NEW YORK, Dec. 5, 2023 /PRNewswire/ — The electric bus market size is forecast to increase by 61.03 thousand units from 2022 to 2027, at a CAGR of 9.23%, according to the recent market study by Technavio. The market is highly competitive, and established vendors have started acquiring smaller and regional players to help them enhance their global reach. Moreover, the market will also witness the entry of several new players, which will increase the level of competition among the existing players during the forecast period. Some of the key vendors covered in the report include AB Volvo and 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.The growth of the market will be driven by the the reduction in battery prices, technological improvements to reduce downtime, and the government initiatives promoting electric buses. Charts & data tables about market and segment sizes for a historic period (2017-2021) and forecast period (2023-2027) have been covered in this report. Download the Sample Report
Vendor Offerings –
Volvo Group – The company offers electric buses that are equipped with full load-carrying electric bus chassis, high energy density batteries, an efficient energy-saving motor, and an integrated intelligent electronic control system.
Bollore SE – The company offers electric buses that are equipped with air-ride suspension, ABS disk brakes, and pass-through storage.
GreenPower Motor Company Inc – The company offers an electric bus that features a Monocoque chassis and has been designed from the ground up to be battery electric.
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- The report offers information on the criticality of vendor inputs, including R&D, CAPEX, and technology.
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Customer Landscape – Analysis of Price Sensitivity, Adoption Lifecycle, Customer Purchase Basket, Adoption Rates, and Purchase Criteria by Technavio
- One of the core components of the customer landscape is price sensitivity, an analysis of which will help companies refine marketing strategies to gain a competitive advantage.
- Another key aspect is price sensitivity drivers (purchases are undifferentiated, the purchase is a key cost to buyers, and quality is not important), which range between LOW and HIGH.
- Furthermore, market adoption rates for all regions have been covered.
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Market Segmentation:
The market is segmented by application (intercity and intra-city), type (pure electric bus and plug-in hybrid bus), and geography (APAC, Europe, North America, and the Rest of the World).
- The market share growth in the intercity segment will be significant during the forecast period. In India, the Government of India is promoting the use of electric vehicles to replace internal combustion engine (ICE) vehicles by 2030. Furthermore, various electric bus charging system manufacturers are planning to start business operations within India due to the growth opportunities presented by the rising electric bus market in the country. The growth of this segment is primarily attributed to the increasing adoption of Electric Buses, which is driven by an increase in the global demand for the electric bus industry.
Market Dynamics:
Key DRIVERS:
- Reduction in battery prices
- Technological improvements to reduce downtime
- Government initiatives promoting electric buses
Electric buses have a higher load capacity compared to electric passenger cars, requiring large-capacity batteries for optimal vehicle downtime. The battery size of the vehicle increases when the load capacity increases. However, the major concern of the industry is the time taken for electric buses to get charged, as it takes longer than conventional buses. Hence, there is a need for fast-charging systems to minimize time loss between recharging. The total cost of an electric bus is reduced if there is any change in the battery prices, which brings a huge difference. Therefore, the continuous decrease in battery prices is a result of battery manufacturers achieving economies of scale. This will reduce the overall price of electric buses which will drive the growth of the global electric bus market during the forecast period.
Major Trends:
- Increasing popularity of wireless charging systems
- Technological advancements in electric buses
- Technological advancements in electric buses
The global electric bus market is expected to experience growth due to the increasing popularity of wireless charging systems. Inducting wireless technology offers the necessary higher power levels to conveniently charge electric buses which proves advantageous for electric bus operators. The improved performance has led to the introduction of wireless chargers with a 50-kW power capacity which is equivalent to commercially available quick plug-in chargers. As a result, these high-power inductive wireless charging systems are important for charging large vehicles like electric buses, and their introduction is expected to drive market growth during the forecast period.
Key Challenges:
- Declining number of public transport users
- Lack of adequate charging infrastructure
- Reduction in subsidies in China
The declining number of public transport users is a major challenge to the global electric bus market growth. The increasing preference for personal vehicles is reducing the demand for public transportation. Due to the high cost of electric buses, transport authorities are hesitant to replace their current conventional bus fleet. This is a restriction on the growth of the electric bus market. The rapid increase in the production of passenger cars in line with the increasing demand for them is posing a major challenge to the penetration of electric buses in many regions. The demand for public transportation services is decreasing due to the growing demand for passenger cars.
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What are the key data covered in this Electric Bus Market report?
- CAGR of the market during the forecast period
- Detailed information on factors that will drive the growth of the electric bus market between 2023 and 2027
- Precise estimation of the size of the electric bus market and its contribution to the market in focus on the parent market
- Accurate predictions about upcoming trends and changes in consumer behavior
- Growth of the electric bus market industry across Asia, Europe, North America, and the Rest of the World (ROW)
- A thorough analysis of the market’s competitive landscape and detailed information about vendors
- Comprehensive analysis of factors that will challenge the growth of electric bus market vendors
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TOC
- Executive Summary
- Market Landscape
- Market Sizing
- Historic Market Size
- Five Forces Analysis
- Market Segmentation by Application
- Market Segmentation by Type
- Customer Landscape
- Geographic Landscape
- Drivers, Challenges, and Trends
- Company Landscape
- Company Analysis
- Appendix
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