Global Electric Bus Market Overview, 2024-29
The Global Electric Bus is segmented into By Vehicle (Battery Electric Vehicle, Plug-in Hybrid Electric Vehicle and Fuel Cell Electric Vehicle), By Application (Intercity and Intra-city) and By End-Use (Private and Public).
- Bonafide Research
- 30-04-2024
- Pages : 96
- Figures : 18
- Tables : 24
- Region : Global
- Category : Automotive & Transport
- Transportation
The Global Electric Bus market is anticipated to cross USD 110 Billion by 2029, increasing from USD 59.27 Billion in 2023 with 11.14% CAGR by 2024-29.
- Historical Period2018-2022
- Base Year2023
- Forecast Period2024-2029
- Market Size (2023) USD 59.27 Billion
- Market Size (2029) USD 110 Billion
- CAGR (2024-2029) 11.14%
- Largest MarketAsia-Pacific
- Fastest Market North America
- Format
Featured Companies
- 1. Ashok Leyland
- 2. Hyundai
- 3. Tata Motors
- 4. Volkswagen
- 5. BYD Company Limited
- 6. The Mercedes-Benz Group AG
- 7. The Volvo Group
- 8. Ankai Automobile
- 9. JBM Auto Ltd
- More...
Electric Bus Market Market Analysis
The global electric bus market has grown significantly in recent years, owing to factors such as increased environmental awareness, government initiatives to reduce carbon emissions, technological advancements, and shifting consumer preferences for sustainable transportation solutions. Electric buses provide a cleaner and more ecologically friendly alternative to typical diesel or gasoline-powered buses, making them increasingly popular in cities around the world. Electric buses are available in several types, including battery-electric buses (BEBs), plug-in hybrid electric buses (PHEBs), and fuel cell electric buses (FCEBs). BEBs are the most common form, relying only on battery power for propulsion, whereas PHEBs combine battery power with an internal combustion engine or generator to increase range. FCEBs employ hydrogen fuel cells to generate energy and are preferred for their extended range and shorter refuelling times. These buses have modern battery and charging technology, regenerative braking systems, and energy management software to increase efficiency and range. Electric buses have various unique selling points that set them apart from traditional buses. For starters, they emit zero tailpipe emissions, which contributes to better air quality and lower greenhouse gas emissions in cities. This makes them especially appealing in densely populated cities, where air pollution is a major concern. Second, electric buses are quieter and smoother than traditional buses, increasing passenger comfort while lowering noise pollution. Third, electric buses have cheaper long-term running costs than diesel or gasoline-powered buses due to lower fuel and maintenance requirements. Finally, electric buses are viewed as a symbol of innovation and progress, establishing cities and transit agencies as pioneers in sustainable transport. According to the research report, “Global Electric Bus Market Outlook, 2029” published by Bonafide Research, the market is anticipated to cross USD 110 Billion by 2029, increasing from USD 59.27 Billion in 2023. The market is expected to grow with 11.14% CAGR by 2024-29. Cultural changes influence the demand for electric buses. With rising worries about air pollution and climate change, there is a societal trend toward more environmentally friendly modes of transportation. Cities are increasingly prioritising sustainable mobility solutions, and electric buses support these principles by providing zero-emission public transportation options. Furthermore, there is an increasing emphasis on social responsibility and corporate sustainability, which has prompted firms and governments to invest in electric buses as part of their attempts to reduce carbon footprints and contribute to a cleaner environment. The COVID-19 epidemic has had a mixed impact on the global electric bus market. While the first lockdowns and limitations caused a short halt in the production and deployment of electric buses, the epidemic also emphasised the significance of sustainable transportation alternatives. As cities begin to reopen and recover from the pandemic, there is increasing emphasis on investing in cleaner, more robust public transit networks. Governments are including electric buses into their recovery plans to boost economic growth, create jobs, and construct more sustainable and resilient cities. Despite the hurdles created by the COVID-19 epidemic, the global electric bus market is projected to maintain its growth rate in the next few years. Lower battery costs, supportive government policies and incentives, developments in charging infrastructure, and rising consumer desire for sustainable transportation options are all driving market growth. Furthermore, electrification of public transportation is regarded as a critical option for attaining climate targets and emissions reduction goals specified in international agreements such as the Paris Agreement. As a result, electric buses are likely to have a big impact on the future of urban mobility and transportation globally.
