Electric Bus Market Insights: The Key to Unlocking Market Dynamics and Opportunities
Category - Automotive & Transportation
Report Code - OMR-AT-130
Format: PDF, PPT, and Excel
Electric Bus Market to Grow with a CAGR of 13.7% During 2023-2030; Market to Experience Growth Owing to Rapid Technologically Advances and Strong Regulatory Framework
Unlike typical diesel-powered buses, an electric bus is driven by electric motors. Electric buses may either periodically charge their batteries or get constant electricity from the grid. The majority of buses that can store energy do so using electric batteries.
The COVID-19 epidemic has adversely disrupted e-bus deployments. Numerous global public transportation networks have experienced considerable financial losses due to a decline in ridership caused by the epidemic. The American Public Transportation Association (APTA) says that public transportation usage decreased by 80 percent in April 2020 and more than 60 percent for the remainder of 2020 compared to 2019.
Key Takeaways of the Electric Bus Market
By Battery Capacity
The category with the largest market share was the one that offered up to 400 kWh. Buses with a battery capacity of up to 400 kWh that can be rapidly fast-charged at regular intervals are significantly cheaper, lighter, and more efficient.
By Vehicle Type
The BEV category will maintain the largest market share shortly. The battery-powered bus is a potential alternative to automobiles with zero or low emissions. The BEVs' carbon impact is significantly smaller than that of conventional buses. The bus powered by batteries may be quicker than conventional buses.
By Application
Over the forecast period, the intracity market segment will represent most of the global market. One probable explanation for this rise is the rising demand for intracity e-buses due to people's increasing reliance on public transportation to work, school, and other education-related destinations worldwide.
By Region
Over the projected period, Asia-Pacific is anticipated to have the greatest market share in the worldwide electric bus market. China has a stronghold on international markets due to its enormous customer base. The Chinese government has defined zones within the subway where these vehicles are permitted.
Increased Adoption Owing to Attractive Benefits to Push Market Growth
Around 29% of all ozone-depleting chemicals that contribute to air pollution are exclusively emitted by automobiles. Due to the rising expense of gasoline and crude petroleum, there is a growing desire for cars that are less hazardous to the environment and run on electricity. As a result, there has been an increase in the use of these buses to reduce dependence on fossil fuels.
China, which first developed the technology, dominates the electric vehicle market. According to the World Health Organization (WHO), poor air quality is the main cause of death globally. Vehicle emissions may harm ecology, which impacts human health and the environment. Governments invest substantial money in modernizing their infrastructure to eradicate ozone-depleting chemicals and other pollutants.
Rising Focus of Prominent Players to Augment Positive Market Growth
Due to the deteriorating environment, governments worldwide focus on reducing carbon emissions. The government is taking several measures to increase the global use of electric buses. As part of the Clean Vehicle Regulation, the European Union has vowed that at least 65 percent of all municipal e-buses registered by 2030 will utilize alternative power trains. The Indian government has established the FAME II initiative to encourage the general use of electric vehicles, such as scooters, buses, motorcycles, and trucks.
As a result, E-transportation systems are gaining popularity in several urban regions worldwide, including China and the United States. Millions are spent on R&D by companies like Pinnacle Mobility Solutions Private Limited to develop and deploy cutting-edge technologies in electric buses.
Global Electric Bus Market Prominent Players
• BYD Company Limited (China)
• Man Se (Germany)
• New Flyer Industries (Canada)
• Diamler AG (Germany)
• Xiamen King Long United Automotive Industry Co., Ltd (China)
• Iveco (Italy)
• VDL Groep bv (Netherlands)
• Scania AB (Sweden)
• Yutong (China)
• Ebusco (Netherlands)
• Proterra, Inc. (Germany)
• Ashok Leyland Limited (India)
Report Scope for Electric Bus Market
Battery Capacity
• Upto 400 kWh
• Above 400 kWh
Vehicle Type
• Battery Electric Vehicle (BEV)
• Plug-in Hybrid Electric Vehicle (PHEV)
• Fuel Cell Electric Vehicle (FCEV)
Seating Capacity
• Less than 40 Seats
• 40 to 70 Seats
• <70 Seats
Application
• Intercity
• Intracity
Electric Bus Market Regional Segmentation
North America
o U.S.
o Canada
o Mexico
Europe
o Germany
o U.K.
o France
o Spain
o Italy
o Rest of Europe (RoE)
Asia Pacific (APAC)
o Japan
o China
o India
o South Korea
o Rest of APAC
Latin America
o Argentina
o Brazil
o Rest of Latin America
Middle East & Africa
o South Africa
o UAE
o Saudi Arabia
o Rest of MEA
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