Analysis of the Electric Bus Market: Assessment of Market Size, Trends, Statistics, and Competitors
Global Electric Bus Market by Battery Capacity (Upto 400 kWh and Above 400 kWh), by Vehicle (Battery Electric Vehicle (BEV), Plug-in Hybrid Electric Vehicle (PHEV), and Fuel Cell Electric Vehicle (FCEV), by Seating Capacity (Less than 40 Seats, 40 to 70 Seats, and <70 Seats), by Application (Intercity and Intracity), and by Region (North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa) – Market Size, Share, COVID-19 Impact, Regional Analysis & Forecast Till 2030
Category - Automotive & Transportation
Report Code - OMR-AT-130
Format: PDF, PPT, and Excel
Electric Bus Market Overview
An electric bus, as opposed to a conventional diesel-powered bus, is propelled entirely by electric motors. Electric buses may either charge their batteries from time to time or get constant power from the grid. Most buses that can store energy do so in the form of electric batteries. The market for electric buses is growing due to rising concerns about air pollution and the need for more fuel-efficient transportation. In addition, increasing regulations and efforts to reduce or eliminate emissions are propelling the use of electric buses. Demand is also being stoked by manufacturers' efforts to fund the development of an electric bus powered by a hydrogen fuel cell. Demand for e-buses is expected to rise due to increased expenditures by battery manufacturers in developing technologically advanced, cost-effective batteries. E-buses are safe for the environment and need little upkeep. Yet, these vehicles' initial investment is more than standard buses. This is a major roadblock for many governments and administrations deploying e-buses in the public transportation sector. The COVID-19 pandemic has significantly impacted the rollouts of e-buses. Several public transportation networks worldwide have seen significant revenue losses due to lower ridership due to the pandemic. The American Public Transportation Association (APTA) reports that public transportation ridership fell by 80% in April 2020 and more than 60% for the remainder of 2020 compared to 2019. The APTA predicts that this trend, fueled by the popularity of telecommuting and individual vehicle ownership, will persist over the next few years.
Environmental Benefits and Rising Demand for Hydrogen Fuel Cells to Boost Demand
A Combination of Supportive Government Initiatives Along with Increased Focus of Manufacturing Players to Accelerate Growth
Around 29% of all ozone-depleting compounds that contribute to air pollution are released only through vehicle emissions. Cars that are less harmful to the environment and operate on electricity are in more demand due to the rising cost of gasoline and crude petroleum. Because of this, there has been a rise in the usage of these buses to lessen reliance on fossil fuels. Also, electric vehicles are more efficient and easier to carry because they have fewer moving parts. This means fewer car repairs and an overall better impact on the planet. Hydrogen fuel cell buses are powered by an electric motor, fuel cell systems, computerized electronics, and batteries. With a longer lifespan than standard e-buses, these vehicles are being heralded as the green mode of transportation for the future. The hydrogen fuel cell bus has a fast refueling time and several routing possibilities. Hydrogen fuel cell buses' popularity is skyrocketing due to these advantages. Over a thousand hydrogen-powered buses will hit the streets of Europe in the next years. The market for electric cars is being led by China, which developed the technology first. The World Health Organization (WHO) reports that poor air quality is a leading cause of mortality worldwide. Vehicle discharge may harm the ecology, which affects human health and the environment. Governments worldwide spend much money upgrading their infrastructure to eliminate ozone-depleting substances and pollutants.
A Combination of Supportive Government Initiatives Along with Increased Focus of Manufacturing Players to Accelerate Growth
The government is taking many steps to expand the usage of electric buses worldwide. For instance, the European Union has pledged to have at least 65% of all municipal e-buses registered by 2030 use alternative power trains as part of the Clean Vehicle Regulation. To further promote the widespread use of EVs, including scooters, buses, motorbikes, and trucks, the Indian government has launched the FAME II project. The Swedish government has also set a 15 percent e-bus adoption goal by 2022. As a result, these policies from the government help the market grow. As a result, E-transport systems are becoming increasingly popular in many metropolitan areas worldwide, including in China and the United States. Companies like Pinnacle Mobility Solutions Private Limited are spending millions on R&D to develop and introduce cutting-edge features in electric buses. For instance, when developing their series of electric buses, Pinnacle Mobility Solutions Private Limited (EKA) collaborated with NuPort Robotics to include ADAS capable of level 2 autonomy. EKA will test many autonomous features created by NuPort. To prove its worth, Level 2 ADAS must show how it improves upon previously established standards for safety, efficiency in operation and environmental impact. EKA may use NuPort's knowledge to implement AI-enabled autonomous solutions on its electric bus platform. Artificial intelligence (AI) implementation is predicted to boost productivity and safety while decreasing emissions and carbon footprints in the industry.