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Download SampleMarket Dynamic
Market Drivers Environmental Issues and Policy Push : Rising air pollution in megacities, combined with increased awareness of climate change, is driving demand for greener modes of transportation. Electric buses, with their zero tailpipe emissions, have a substantial advantage over typical diesel buses. Economic advantages encourage electric bus market growth : Fluctuating oil prices and the high cost of diesel fuel make electric buses a more cost-effective option in the long run. Furthermore, government subsidies and tax advantages for electric buses encourage their use by public transportation providers. Market Challenges High Upfront expenses: While electric buses have reduced lifetime operational expenses, their upfront price is much greater than typical diesel vehicles. This can be a significant challenge for public transportation providers with little funding. Battery Blues: Battery technology is a two-edged sword. While supplying sustainable energy, range anxiety caused by restricted battery capacity and lengthy recharge times can interrupt bus timetables and limit route flexibility. Charging Up the Grid: The widespread deployment of electric buses necessitates a reliable charging infrastructure. Building adequate charging stations, particularly for rapid charging, is a big expenditure for communities that necessitates meticulous planning. Standardisation Issues: The lack of universal charging standards might cause problems for operators with multi-brand fleets. This unpredictability can complicate operations and drive up maintenance expenses. Market Trends A Booming Market :The market is booming due to stronger emission laws, lower battery costs, and government subsidies for clean transportation. China leads the way, but North America is catching up, aided by aggressive zero-emission bus objectives established by numerous cities. Changing Gears: Technology and Efficiency Take Charge Beyond market size, the electric bus scene is experiencing interesting technological breakthroughs. Battery range is expanding, allowing for longer journeys. There is a rising emphasis on quick charging infrastructure to improve fleet operations. Furthermore, the market is separated into two major battery types: fully electric (BEV) and hydrogen fuel cell (FCEV). FCEVs offer longer ranges and faster refuelling, making them a possible future challenger to BEVs, which now dominate.
Electric Bus Market Segmentation
| Geography | North America | United States |
| Canada | ||
| Mexico | ||
| Europe | Germany | |
| United Kingdom | ||
| France | ||
| Italy | ||
| Spain | ||
| Russia | ||
| Asia-Pacific | China | |
| Japan | ||
| India | ||
| Australia | ||
| South Korea | ||
| South America | Brazil | |
| Argentina | ||
| Colombia | ||
| MEA | United Arab Emirates | |
| Saudi Arabia | ||
| South Africa |
The global electric bus market is segmented by vehicle type into three separate groups, each reflecting a different propulsion technology: battery electric vehicle (BEV), plug-in hybrid electric vehicle (PHEV), and fuel cell electric vehicle. The segment is led by the Battery Electric Vehicle (BEV), which runs entirely on electricity generated by rechargeable batteries. BEVs provide zero-emission transportation options, making them more popular in cities and regions with strict emission rules. They offer a sustainable and environmentally beneficial alternative to typical diesel-powered buses, helping to clean the air and cut carbon emissions in urban areas. The Plug-in Hybrid Electric Vehicle (PHEV) is gaining popularity, as it combines electric and internal combustion engine power systems. PHEVs can be charged from external power sources and provide operational flexibility by letting drivers switch between electric and hybrid modes. This makes them appropriate for longer travels or places with limited charging facilities, providing a transitional approach to fully electric mobility. Finally, the Fuel Cell Electric Vehicle (FCEV) represents a growing section of the electric bus market. FCEVs use fuel cells to generate electricity onboard, providing longer range and faster refilling than battery-powered vehicles. FCEVs produce only water vapour as a waste, making them extremely efficient and environmentally friendly. While currently less prevalent than BEVs and PHEVs in the electric bus market, FCEVs show promise for long-distance transit and applications that require extended range and rapid refuelling. As technology advances and infrastructure development progresses, each vehicle type brings distinct potential and difficulties in creating the future of electric mobility in the global bus market. The worldwide electric bus market is segmented by application into two primary segments: intercity and intracity. Intracity is the segment leader, focusing on the usage of electric buses for urban transportation. Intracity electric buses are generally intended and deployed for short to medium-distance travel within city limits, meeting public transit requirements. These buses are often outfitted with features specific to urban areas, such as small designs, efficient battery systems, and large passenger capacities to accommodate dense metropolitan populations. Intracity electric buses play an important role in resolving traffic congestion, lowering air pollution, and enhancing mobility and accessibility