REDDING, Calif., May 2, 2024 /PRNewswire/ — According to a new market research report titled, ‘Electric Bus Market by Propulsion Type (Battery Electric, Hybrid, Fuel Cell), Battery Type (NMC, LFP, Others), Bus Length (Less than 9 m, 9 m–12 m, more than 12 m), Power Output, Sector (Public, Private) & Geography—Forecasts to 2031‘, the electric bus market is projected to reach $100.39 billion by 2031, at a CAGR of 23.4% from 2024 to 2031, while in terms of volume, the market is expected to reach 3,41,601 units by 2031, at a CAGR of 22.4% from 2024 to 2031.
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Electric buses are commercial vehicles that use electric motors powered by batteries instead of internal combustion engines. There are three propulsion types of electric buses: battery electric buses, hybrid electric buses, and fuel cell electric buses. Overall, electric buses are a promising technology for reducing carbon emissions and improving air quality in urban areas while also offering a sustainable and cost-effective transportation option.
Some of the factors driving the growth of this market are the increasing government focus on public transport electrification and leading automotive manufacturers’ increasing investments in the Electric Vehicle (EV) ecosystem. However, the high purchasing costs of electric buses and the difficulties in building charging infrastructure for electric buses are factors restraining the growth of this market.
The electric buses market is segmented by propulsion type (battery electric buses, hybrid electric buses, and fuel cell electric buses), bus length (9 m, 9 m–12 m, and more than 12 m), battery type (lithium nickel manganese cobalt oxide (NMC) batteries, lithium iron phosphate (LFP) batteries, and other batteries), power output (less than 200 kW, 200 kW to 400 kW, and more than 400 kW) and sector (public sector and private sector). The study also evaluates industry competitors and analyses the market at the regional and country levels.
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Based on propulsion type, the electric buses market is segmented into battery electric buses, hybrid electric buses, and fuel cell electric buses. In terms of value, in 2024, the battery electric buses segment is expected to account for the largest share of 65% of the global electric buses market. The segment’s large market share is mainly attributed to increasingly stringent emission standards, the rising need for increased fuel efficiency, the growing demand for zero-emission buses, and government initiatives supporting the adoption of electric buses for public transport. For instance, in August 2023, the Government of India launched the PM-eBus Sewa Scheme with the aim of augmenting bus operations by deploying 10,000 electric buses under the PPP model. The Government of India will be spending USD 2.4 billion to deploy and operate e-buses across up to 169 eligible cities. The buses will be deployed from 2024 to 2026.
Based on bus length, the electric buses market is segmented into less than 9 m, 9 m–12 m, and more than 12 m. In 2024, the 9 m–12 m segment is expected to account for the largest share of the global electric buses market. The segment’s large share is mainly attributed to the increasing orders of electric buses from this category for public transport and key market players’ increasing focus on the development of electric buses.
Based on battery type, the electric buses market is segmented into lithium nickel manganese cobalt oxide (NMC) batteries, lithium iron phosphate (LFP) batteries, and other batteries. In 2024, the lithium iron phosphate (LFP) batteries segment is estimated to dominate the global electric buses market, with a market value of around USD 12 billion. The segment’s large share is mainly attributed to the benefits of LFP batteries, such as long life span and reliable performance, and the growing use of LFP batteries in EV applications.
Based on power output, the electric buses market is segmented into less than 200 kW, 200 kW to 400 kW, and more than 400 kW. In 2024, the 200 kW to 400 kW segment is expected to account for the largest share of the global electric buses market. The segment’s large share is mainly attributed to the growing adoption of electric buses across several countries and the increasing development and deployment of fast chargers.
Based on sector, the electric buses market is segmented into the public sector and private sector. In 2024, the public sector segment is expected to account for the larger share of 82% of the global electric buses market. The segment’s large market share is mainly attributed to the rising need for increased fuel efficiency in public transport, the growing demand for zero-emission buses, and increasing government initiatives to incorporate electric buses in public transit systems.
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Based on geography, the electric buses market is segmented into North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa. In terms of value, in 2024, Asia-Pacific is estimated to be the largest regional market in the global electric buses market. The Asia-Pacific electric buses market is estimated to be around USD 19 billion in 2024. The large market share of this segment is attributed to favorable government policies, environmental concerns, increasing incorporation of electric buses in public transportation, strong demand for sustainable transportation, and the presence of major electric bus manufacturers. In addition, many countries in the region are integrating electric buses into their public transportation systems to curb emissions. For instance, in February 2023, BYD Japan Co., Ltd. (Japan) delivered a batch of electric buses to Hokkaido, Japan, amid the region’s electrification and carbon-neutral efforts.
Key Players:
Some of the key players operating in the electric buses market are BYD Company Limited (China), Yutong Bus Co., Ltd. (China), Volvo Group (Sweden), NFI Group Inc. (Canada), Solaris Bus & Coach sp. z o.o. (Poland), Daimler Truck Group (Germany), Tata Motors Limited (India), Hyundai Motor Company (South Korea), Ebusco B.V. (Netherlands), Olectra Greentech Limited (India), Xiamen King Long United Automotive Industry Co., Ltd (China), Anhui Ankai Automobile Co., Ltd. (China), Zhongtong Bus Holding Co., Ltd. (China), MAN Truck & Bus SE (Germany), and Switch Mobility Limited (U.K.).
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Scope of the report:
Electric Bus Market Assessment, by Propulsion Type
- Battery Electric Buses
- Hybrid Electric Buses
- Fuel Cell Electric Buses
Electric Bus Market Assessment, by Bus Length
- 9 m–12 m
- Less than 9 m
- More than 12 m
Electric Bus Market Assessment, by Power Output
- 200 kW to 400 kW
- Less than 200 kW
- More than 400 kW
Electric Bus Market Assessment, by Battery Type
- Lithium Iron Phosphate (LFP) Batteries
- Lithium Nickel Manganese Cobalt Oxide (NMC) Batteries
- Other Batteries
Electric Bus Market Assessment, by Sector
- Public Sector
- Private Sector
Electric Bus Market Assessment, by Geography
- North America
- U.S.
- Canada
- Europe
- U.K.
- Germany
- France
- Italy
- Spain
- Netherlands
- Sweden
- Norway
- Rest of Europe
- Asia-Pacific
- China
- India
- South Korea
- Japan
- Singapore
- Thailand
- Rest of Asia-Pacific
- Latin America
- Middle East & Africa
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