Electric Bus Industry Segmentation
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
Battery Capacity Insights
Upto 400 kWh Segment to Rule Segmental Growth Due to Exceptional Operation Support
The electric bus market can be split between up to 400 kWh and above 400 kWh based on battery capacity.
The market share leader was the category that offered up to 400 kWh. Due to their ability to be swiftly fast-charged at regular intervals, buses with a battery capacity of up to 400 kWh are much cheaper, lighter, and more efficient. This market sector is so dominant because of several interrelated characteristics.
Because of their larger range per charge, batteries with a capacity of 400 kWh or more are expected to have the highest CAGR growth rate.
Vehicle Type Insights
BEVs to Account for Largest Market Share Owing to Higher Range & Interoperability
Based on vehicle type, the market can be fragmented across battery electric vehicle (BEV), plug-in hybrid electric vehicle (PHEV), and fuel cell electric vehicle (FCEV).
The BEV category will hold the highest market share throughout the foreseeable future. The battery-operated bus is a viable alternative to pollution-free or low-emission vehicles. The BEVs have a far lower carbon footprint than conventional buses. The battery-powered bus may be faster than conventional buses. Buses driven by BEVs are more practical and cheaper to charge than those fueled by diesel or gasoline. Battery-electric buses rely on large battery storage systems to maintain their electric motors. These buses' electric motors and other electronics are intended to run on battery power.
The FCEV market is expected to develop fastest throughout the forecast time frame. The FCEV contributes to lessening pollutants and carbon dioxide emissions. The government's efforts to reduce carbon emissions and protect the environment are major factors in the growth of this sector. For instance, fuel-cell-powered public vehicles are being pushed for widespread use in Germany.
Regional Insights
Asia Pacific to Dominate Global Sales Owing to Rapid Electrification Activities
The market can be split based on region between North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa.
Asia Pacific is expected to occupy the largest market share for the global electric bus market during the forecast period. Due to its massive consumer base, China has a stranglehold on global marketplaces. The Chinese government has designated areas where people can ride these vehicles on the subway. As a result of government programs, more battery-operated buses are now in service throughout the area. In March of 2021, for instance, almost 99 percent of the world's fleet of e-buses was based in China. BYD, a market leader, also helps this region's market growth. The fast growth of charging infrastructure in the region is also encouraging for the local economy. The increased demand for such buses in the area is aided in part by the markets of Japan and South Korea.
Throughout the forecast period, Europe will have the second-largest market share. Market expansion is being fueled mostly by government regulations about vehicle emissions. Some governments in this area have started initiatives to improve the viability of urban public transportation by promoting the use of greener modes of transportation. There is a growing need for hydrogen fuel-cell buses in this area.
Due to the government's favorable legislation and increased attempts to limit automobile emissions, North America will have the greatest CAGR revenue growth over the forecast period. Governments in this area are also working to make public transit more environmentally friendly by adopting green mobility solutions.
Electric Bus Industry Analysis
The presence of major manufacturers in areas, the launch of new products, and pricing are all significant market competitive aspects. For example, Volvo Buses partnered with Zebra in December 2021 to speed up the introduction of emission-free buses throughout Latin America.
Partnerships, mergers, and collaborations are just a few of the methods these businesses use to expand their reach inside their industries and boost their bottom lines.
Electric Bus Market Recent Developments
• In November 2022, Sono Motors, a German solar mobility manufacturer, and pepper motion GmbH co-developed the ground-breaking solar-powered electric bus. By the terms of the agreement, Sono Motors installed a solar bus kit in a Pepper-owned electric Mercedes-Benz Citaro, increasing its power output to 1.3 kW at peak and 24 volts. The system generated an average of 3.3 kilowatt hours each day.
• In June 2022, Ashok Leyland's electric vehicle (EV) business has announced the EiV12 electric bus platform, which will be available in two versions: the EiV 12 low floor and the EiV 12 standard buses.