in urban areas, hence they are a top priority for many cities globally. Meanwhile, demand for intercity electric buses, which travel greater distances between cities or villages, is increasing. Intercity electric buses are outfitted with larger batteries or alternative power sources to support longer excursions, as well as comforts and features appropriate for regional transit routes. These buses have larger passenger capacity, longer ranges, and greater comfort than urban or suburban electric buses, making them ideal for transcontinental travel. With a growing emphasis on sustainable transportation solutions and attempts to minimise greenhouse gas emissions from long-distance travel, the intercity electric bus category offers considerable growth prospects for manufacturers and operators worldwide. Understanding the unique requirements and preferences of each segment within the global electric bus market is critical for stakeholders to effectively meet various consumer needs and market demands. The worldwide electric bus market is segmented by end-use into two major categories: private and public.As cities throughout the world prioritise sustainable mobility solutions and strive to transition to zero-emission public transportation systems, demand for electric buses in the public sector is likely to rise, influencing the future of urban mobility on a global scale. The private sector dominates the segment, which includes firms, businesses, institutions, and organisations that operate their own bus fleets for specific reasons. Private companies use electric buses for employee transportation, shuttle services, tourism, and other private transportation requirements. These firms frequently stress sustainability and environmental responsibility, choosing electric buses to cut carbon emissions and improve their company image. Furthermore, the cost-effectiveness and operational efficiency of electric buses appeal to commercial companies looking to improve their transportation operations while reducing environmental impact. In contrast, the public sector is a developing section of the worldwide electric bus market, consisting of public transportation authorities, local governments, and other organisations that provide public transit services. Public bodies employ electric buses for urban, suburban, and intercity transportation, servicing commuters, residents, and visitors. Public transit agencies are adopting electric buses for a variety of reasons, including environmental rules, government incentives, and the desire to improve air quality and reduce noise pollution in cities. Furthermore, public transportation authorities recognize electric buses' long-term cost savings and operational benefits, such as cheaper fuel and maintenance expenses, as well as increased passenger comfort and safety. As communities worldwide promote sustainable mobility solutions and strive to convert to zero-emission public transportation systems.
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Electric Bus Market Market Regional Insights
The global electric bus market is divided into regions, each with its own set of characteristics that influence market dynamics, adoption rates, and growth potential. North America's electric bus industry is led by countries such as the United States and Canada, which are driven by tough pollution standards, government incentives, and increased environmental awareness. Transit agencies and towns across North America are gradually switching to electric buses to cut carbon emissions, improve air quality, and increase urban mobility. Meanwhile, Europe is a key market for electric buses, with nations such as Norway, the Netherlands, and the United Kingdom leading the way. Europe's solid legislative framework, supportive government policies, and well-established charging infrastructure all help to promote the widespread use of electric buses. Furthermore, rising worries about air pollution and the need to meet climate targets fuel demand for electric buses in the region. In Asia-Pacific, nations such as China, India, and Japan dominate the electric bus market, owing to fast urbanisation, population expansion, and government air pollution reduction programs. China, in particular, has the world's largest electric bus fleet, thanks to ambitious electrification targets and major investments in electric vehicle (EV) infrastructure. India is also emerging as an important market for electric buses, thanks to government incentives and ambitions to increase EV usage in public transit. Furthermore, electric buses are becoming increasingly popular in Latin America and the Middle East and Africa (MEA). In Latin America, countries such as Brazil and Chile are looking into electric bus options to combat urban pollution and reduce reliance on fossil fuels. Countries in the Middle East and North Africa, including the UAE and South Africa, are investing in electric buses to modernise public transportation networks and reduce environmental consequences.
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Key Development
For the first half of 2023, electric bus sales in Europe surpassed diesel bus sales for the first time, showcasing a significant shift towards clean transportation . Following a two-year hiatus due to fire incidents, Paris has reintroduced Bluebus electric buses with implemented safety features. This marks a step forward for electric bus adoption in the city .
