Electric Bus Market

Electric Bus Market worth 671,285 units by 2027

The report "Electric Bus Market by Propulsion (BEV, PHEV & FCEV), Application (Intercity & Intra-city), Consumer, Range, Bus Length, Seating Capacity, Power Output, Battery Capacity, Component, Level of Autonomy, Battery type & Region - Global Forecast to 2027" The global electric bus market size is projected to grow from 112,041 units in 2022 to reach 671,285 units by 2027, at a CAGR of 43.1%. The growth of the electric bus market can be attributed to the increasing focus of countries on electrification of their public transport fleets with subsidies and favorable regulations due to emission concerns. Advancements in battery pack technologies, declining battery prices, government support, huge subsidies along with tax exemptions, and innovations in electric powertrains are some of the major factors driving the growth of the electric bus and coach industry.Factors such as rise in pollution and environmental hazards, stringent government regulations, and stiff competition have compelled automotive OEMs to introduce fuel-efficient and environment-friendly buses and coaches. Thus, the electric bus market is expected to witness significant growth in the future.

Browse 211 market data Tables and 65 Figures spread through 297 Pages and in-depth TOC on "Electric Bus Market by Propulsion (BEV, PHEV & FCEV), Application (Intercity & Intra-city), Consumer, Range, Bus Length, Seating Capacity, Power Output, Battery Capacity, Component, Level of Autonomy, Battery type & Region - Global Forecast to 2027 "
View detailed Table of Content here - https://www.marketsandmarkets.com/Market-Reports/electric-bus-market-38730372.html

Asia Pacific is expected to lead the global market during the forecast period

Asia Pacific is the largest electric bus market in the world. It comprises some of the fastest developing and developed economies in the world. The growth in the region can be attributed to the dominance of the Chinese market and presence of leading OEMs such as BYD, Yutong, Zhongtong, and Ankai in the country, resulting in exponential growth of the Asia Pacific electric bus market. The Asia Pacific market is dominated by China, which has large sales volumes for electric buses. With favorable government regulations and the increasing adoption of electric buses in public transport fleets. Asia Pacific is home to many OEMs, especially Chinese companies, that are dominating the global electric bus market. For instance, in January 2021, BYD won a supply contract by the Bogota City Public Transport Authority in Columbia to deliver 1,002 electric buses in 2021. This is the largest pure-electric bus contract for BYD outside China. In March-2021, BYD UK and AXL signed a supply contract agreement in which BYD will deliver BYD ADL Enviro400EV electric double-decker buses. These buses are expected to be used on the Park & Ride services in West Yorkshire. Enviro400EV is designed by ADL in the UK and BYD’s R&D center in Shenzhen, China. BYD has collaborated with local bus manufacturers namely Superpolo and BUSSCAR for the bus body parts. Also, Shenzhen was the first city in the world to have a fully electrified public transport fleet. The favorable regulations for electric buses, availability of electric and electronic components at cheaper rates, and rapidly growing charging infrastructure are projected to boost the Asia Pacific electric bus market.

The 9-14m segment is expected to be the largest market during the forecast

In the electric bus market, by length of bus, the 9–14 m segment is projected to be the largest market during the forecast period in terms of volume. The 9–14 m segment is dominating the electric bus segment due to the large volumes of electric passenger buses used in public transport fleet. Most of the public transport fleets, especially in China, which accounts for almost 99% of the market have electric buses that are 9–14 m in length. Also, many of the leading OEMs such as BYD, Proterra, and Yutong have been providing electric buses in the 9–14 m length range. This is the highest adopted length segment in electric buses. The driving factor for this is the battery capacity is ideal for intercity travel. These buses can travel up to 350 km on a single charge and are capable of carrying >350 kWh battery pack. OEMs are focusing on this segment for new product launches, and large supply orders are coming for this particular bus length. BYD offers K8 and K9 electric buses between 9 m and 14 m in length and a range of 155 miles and 190 miles. In 2019, Yutong (China) received a contract from Keolis Norge (Norway) for 88 units of the Yutong E12 e-bus model, intended for use in the Norwegian public transport system. The Yutong E12 model is a 12 m electric bus model having a 300 km operational range on a single charge. Countries that are planning to replace existing public fleets with electric ones are considering electric buses of the same lengths as well.