• In March 2022, the Blue Arc electric delivery truck and EV chassis are powered by batteries supplied by The Shyft Group under a multi-year strategic supply agreement inked by Proterra, Inc.
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)
Frequently Asked Questions (FAQs)
At what rate will the Electric Bus Market Expand?
The global electric bus Market is expected to grow at a CAGR of 13.7% during the time of study, according to research conducted by Objective Market Research.
What are the factors driving the global Electric Bus market?
The global electric bus market will grow due to the rising number of public-private partnerships, increasing focus on clean transport, supportive government initiatives, and increased focus on manufacturing plants.
Which segment accounted for the largest Electric Bus market share by application?
The intracity segment is expected to account for the largest market share owing to an increased need for public transportation and the increasing number of people traveling to jobs, schools
What region holds the major share in the global market scape?
Asia Pacific will hold the largest market share owing to strong government policies, the presence of major manufacturing players, and increased tourism during the forecast period.
Which are the dominating players in the market during the forecast period?
Some of the prominent players in the global electric bus market are 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), among others.
*Our reports are available on a region/wise and chapter/wise basis as well. For any additional personalization contact our sales representative directly at sales@objectivemarketresearch.com
Table of Content
1. Introduction
1.1 Market Definition
1.2 Objective of the Study
1.3 Market Scope
1.4 Years Considered in the Study
1.4.1 Historic Year: 2019-2021
1.4.2 Base Year: 2022
1.4.3 Forecast Period: 2023-2030
1.5 Currency Used in the Study
1.6 Boundaries for the Study
1.7 Collaborators/Stakeholders/Benefactors
2. Research Methodology
2.1 Research Outline
2.2 Data Collection Methods
2.3 Data Sources
2.3.1 Secondary Sources
2.3.1.1 Paid Sources
2.3.1.2 Unpaid Sources
2.3.2 Primary Sources
2.4 Market Estimation Methodology
2.4.1 Top-Down Approach
2.4.2 Bottom-Up Approach
2.5 Data Triangulation
2.6 Assumptions of the Study
2.7 Limitations of the Study
3. Executive Summary
3.1 Market Outlook
3.2 Analysts Perspective
4. Market Overview
4.1 Market Dynamics
4.1.1 Drivers
4.1.1.1. Favorable Regulatory Landscape
4.1.1.2. Rising Bus Production
4.1.2. Restrain
4.1.2.1. Fluctuating Raw Material Prices
4.1.3. Opportunities
4.1.3.1. Expanding EV Sales
4.1.4. Impact of Market Dynamics
4.2. Impact of COVID-19 pandemic
4.3. Value Chain Analysis
4.4. Porter’s Five Forces Analysis
4.4.1. Bargaining Power of Buyers
4.4.2. Bargaining Power of Suppliers
4.4.3. Threat of Substitution
4.4.4. Threat of New Entrants
4.4.5. Competitive Rivalry
5. Global Electric Bus Market Market Analysis & Forecast, by Battery Capacity from 2019-2030 (in USD million) (Units)
5.1. Upto 400 kWh
5.2. Above 400 kWh
6. Global Electric Bus Market Market Analysis & Forecast, by Vehicle Type from 2019-2030 (in USD million) (Units)
6.1. Battery Electric Vehicle (BEV)
6.2. Plug-in Hybrid Electric Vehicle (PHEV)
6.3. Fuel Cell Electric Vehicle (FCEV)
7. Global Electric Bus Market Market Analysis & Forecast, by Seating Capacity from 2019-2030 (in USD million) (Units)
7.1. Less than 40 Seats
7.2. 40 to 70 Seats
7.3. <70 Seats
8. Global Electric Bus Market Market Analysis & Forecast, by Application from 2019-2030 (in USD million) (Units)
8.1. Intercity
8.2. Intracity
9. Global Electric Bus Market Analysis & Forecast, by Region from 2019-2030 (in USD million) (Units)
9.1. North America