Companies Mentioned
- Ashok Leyland
- Hyundai
- Tata Motors
- Volkswagen
- BYD Company Limited
- The Mercedes-Benz Group AG
- The Volvo Group
- Ankai Automobile
- JBM Auto Ltd
- Olectra Greentech Limited
Table of Contents
- 1. Executive Summary
- 2. Market Dynamics
- 2.1. Market Drivers & Opportunities
- 2.2. Market Restraints & Challenges
- 2.3. Market Trends
- 2.3.1. XXXX
- 2.3.2. XXXX
- 2.3.3. XXXX
- 2.3.4. XXXX
- 2.3.5. XXXX
- 2.4. Covid-19 Effect
- 2.5. Supply chain Analysis
- 2.6. Policy & Regulatory Framework
- 2.7. Industry Experts Views
- 3. Research Methodology
- 3.1. Secondary Research
- 3.2. Primary Data Collection
- 3.3. Market Formation & Validation
- 3.4. Report Writing, Quality Check & Delivery
- 4. Market Structure
- 4.1. Market Considerate
- 4.2. Assumptions
- 4.3. Limitations
- 4.4. Abbreviations
- 4.5. Sources
- 4.6. Definitions
- 5. Economic /Demographic Snapshot
- 6. Global Electric Bus Market Outlook
- 6.1. Market Size By Value
- 6.2. Market Share By Region
- 6.3. Market Size and Forecast, By Geography
- 6.4. Market Size and Forecast, By Vehicle
- 6.5. Market Size and Forecast, By Application
- 6.6. Market Size and Forecast, By End User
- 7. North America Electric Bus Market Outlook
- 7.1. Market Size By Value
- 7.2. Market Share By Country
- 7.3. Market Size and Forecast, By Vehicle
- 7.4. Market Size and Forecast, By Application
- 7.5. Market Size and Forecast, By End User
- 8. Europe Electric Bus Market Outlook
- 8.1. Market Size By Value
- 8.2. Market Share By Country
- 8.3. Market Size and Forecast, By Vehicle
- 8.4. Market Size and Forecast, By Application
- 8.5. Market Size and Forecast, By End User
- 9. Asia-Pacific Electric Bus Market Outlook
- 9.1. Market Size By Value
- 9.2. Market Share By Country
- 9.3. Market Size and Forecast, By Vehicle
- 9.4. Market Size and Forecast, By Application
- 9.5. Market Size and Forecast, By End User
- 10. South America Electric Bus Market Outlook
- 10.1. Market Size By Value
- 10.2. Market Share By Country
- 10.3. Market Size and Forecast, By Vehicle
- 10.4. Market Size and Forecast, By Application
- 10.5. Market Size and Forecast, By End User
- 11. Middle East & Africa Electric Bus Market Outlook
- 11.1. Market Size By Value
- 11.2. Market Share By Country
- 11.3. Market Size and Forecast, By Vehicle
- 11.4. Market Size and Forecast, By Application
- 11.5. Market Size and Forecast, By End User
- 12. Competitive Landscape
- 12.1. Competitive Dashboard
- 12.2. Business Strategies Adopted by Key Players
- 12.3. Key Players Market Share Insights and Analysis, 2022
- 12.4. Key Players Market Positioning Matrix
- 12.5. Porter's Five Forces
- 12.6. Company Profile
- 12.6.1. BYD Company Limited
- 12.6.1.1. Company Snapshot
- 12.6.1.2. Company Overview
- 12.6.1.3. Financial Highlights
- 12.6.1.4. Geographic Insights
- 12.6.1.5. Business Segment & Performance
- 12.6.1.6. Product Portfolio
- 12.6.1.7. Key Executives
- 12.6.1.8. Strategic Moves & Developments
- 12.6.2. AB Volvo
- 12.6.3. Ankai Automobile
- 12.6.4. Mercedes-Benz Group AG
- 12.6.5. Ashok Leyland Limited
- 12.6.6. JBM Auto Ltd
- 12.6.7. Volkswagen AG
- 12.6.8. Hyundai Motor Company
- 12.6.9. Tata Motors Limited
- 12.6.10. Olectra Greentech Limited
- 13. Strategic Recommendations
- 14. Annexure
- 14.1. FAQ`s
- 14.2. Notes
- 14.3. Related Reports
- 15. Disclaimer
Table 2: Influencing Factors for Electric Bus Market, 2023
Table 3: Top 10 Counties Economic Snapshot 2022
Table 4: Economic Snapshot of Other Prominent Countries 2022
