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Top Market Shifts Transforming the Electric Bus Market Landscape: Key Insights
Electric Bus
How Large Will the Electric Bus Market Size By 2025?
In recent times, the size of the electric bus market has experienced rapid expansion. Forecasted to expand from $36.68 billion in 2024 to $41.04 billion in 2025, it is expected to see an annual growth rate (CAGR) of 11.9%. Factors such as advancements in manufacturing scale and production sophistication, enhanced public consciousness and perception, improvements in charging facilities, cost efficiency, along with increased urbanization and congestion, have contributed to this notable growth in the historic period.
How Big Is the Electric Bus Market Size Expected to Grow by 2029?
Anticipated to expand rapidly in the coming years, the electric bus market will escalate to a valuation of $63.4 billion by 2029, indicating a compound annual growth rate (CAGR) of 11.5%. The growth projected in the forecast period is driven by an increased market demand and acceptance, the development of charging facilities, reductions in manufacturing costs, and surge in the demand for eco-friendly transport. The forecast period will also see significant factors such as governmental incentives and policies, advances in battery technology, increasing urbanization and worries around air quality, reduced costs in battery manufacturing, and the need for sustainable mobility solutions.
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Which Key Market Drivers Powering Electric Bus Market Expansion and Growth?
The electric bus market features multiple dominant firms who are capitalizing on numerous forward-thinking government strategies. These strategies encourage the use of e-buses and provide enticing opportunities for expansion, including transitioning to electric city and intercity passenger transport to increase sustainability, minimize carbon emissions, and enhance public health. The objective is to boost sustainability, decrease carbon emissions, and ameliorate public health by replacing traditional fuel-powered public transport with electric vehicles. For example, in May 2023, the Sweden-based Volvo Buses, known for manufacturing buses and coaches, introduced their fully electric LUMINUS city bus in Mexico on its 25th year anniversary. Manufactured locally, the LUMINUS provides varying battery choices that range from 280 to 470 kWh and lengths spanning 9.7 to 13 meters. The bus features cutting-edge safety systems, an inclusive low entrance, and a spacious interior that includes wireless internet and USB charging stations. Volvo Buses provides all-inclusive solutions that cover the buses, charging infrastructure, and the financing while remaining devoted to zero-emission products.
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Which Fast-Growing Trends Are Poised to Disrupt the Electric Bus Market?
Technological innovation is a significant trend in the electric bus industry. Electric bus manufacturers are funneling resources into technological development to increase both the passenger capacity and operational duration of their vehicles, making operations more economically efficient and sustainable long-term. A prime example of this was seen in January 2022, when the Valley Transportation Authority (VTA) implemented a forward-thinking clean energy microgrid and EV fleet charging system, aligning with California's objective of achieving a fully zero-emission bus fleet by 2040. The venture, budgeted at $3 million, aimed to foster the development of cutting-edge charging controls, trim costs, and assist the VTA's overarching electric bus infrastructure plan to fully electrify their bus fleet.
What Are the Emerging Segments in 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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Who Are the Global Leaders 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.
Which are the Top Profitable Regional Markets for the Electric Bus Industry?
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.
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