9.1.1. North America Electric Bus Market Market Analysis & Forecast, By Country
9.1.1.1. U.S.
9.1.1.2. Canada
9.1.1.3. Mexico
9.1.2. North America Electric Bus Market Market Analysis & Forecast, By Battery Capacity
9.1.3. North America Electric Bus Market Market Analysis & Forecast, By Vehicle Type
9.1.4. North America Electric Bus Market Market Analysis & Forecast, By Seating Capacity
9.1.5. North America Electric Bus Market Market Analysis & Forecast, By Application
9.2. Europe
9.2.1. Europe Electric Bus Market Market Analysis & Forecast, By Country
9.2.1.1. Germany
9.2.1.2. UK
9.2.1.3. France
9.2.1.4. Spain
9.2.1.5. Italy
9.2.1.6. Rest of Europe (RoE)
9.2.2. Europe Electric Bus Market Market Analysis & Forecast, By Battery Capacity
9.2.3. Europe Electric Bus Market Market Analysis & Forecast, By Vehicle Type
9.2.4. Europe Electric Bus Market Market Analysis & Forecast, By Seating Capacity
9.2.5. Europe Electric Bus Market Market Analysis & Forecast, By Application
9.3. Asia-Pacific (APAC)
9.3.1. Asia-Pacific Electric Bus Market Market Analysis & Forecast, By Country
9.3.1.1. Japan
9.3.1.2. China
9.3.1.3. India
9.3.1.4. South Korea
9.3.1.5. Rest of the APAC
9.3.2. Asia-Pacific Electric Bus Market Market Analysis & Forecast, By Battery Capacity
9.3.3. Asia-Pacific Electric Bus Market Market Analysis & Forecast, By Vehicle Type
9.3.4. Asia-Pacific Electric Bus Market Market Analysis & Forecast, By Seating Capacity
9.3.5. Asia-Pacific Electric Bus Market Market Analysis & Forecast, By Application
9.4. Latin America
9.4.1. Latin America Electric Bus Market Market Analysis & Forecast, By Country/Region
9.4.1.1. Argentina
9.4.1.2. Brazil
9.4.1.3. Rest of Latin America
9.4.2. Latin America Electric Bus Market Market Analysis & Forecast, By Battery Capacity
9.4.3. Latin America Electric Bus Market Market Analysis & Forecast, By Vehicle Type
9.4.4. Latin America Electric Bus Market Market Analysis & Forecast, By Seating Capacity
9.4.5. Latin America Electric Bus Market Market Analysis & Forecast, By Application
9.5. Middle East & Africa
9.5.1. Middle East & Africa Electric Bus Market Market Analysis & Forecast, By Country/Region
9.5.1.1. South Africa
9.5.1.2. UAE
9.5.1.3. Saudi Arabia
9.5.1.4. Rest of Middle East & Africa
9.5.2. Middle East & Africa Electric Bus Market Market Analysis & Forecast, By Battery Capacity
9.5.3. Middle East & Africa Electric Bus Market Market Analysis & Forecast, By Vehicle Type
9.5.4. Middle East & Africa Electric Bus Market Market Analysis & Forecast, By Seating Capacity
9.5.5. Middle East & Africa Electric Bus Market Market Analysis & Forecast, By Application
10. Competitive Landscape
10.1. Market Share Analysis (2022)
10.2. Market Positioning of Top Players (2022)
10.3. Key Developments & Growth Strategies (2020-2022)
10.3.1. Product Launches
10.3.2. Merges, Collaborations & Agreements
10.3.3. Expansion
10.4. SWOT Analysis
11. Company Profiles (Business Overview, Products Offered, Financial Details*, Recent Developments)
11.1. BYD Company Limited (China)
11.1.1. Company Snapshot
11.1.2. Business Overview
11.1.3. Financial Data
11.1.4. Key Products Offered
11.1.5. Recent Developments
11.2. Man Se (Germany)
11.3. New Flyer Industries (Canada)
11.4. Diamler AG (Germany)
11.5. Xiamen King Long United Automotive Industry Co., Ltd (China)
11.6. Iveco (Italy)
11.7. VDL Groep bv (Netherlands)
11.8. Scania AB (Sweden)
11.9. Yutong (China)
11.10. Ebusco (Netherlands)
11.11. Proterra, Inc. (Germany)
11.12. Ashok Leyland Limited (India)
11.13. Others
12. Appendix
12.1. Currency Exchange Rate to USD
12.2. Abbreviations
* Financial details captured might be subjected to information available and not be given for privately-held companies or for companies that do not report it in the public domain