is expected to be the fastest-growing region in the forecast period. The regions covered in the electric bus market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
What companies are at the forefront of innovation in the electric bus market?
Major companies operating in 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, 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.
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What Is Covered In The Electric Bus Global Market Report?
•Market Size Forecast: Examine the electric bus market size across key regions, countries, product categories, and applications.
•Segmentation Insights: Identify and classify subsegments within the electric bus market for a structured understanding.
•Key Players Overview: Analyze major players in the electric bus market, including their market value, share, and competitive positioning.
•Growth Trends Exploration: Assess individual growth patterns and future opportunities in the electric bus market.
•Segment Contributions: Evaluate how different segments drive overall growth in the electric bus market.
•Growth Factors: Highlight key drivers and opportunities influencing the expansion of the electric bus market.
•Industry Challenges: Identify potential risks and obstacles affecting the electric bus market.
•Competitive Landscape: Review strategic developments in the electric bus market, including expansions, agreements, and new product launches.
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