Electric Bus Market is Forecasted to Reach US$ 37.5 Billion in 2032, Says Stratview Research

The global Electric Bus market is projected to witness a growth rate of 7.8% annually from 2024 to 2032, with an anticipated size of US$ 37.5 billion by 2032, according to an analysis by Stratview Research.

Stratview Research, a global market research firm has launched a report on the global Electric Bus market which provides a comprehensive outlook of the global and regional market, industry forecast, current & emerging trends, segment analysis, competitive landscape, & more.

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Report Highlights:
Market Size in 2032: US$ 37.5 billion
Growth (CAGR): 7.8% during 2024-2032
Forecast Period: 2024-2032
Trend Period: 2018-2022
Base Year: 2023
Number of Segments Covered: 5
Number of Tables & Graphs: 100+

Segment Insights on the Electric Bus Market:

The global Electric Bus market is segmented based on Propulsion type, Battery type, Length type, and Region.

Based on propulsion type - The propulsion electric bus market is segmented into BEV and FCEV. BEV is expected to remain dominant, whereas FCEV will be the fastest-growing aircraft type in the market during the forecast period. The segment's large market share is mainly attributed to increasingly stringent emission standards, the rising need for increased fuel efficiency, the growing demand for zero-emission buses, and government initiatives supporting the adoption of electric buses for public transport. FCEVs are the fastest-growing due to rapid advancements in hydrogen technology, increased investment in hydrogen infrastructure, and the global push towards zero-emission vehicles.

Based on battery type - The market is segmented into LFP, NMC, and NCA. The LFP battery segment is expected to record the largest share and highest CAGR during the forecast period. This segment's growth is mainly driven by its ability to provide long life and reliable performance under adverse conditions, the increasing use of LFP batteries in commercial electric vehicles, and the ease of recycling LFP batteries. Lithium-iron-phosphate batteries, which are widely used in electric school buses, exhibit superior thermal stability compared to other lithium batteries.

To know the most attractive segments, visit:
https://www.stratviewresearch.com/3858/electric-bus-market.html

Which Region Shows the Most Promising Growth Forecast and Opportunity?

The Asia-Pacific is expected to remain the largest market for Electric Bus during the forecast period. In terms of countries, China is expected to remain the largest market for electric buses during the forecast period. China is leading both regionally and globally due to its largest market size in terms of volume. The Chinese government has established public transportation zones specifically for electric buses, and its initiatives have significantly accelerated the adoption of battery-operated buses in the region. Japan and South Korea also contribute to the booming sales of these types of buses in this region. However, North America is projected to be the fastest-growing market during the forecast period. In this region, government incentives, the involvement of private investors, and technological advancements are fuelling the growth of the electric bus market, with the US leading the way.

Electric Bus Market Drivers:
Some of the key drivers listed in the report are given below.
• Tightening Emission Norms: Global policies targeting carbon reduction propel electric bus adoption.
• Urban Pollution Challenges: Rising demand for clean transport in cities fuels electric bus growth.
• Lower Operating Costs: Electric buses offer significant savings over diesel, attracting operators.
• Battery Technology Progress: Enhanced range and faster charging make electric buses more viable.
• Public Funding Support: Grants and subsidies for sustainable transit drive market expansion.

Top Companies in the Electric Bus Market:
Stratview Research has identified the following companies as the top market players.
• BYD Co., Ltd
• Proterra, Inc.
• AB Volvo
• New Flyer Industries
• Daimler AG
• Scania AB
• Iveco
• Yutong
• Ebusco
• Xiamen King Long United Automotive Industry Co., Ltd.
• VDL Groep bv
Note: The above list does not necessarily include all the top players in the market.

What Unique Insights Does This Report Offer?

This report provides comprehensive insights into the Electric Bus Market, answering critical questions like:

• How big is the sales opportunity?
• Which regions offer the best sales opportunities?
• Which are the most attractive market segments?
• Which are the top players and their market positioning?
• How complex is the business environment?
• What are the factors affecting the market?

For Customization or Any Other Queries, Get in Touch with Our Industry Experts at - sales@stratviewresearch.com

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Stratview Research is a global market research firm that highly specializes in aerospace & defense, chemicals, and a few other industries.

It launches a limited number of reports annually on the above-mentioned specializations. Thorough analysis and accurate forecasts in this report enable the readers to take convincing business decisions.

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This release was published on openPR.