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The Electric bus market size is forecast to increase by 61.03 thousand units between 2022 and 2027, accelerating at a CAGR of 9.23%. In 2017, the US held the largest market share, projecting an annual revenue of USD 0.81 thousand unit. The report includes a comprehensive outlook on the Electric Bus Market , offering forecasts for the industry segmented by Application, which comprises Intercity and Intra city. Additionally, it categorizes Type into Pure electric bus and Plug-in hybrid bus and covers Geography regions, including Asia, Europe, North America, and Rest of World (ROW). The report provides market size, historical data spanning from 2017 to 2021, and future projections, all presented in terms of value in (USD million/billion) for each of the mentioned segments.
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Reduction in battery prices is a key factor driving the market growth. Battery prices play a significant role in the total cost of electric bus production. To enhance efficiency, battery manufacturers are focusing on technological advancements in electric bus batteries, particularly in Li-ion batteries. These advancements have reduced the weight and increased the lifespan of electric buses compared to those using conventional lead-acid and VRLA batteries. Although the initial cost of electric buses is higher than conventional buses by around 30%-35%, any change in battery prices can significantly impact the overall cost of electric buses.
Battery manufacturers achieving economies of scale are continuously reducing battery prices, which will drive down the overall price of electric buses and propel the growth of the global electric bus market during the forecast period. A recent technological innovation involving silicon nanowires fused onto graphite powders promises increased battery range and reduced charge time and cost for electric vehicles. As battery prices decrease, electric buses are expected to approach cost parity with conventional buses, further boosting the electric bus market worldwide.
Electric Bus Market Trends
The growing attraction towards hybrid buses due to rising gasoline prices stresses their advantages, offering cleaner energy through a blend of fuel and battery, emitting net-zero emissions compared to single-fueled cars. These vehicles also benefit from regenerative braking, reduced fuel dependency, and weight savings. Contrarily, hydrogen buses present a promising advancement in zero-emission transportation, aligning with environmental initiatives to reduce carbon emissions. MiWay's collaboration with CUTRIC for a hydrogen fuel-cell electric bus pilot reflects a commitment to exploring cleaner, more sustainable public transit solutions. While hybrid buses emphasize established technology and efficiency, hydrogen buses offer extended ranges and rapid refueling but require significant infrastructure investment and face challenges related to cost and technology maturity. Both technologies contribute to a greener future in public transportation, each with its distinct advantages and considerations.
The intercity segment is poised for substantial market share growth in the forecast period within the global electric bus market, showing a noteworthy increase compared to the intracity segment. From 33.25 thousand units in 2017, the intercity segment has demonstrated consistent growth with the prospect that electric mini buses pursuit of net-zero emissions.
In India, the Government is actively promoting the adoption of electric vehicles as part of its plan to replace internal combustion engine (ICE) vehicles by 2030. This initiative focuses on developing infrastructure for electric vehicles, including, electric shuttle bus and electric mini buses, particularly in Tier-1 and Tier-2 cities. The burgeoning electric mini bus market in India has attracted various electric bus charging system manufacturers, with companies like ABB intending to set up around 4,500 electric vehicle charging stations in India by 2030.
Asia is estimated to contribute 92% to the growth of the global market during the forecast period. Technavio’s analysts have elaborately explained the regional trends and drivers that shape the market during the forecast period.China's electric bus market is experiencing steady growth, driven by the demand for efficient public transportation in metro cities like Bus Rapid Transit (BRT) and increased consumer awareness about the advantages of electric vehicles. Concurrently, India is also adopting electric buses to tackle air pollution from vehicular emissions. The growing adoption of electric buses in both countries is expected to have a positive impact on their respective markets during the forecast period.
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The Electric Bus Market is fragmented in nature. Some significant players include AB Volvo , BKM.BY, Bollore SE.
BYD Co. Ltd- BYD specializes in electric buses featuring versatile charging options like wireless, overhead, AC, or DC charging. Additionally, the company's business segment centers on rechargeable batteries and photovoltaic products. They produce and sell lithium-ion, nickel, and iron batteries, as well as photovoltaic items, catering to byd electric vehicles, mobile phones, electric tools, and portable electronic instruments.
The research report also includes detailed analyses of the competitive landscape of the market and information about 15 market companies, including:
CNH Industrial NV, Complete Coach Works, Eletra, GreenPower Motor Co. Inc., Jiacngsu Alfa Bus Co. Ltd., Linkker Oy, Mercedes Benz Group AG, NFI Group Inc., POL-MOT Holding SA, Proterra Inc., Tata Sons Pvt. Ltd., TECNOBUS Spa, VDL Bus and Coach BV, Xiamen King Long United Automotive Industry Co. Ltd., Yinlong Energy China Ltd., and Zhongtong Bus Holding Co. Ltd.
The market analysis report forecasts market growth by revenue at global, regional & country levels and provides an analysis of the latest trends and growth opportunities from 2017 - 2027.
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Electric Bus Market Scope |
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Report Coverage |
Details |
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Page number |
161 |
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Base year |
2022 |
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Historic period |
2017 - 2021 |
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Forecast period |
2023-2027 |
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Growth momentum & CAGR |
Accelerate at a CAGR of 9.23% |
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Market growth 2023-2027 |
61.03 th units |
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Market structure |
Fragmented |
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YoY growth 2022-2023(%) |
8.87 |
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Regional analysis |
Asia, Europe, North America, and Rest of World (ROW) |
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Performing market contribution |
Asia at 92% |
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Key countries |
US, Canada, China, India, Germany, and UK |
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Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
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Key companies profiled |
AB Volvo, BKM.BY, Bollore SE, BYD Co. Ltd., CNH Industrial NV, Complete Coach Works, Eletra, GreenPower Motor Co. Inc., Jiangsu Alfa Bus Co. Ltd., Linkker Oy, Mercedes Benz Group AG, NFI Group Inc., POL-MOT Holding SA, Proterra Inc., Tata Sons Pvt. Ltd., TECNOBUS Spa, VDL Bus and Coach BV, Xiamen King Long United Automotive Industry Co. Ltd., Yinlong Energy China Ltd., and Zhongtong Bus Holding Co. Ltd. |
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Market dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID 19 impact and recovery analysis and future consumer dynamics, Market condition analysis for forecast period |
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Customization purview |
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1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by Application
7 Market Segmentation by Type
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Trends
11 Vendor Landscape
12 Vendor Analysis
13 Appendix
Research Framework
Technavio presents a detailed picture of the market by way of study, synthesis, and summation of data from multiple sources. The analysts have presented the various facets of the market with a particular focus on identifying the key industry influencers. The data thus presented is comprehensive, reliable, and the result of extensive research, both primary and secondary.
INFORMATION SOURCES
Primary sources
Secondary sources
DATA ANALYSIS
Data Synthesis
Data Validation
REPORT WRITING
Qualitative
Quantitative
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