Electric Bus Market Size & Share - Future Growth Expectations
The global electric bus market is projected to grow at a CAGR of 14.5% during the forecast period, from an estimated market size of USD 18.6 billion in 2023 to USD 48.1 billion by 2030. The key driving factor for the growth of the electric bus market is the increasing net zero targets by various countries around the world. Since electric buses are a favorable choice for sustainable mass mobility for their public transportation, various countries are actively adopting electric buses. Furthermore, the developments in EV battery technology have led to a great reduction in battery prices, reducing overall electric bus costs and promoting market growth.
The electric bus market is poised for substantial growth in the coming years, driven by several key factors:
- Government Drive and Regulations
- Battery Breakthroughs
- Green Consciousness and Sustainable Objectives
- Cost-Effectiveness
- Charging Infrastructure Growth
- Innovative Technological Strides
- Urbanization Fueling Demand
- Financial Incentives and Support
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Government Drive and Regulations:
- Government initiatives and regulations focused on reducing emissions and tackling pollution are propelling the electric bus market forward, creating a fertile ground for growth.
Battery Breakthroughs:
- Advancements in battery technology, marked by increased energy density, faster charging, and lower costs, are turbocharging the efficiency and affordability of electric buses, driving market expansion.
Green Consciousness and Sustainable Objectives:
- Heightened environmental awareness and sustainability targets set by both urban planners and corporations are driving the demand for electric buses, positioning them as a cleaner alternative to traditional diesel buses.
Cost-Effectiveness:
- With declining battery prices and soaring fuel costs, electric buses are becoming increasingly cost-effective over their lifespan compared to diesel counterparts, igniting interest among fleet operators and transit agencies.
Charging Infrastructure Growth:
- The proliferation of charging infrastructure, encompassing rapid-charging stations and depot solutions, is quelling range concerns and facilitating the widespread adoption of electric buses, further fuelling market growth.
Innovative Technological Strides:
- Continuous technological leaps, including advancements in electric drivetrains and onboard systems, are elevating the performance, efficiency, and reliability of electric buses, amplifying market demand.
Urbanization Fueling Demand:
- The rapid pace of urbanization and population surge in cities worldwide is amplifying the need for public transport solutions like electric buses, addressing congestion and improving air quality for urban dwellers.
Financial Incentives and Support:
- With an array of financial incentives and support mechanisms like grants and low-interest loans from governments and organizations, investments in electric buses and infrastructure are being catalyzed, steering market growth.
Based on these factors, the electric bus market is projected to experience robust growth in the coming years, with significant opportunities for market players to capitalize on emerging trends and technological advancements.
Electric Bus Market Share - Global Industry Landscape
The electric bus market is characterized by the presence of several key players competing for market share. Some of the leading companies in the electric bus industry include:
- BYD (Build Your Dreams) (China),
- Proterra (US),
- CRRC Electric (China),
- Yutong (China),
- AB Volvo (Sweden).
These companies, along with several others, collectively shape the global electric bus industry landscape. Market dynamics are influenced by factors such as technological innovation, regulatory compliance, strategic partnerships, and market consolidation. As the demand for electric bus continues to rise, companies are expected to intensify their efforts to capture market share and drive innovation in electric bus discovery, development, and commercialization.
BYD (Build Your Dreams) (China):
- Market Share: BYD is a leading player in the global electric bus market, holding a significant market share, particularly in China.
- Key Offerings: BYD offers a wide range of electric buses, including city buses, coaches, and double-decker buses, equipped with its proprietary battery technology. BYD also provides comprehensive electric vehicle solutions, including energy storage systems and electric trucks.
Proterra (US):
- Market Share: Proterra is a prominent electric bus manufacturer in the United States, known for its innovative electric transit solutions.
- Key Offerings: Proterra specializes in electric transit buses, offering models with various battery capacities to suit different transit routes. The company's key offerings include its Catalyst series of electric buses, featuring long-range capabilities and fast-charging technology.
CRRC Electric (China):
- Market Share: CRRC Electric, a subsidiary of CRRC Corporation Limited, is one of the largest electric bus manufacturers in China, with a significant presence in the global market.
- Key Offerings: CRRC Electric offers a diverse portfolio of electric buses, including city buses, intercity buses, and special-purpose buses, catering to different transit needs. The company focuses on technological innovation and sustainability in its product development.
Yutong (China):
- Market Share: Yutong is a leading electric bus manufacturer globally, with a strong presence in China and international markets.
- Key Offerings: Yutong offers a comprehensive range of electric buses, including city buses, coaches, and special-purpose buses, equipped with advanced battery technology and smart features. The company also provides customized solutions for various transit applications.
AB Volvo (Sweden):
- Market Share: AB Volvo, a Swedish multinational, is a key player in the electric bus market, particularly in Europe and other regions.
- Key Offerings: Volvo offers a range of electric buses under its Volvo Buses brand, including city buses and articulated buses, powered by electric drivetrains and advanced battery systems. Volvo focuses on sustainability and safety in its electric bus offerings.
Related Reports:
Electric Bus Market by Propulsion (BEV, FCEV), Battery (NMC, LFP, NCA, Other), Length (<9m, 9-14m, >14m), Seating Capacity, Range, Battery Capacity, Power Output, Level of Autonomy, Application, Component, Consumer and Region - Global Forecast to 2030
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