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.
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The electric bus market is dominated by a few globally established players, such as BYD (Build Your Dreams) (China), Proterra (US), CRRC Electric (China), Yutong (China), and AB Volvo (Sweden). These companies adopted strategies, such as product launches and deals, to gain traction in the electric bus market.
BYD specializes in manufacturing commercial electric vehicles. It was established in 1995 and is headquartered in Shenzhen, China. The company offers the world's largest range of electric buses and currently holds the title of the world's leading battery-electric bus manufacturer. It operates through three core business segments: rechargeable batteries and photovoltaics, handset components, assembly services, automobiles, and related products. BYD specializes in the manufacturing, designing, and assembly of a wide range of electric buses. The company is in various markets, including China, the US, India, and Europe. BYD has collaborated with various city transport authorities worldwide, providing electric buses of different specifications and sizes. Its strategy is centered around innovations and expanding its global reach. The company invests heavily in R&D to improve the performance and efficiency of its electric buses. Additionally, BYD has established partnerships with major companies in the automotive and transportation industries to expand its global presence.
Yutong, a bus manufacturer, is the market leader in the Chinese bus market. Founded in 1993, the company is headquartered in Zhengzhou, China. Though it is major in the bus manufacturing business, it also deals in construction machinery, automotive parts, and real estate. Yutong has a large portfolio of electric buses of 5-18-m length, depending upon different specifications and end-use applications, such as school buses, mini buses, city transport, and large heavy-duty buses. As of March 2021, Yutong offers a series of new energy/electric buses, such as hybrid, fully electric, and fuel cell powered. Its new energy power system, used in electric buses, has become a popular power train in the bus industry. The company has invested heavily in R&D to develop smart technologies, such as its intelligent driving system, which improves the safety and efficiency of electric buses. Yutong's strategy is to become a leading provider of intelligent transportation solutions. Additionally, Yutong has partnered with other transportation companies to develop integrated solutions for smart cities.
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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