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Global Electric Bus Market Expansion at 10.7% CAGR, Valued at $60.89 Billion by 2029
Electric Bus
What Are the Electric Bus Market Size Forecast for 2025?
In the past few years, there has been a substantial increase in the size of the electric bus market. An expansion from $36.68 billion in 2024 to $40.47 billion in 2025 is expected, representing a compound annual growth rate (CAGR) of 10.4%. This upturn during the historical period is credited to developments in large-scale manufacturing and production sophistication, greater public knowledge and sentiment, enhancements in charging infrastructure, financial feasibility and price reduction, alongside the escalation of urbanization and traffic congestion.
What Is the Market Size Outlook for Electric Bus Until 2029?
The market size of electric buses is projected to witness a swift expansion in the upcoming years, swelling to $60.89 billion by 2029 with a Compound Annual Growth Rate (CAGR) of 10.7%. This expected surge during the forecasted period is largely due to factors such as growing market receptivity, emergence of charging infrastructures, enhancement in manufacturing cost, and the increased demand for green transportation. Key trends that will shape this period include governmental encouragements and policies, breakthroughs in battery technology, mounting urbanization and concerns about air quality, decrease in battery production costs, and the need for eco-friendly mobility solutions.
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What Are the Major Factors Driving Demand in the Electric Bus Market?
Leading corporations within the electric bus industry are capitalizing on several proactive governmental schemes devised to incentivize the employment of e-buses and forge profitable growth avenues, including transitioning to electrified urban and intercity passenger transport. This conversion targets the enhancement of sustainability, the lowering of carbon emissions, and the amelioration of public health by replacing traditionally fueled public transport with electrically powered equivalents. For instance, Volvo Buses, a firm based in Sweden, renowned for producing buses and coaches, introduced its entirely electric LUMINUS city bus in Mexico in May 2023, in honor of its 25th anniversary milestone. Manufactured in the local region, the LUMINUS provides battery choices that span from 280 to 470 kWh and stretch from 9.7 to 13 meters long. It incorporates progressive safety systems, a low entry for ease of access, and roomy interiors furnished with wireless internet and USB charging stations. Through the provision of holistic solutions that envelop the buses, charging facilities, and financing, Volvo Buses remains faithful to its vow of zero-emission products.
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How Are End-Use Segments Shaping the Electric Bus Market Outlook?
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
What Are the Strategic Trends Transforming the Electric Bus Market Landscape?
Technological progression is a significant trend in the electric bus sector. Firms that produce electric buses are putting money into technology to expand their ability to accommodate passengers and increase the buses' operational duration to ensure a cost-effective and future-proof operation. For instance, the Valley Transportation Authority (VTA) initiated a state-of-the-art clean energy microgrid and electric vehicle (EV) charging system in January 2022, as part of their goal to achieve California's target of having an entirely zero-emission bus fleet by 2040. The agenda of this $3 million scheme was to formulate and exhibit superior charging controls, decrease expenses, and uphold VTA's long-standing strategy for thorough bus electrification.
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Who Are the Prominent Companies in the Electric Bus Market by ?
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 Region Is Expected to See the Highest CAGR 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.
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