North America is expected to be the fastest-growing market during the forecast period

The North America which includes US and Canada is projected to be the fastest-growing market during the forecast period. The increasing demand for electric mass transit solutions, renowned OEMs expanding in the region, and government support are factors driving the North American electric bus market. The adoption rate of electric vehicles in these regions is emerging and they can be considered as new revenue pockets for the electric bus segment. Countries in these regions are implementing the electric bus technologies for public and private transportation options. For instance, In 2019, Federal budget of US announced USD 130 million to accelerate zero emission buses and vehicles deployment. Also, Funding for hydrogen-powered vehicles and refueling infrastructure was announced in Pennsylvania. . In January 2022, Motor Coach Industries (MCI) received a new order from Universal Coach Line for one battery-electric, forty-five-foot MCI J4500 CHARGE coach. Sales and taxes for alternative fuel vehicles, including hydrogen-fueled vehicles, were exempted in Washington. Schemes like these by the government are incentivizing the electric bus market in the North American region. Further, OEMs are also launching new variants of electric buses for other applications such as school buses. For instance, in March 2021, the Blue Bird delivered its 400th electric school bus in North America. The company expects to have 1,000 electric school buses delivered by 2022. A rising number of similar developments indicate that the electric bus market in North American will grow exponentially in future

The electric bus market comprises major manufacturers such as BYD (China), Yutong (China), CAF (Solaris) (Spain), VDL Groep (Netherlands), and AB Volvo (Sweden).

Don’t miss out on business opportunities in Electric Bus Market. Speak to our analyst and gain crucial industry insights that will help your business grow.

About MarketsandMarkets™

MarketsandMarkets™ provides quantified B2B research on 30,000 high growth niche opportunities/threats which will impact 70% to 80% of worldwide companies’ revenues. Currently servicing 7500 customers worldwide including 80% of global Fortune 1000 companies as clients. Almost 75,000 top officers across eight industries worldwide approach MarketsandMarkets™ for their painpoints around revenues decisions.

Our 850 fulltime analyst and SMEs at MarketsandMarkets™ are tracking global high growth markets following the "Growth Engagement Model – GEM". The GEM aims at proactive collaboration with the clients to identify new opportunities, identify most important customers, write "Attack, avoid and defend" strategies, identify sources of incremental revenues for both the company and its competitors. MarketsandMarkets™ now coming up with 1,500 MicroQuadrants (Positioning top players across leaders, emerging companies, innovators, strategic players) annually in high growth emerging segments. MarketsandMarkets™ is determined to benefit more than 10,000 companies this year for their revenue planning and help them take their innovations/disruptions early to the market by providing them research ahead of the curve.

MarketsandMarkets’s flagship competitive intelligence and market research platform, "Knowledgestore" connects over 200,000 markets and entire value chains for deeper understanding of the unmet insights along with market sizing and forecasts of niche markets.

Contact:
Mr. Aashish Mehra
MarketsandMarkets™ INC.
630 Dundee Road
Suite 430
Northbrook, IL 60062
USA : 1-888-600-6441
[email protected]

Report Code
AT 7483
PR Published ON
3/7/2022
Choose License Type
BUY NOW
  • SHARE
X
Request Customization
Speak to Analyst
Speak to Analyst
OR FACE-TO-FACE MEETING
PERSONALIZE THIS RESEARCH
  • Triangulate with your Own Data
  • Get Data as per your Format and Definition
  • Gain a Deeper Dive on a Specific Application, Geography, Customer or Competitor
  • Any level of Personalization
REQUEST A FREE CUSTOMIZATION
LET US HELP YOU!
  • What are the Known and Unknown Adjacencies Impacting the Electric Bus Market
  • What will your New Revenue Sources be?
  • Who will be your Top Customer; what will make them switch?
  • Defend your Market Share or Win Competitors
  • Get a Scorecard for Target Partners
REQUEST A FREE WORKSHOP
ADJACENT MARKETS
REQUEST BUNDLE REPORTS
+1-888-600-6441
  • Call Us
  • +1-888-600-6441 (Corporate office hours)
  • +1-888-600-6441 (US/Can toll free)
  • +44-800-368-9399 (UK office hours)
CONNECT WITH US
ABOUT TRUST ONLINE
©2022 MarketsandMarkets Research Private Ltd. All rights reserved
...

Digital Virtual Assistant - MarketsandMarkets

Home