Table 5: Average Exchange Rates for Converting Foreign Currencies into U.S. Dollars
Table 6: Global Electric Bus Market Size and Forecast, By Geography (2018 to 2029F) (In USD Billion)
Table 7: Global Electric Bus Market Size and Forecast, By Vehicle (2018 to 2029F) (In USD Billion)
Table 8: Global Electric Bus Market Size and Forecast, By Application (2018 to 2029F) (In USD Billion)
Table 9: Global Electric Bus Market Size and Forecast, By End User (2018 to 2029F) (In USD Billion)
Table 10: North America Electric Bus Market Size and Forecast, By Vehicle (2018 to 2029F) (In USD Billion)
Table 11: North America Electric Bus Market Size and Forecast, By Application (2018 to 2029F) (In USD Billion)
Table 12: North America Electric Bus Market Size and Forecast, By End User (2018 to 2029F) (In USD Billion)
Table 13: Europe Electric Bus Market Size and Forecast, By Vehicle (2018 to 2029F) (In USD Billion)
Table 14: Europe Electric Bus Market Size and Forecast, By Application (2018 to 2029F) (In USD Billion)
Table 15: Europe Electric Bus Market Size and Forecast, By End User (2018 to 2029F) (In USD Billion)
Table 16: Asia-Pacific Electric Bus Market Size and Forecast, By Vehicle (2018 to 2029F) (In USD Billion)
Table 17: Asia-Pacific Electric Bus Market Size and Forecast, By Application (2018 to 2029F) (In USD Billion)
Table 18: Asia-Pacific Electric Bus Market Size and Forecast, By End User (2018 to 2029F) (In USD Billion)
Table 19: South America Electric Bus Market Size and Forecast, By Vehicle (2018 to 2029F) (In USD Billion)
Table 20: South America Electric Bus Market Size and Forecast, By Application (2018 to 2029F) (In USD Billion)
Table 21: South America Electric Bus Market Size and Forecast, By End User (2018 to 2029F) (In USD Billion)
Table 22: Middle East & Africa Electric Bus Market Size and Forecast, By Vehicle (2018 to 2029F) (In USD Billion)
Table 23: Middle East & Africa Electric Bus Market Size and Forecast, By Application (2018 to 2029F) (In USD Billion)
Table 24: Middle East & Africa Electric Bus Market Size and Forecast, By End User (2018 to 2029F) (In USD Billion)
Figure 2: Market attractiveness Index, By Region 2029
Figure 3: Market attractiveness Index, By Segment 2029
Figure 4: Global Electric Bus Market Size By Value (2018, 2023 & 2029F) (in USD Billion)
Figure 5: Global Electric Bus Market Share By Region (2023)
Figure 6: North America Electric Bus Market Size By Value (2018, 2023 & 2029F) (in USD Billion)
Figure 7: North America Electric Bus Market Share By Country (2023)
Figure 8: Europe Electric Bus Market Size By Value (2018, 2023 & 2029F) (in USD Billion)
Figure 9: Europe Electric Bus Market Share By Country (2023)
Figure 10: Asia-Pacific Electric Bus Market Size By Value (2018, 2023 & 2029F) (in USD Billion)
Figure 11: Asia-Pacific Electric Bus Market Share By Country (2023)
Figure 12: South America Electric Bus Market Size By Value (2018, 2023 & 2029F) (in USD Billion)
Figure 13: South America Electric Bus Market Share By Country (2023)
Figure 14: Middle East & Africa Electric Bus Market Size By Value (2018, 2023 & 2029F) (in USD Billion)
Figure 15: Middle East & Africa Electric Bus Market Share By Country (2023)
Figure 16: Competitive Dashboard of top 5 players, 2023
Figure 17: Market Share insights of key players, 2023
Figure 18: Porter's Five Forces of Global Electric Bus Market
Electric Bus Market Market Research FAQs
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