Press release
Advancing Electric Bus Adoption Through Government Initiatives And Sustainable Solutions: A Key Driver Powering Electric Bus Market Growth In 2025
Electric Bus Market
How Big Is the Electric Bus Market Size Expected to Be by 2034?
The market size for electric buses has seen a significant increase in recent years. The market's worth is projected to rise from $36.68 billion in 2024 to $41.04 billion in 2025, recording a compound annual growth rate (CAGR) of 11.9%. The amplified growth in the historical period can be traced back to factors such as enhancements in manufacturing scale and production sophistication, increasing public knowledge and perception, upgrades in charging infrastructure, economical feasibility and cost reduction, as well as escalating urbanization and congestion.
The market size for electric buses is predicted to experience a swift expansion in the coming years, escalating to $63.4 billion in 2029 with a compound annual growth rate (CAGR) of 11.5%. This growth projected in the forecast period is primarily due to market approval and demand, development of charging framework, advancements in manufacturing expenses, and an escalating demand for eco-friendly transportation. Predominant trends during the forecast period are projected to include government incentives and policies, advancements in battery technology, increasing urbanization and concerns about air quality, reduction in costs related to battery production, and demand for sustainable mobility alternatives.
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What Are the Emerging Segments Within the Electric Bus Market?
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 Long-Term Drivers Are Shaping Electric Bus Market Trends?
In an effort to promote the adoption of electric buses and develop appealing growth opportunities, large corporations operating in the electric bus arena are leveraging various forward-looking government policies. The objective is to transition towards electric powered city and intercity passenger travel, leading to improvements in sustainability, carbon reduction and public health. A significant aspect of this transformation involves substituting conventional fuel-dependent public transport with electric vehicles. Demonstrating this, Volvo Buses, hailing from Sweden and known for its production of buses and coaches, introduced the fully electric LUMINUS city bus in Mexico in May 2023. This unveiling coincided with the company's 25th-anniversary celebrations. Locally built, the LUMINUS presents a range of battery capacities from 280 to 470 kWh and lengths spanning 9.7 to 13 meters. The bus boasts of high-end safety systems, a low-entry design for easy accessibility, and capacious interiors furnished with wireless internet and USB charging ports. Volvo Buses extends comprehensive solutions including buses, associated charging systems, and financing, all while adhering to its commitment towards zero-emission products.
Who Are the Top Competitors in Key Electric Bus Market Segments?
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.
What Are the Major Trends Shaping the Electric Bus Market?
Technological innovation is a principal shift currently observed in the electric bus industry. Electric bus manufacturers are channeling funds into tech advancements with the aim of improving the passenger carrying capacity and longer operational duration of the electric buses. This is being done in a bid to make their operations not just economically efficient, but also future-proof. For example, the Valley Transportation Authority (VTA) unveiled a pioneering clean energy microgrid and electric vehicle (EV) fleet charging system in January 2022, to align with California's objective of achieving a completely zero-emission bus fleet by 2040. This venture, costing $3 million, was intended to cultivate and exhibit advanced charging controls, curtail expenses, and facilitate VTA's extensive strategy for electric bus infrastructure concerning full-fledged bus electrification.
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Which Regions Are Becoming Hubs for Electric Bus Market Innovation?
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.
Frequently Asked Questions:
1. What Is the Market Size and Growth Rate of the Electric Bus Market?
2. What is the CAGR expected in the Electric Bus Market?
3. What Are the Key Innovations Transforming the Electric Bus Industry?
4. Which Region Is Leading the Electric Bus Market?
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