Electric Bus Market

Market Leaders - Electric Bus Market

The global electric bus market size is projected to reach 704 thousand units by 2027 from a projected 81 thousand units in 2021, at a CAGR of 43.1%. The base year for the report is 2020, and the forecast period is from 2021 to 2027. The electric bus segment has witnessed rapid evolution with governments across the world promoting electrification of public transport fleets.

Advancements in battery pack technologies and electric powertrains are some of the major factors driving the growth of the electric bus market. Factors such as rise in pollution and environmental hazards, stringent government regulations, and stiff competition have compelled automotive OEMs to make fuel-efficient and environment-friendly buses and coaches. In this pursuit, automotive OEMs and component manufacturers are exploring ways to develop and design buses and coaches that meet the standards of fuel efficiency and vehicle emission.

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The electric bus market is dominated by globally established players such as BYD (China), Yutong (China), Proterra (US), VDL Groep (Netherlands), and AB Volvo (Sweden). These companies developed new products, adopted expansion strategies, and undertook collaborations, partnerships, and mergers & acquisitions to gain traction in this high-growth electric bus market.

The Asia Pacific region is estimated to account for the largest share of the electric bus market in 2021. The region is home to OEMs such as BYD, Yutong, Tata, Ashok Leyland, Zhongtong, and Ankai. In recent years, China has introduced many electric buses to its public transport fleets to reduce vehicle emissions. Shenzhen was the first city in China to have a fully electrified public transport bus fleet. Similarly, India and South Korea have included electric buses in their public transportation to cut down emissions and reduce dependency on fossil fuels. In addition, governments in Asia Pacific countries are offering several incentives for the promotion of electric buses and coaches.

BYD is one of the leading players in the electric bus market. The company continuously develops new advanced electric buses of different specifications with innovative technologies. For instance, March 2021, BYD announced the launch of Brazil’s first locally made pure electric bus in Campos. The model is 22 meter long having lithium iron phosphate batteries and a 250 kms ranges on a single three-hour charge capacity. The electric bus has the capacity to accommodate 168 passengers.  BYD also invests heavily in the expansion of its business activities across the world. For instance, in November 2020, BYD opened its manufacturing plant in Manaus, Brazil, specifically for lithium iron phosphate batteries. The company has already started its operations in the facility, which is also the South American countrys first factory for lithium iron phosphate batteries, at the Manaus Industrial Zone (PIM).

Yutong, Proterra, VDL Bus and Coach, NFI Group, and AB Volvo are the other leading players in this market. In September 2020, Yutong presented to global travellers its 5G-enabled Intelligent mobility solution in a live show in China. Autonomous driving buses, intelligent bus stops, and unmanned intelligent bus terminals were showcased. Yutong has a large portfolio of electric buses of 5-18m length, depending on different specifications and end-use applications such as school buses, mini-buses, city transport, and heavy-duty large buses. The company operates in more than 30 countries. Yutong claims that it has delivered more than 130 thousand electric buses in more than 380 cities all over the world as of 2020.

 In June 2019, VDL Bus & Coach expanded the VDL Citea Electric bus portfolio with the Citea XLE-145 Electric. With this 14.5 m bus, the company added a new length variant to the existing electric low entry bus product range. In September 2020, Proterra introduced its newest battery-electric transit vehicle, ZX5 electric bus. The Proterra’s fifth-generation battery-electric transit bus, features a new streamlined vehicle design and maximizes the amount of energy that can be stored onboard the vehicle to increase power and range.

Related Reports:

Electric Bus Market by Propulsion (BEV, PHEV & FCEV), Application (Intercity & Intra-city), Consumer Segment (Fleet Operators & Government), Range, Length of Bus, Power Output, Battery Capacity, Component, Battery type & Region - Global Forecast to 2027

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

Report Code
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