New Products, Adopted Expansion Strategies, and Undertook Collaborations, Partnerships, and Mergers & Acquisitions to Gain Traction in this High-Growth Electric Bus Market.
The global electric bus market size is projected to reach 671,285 units by 2027 from a projected 112,041 units in 2022, at a CAGR of 43.1%. The base year for the report is 2021, and the forecast period is from 2022 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), CAF (Solaris) (Spain), 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 2022. 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. As of October 2021, with 386 pure electric buses in Chile, BYD accounted for an approximately 74% share in Chile’s electric bus market.
Yutong has been offering a series of new energy/electric buses such as hybrid, fully electric, and fuel cell-powered buses. Its new energy power system, which is used in electric buses, has become quite a popular powertrain in the bus industry. In July-2021, Yutong, in the Beijing Road Transport Exhibition, launched a category of 6-meters Microcirculation Minibus all across China. This launch is aimed to strengthen the debut of upcoming Xiaoyu 2.0, Yutong T7, Yuwei U10, Yutong F12 Fuel Cell Bus, and other "All-Star" line-ups.
VDL Groep (VDL) is a global industrial family firm with 105 operational companies in 19 countries. It had 15,464 employees as of December 2021. The company operates through six business segments: Public Transport Bus, Coaches, Parts and Service, Used Buses, Mini & Midi Buses, and Chassis and Chassis Modules. VDL Bus & Coach is the division that develops and manufactures electric buses. It is one of the largest selling electric bus brands in Europe. VDL offers electric buses for various segments such as public transport, coaches, minibuses, and special projects. It also offers electric buses depending upon specifications and end-use applications.
AB Volvo (Volvo) is known as one of the market leaders in the global bus market As of 2020, the company has a wide geographic presence, with its 52 manufacturing plants and subsidiaries in 18 countries. Its global sales network covers 190 countries across the globe. Volvo had 96,194 employees as of 2020. The company’s business segments include Financial Services, Volvo Penta, Buses, Construction Equipment, Trucks, and Others. The Volvo hybrid & electric bus product lines include Volvo 7900 hybrid/electric bus and 8400 hybrid city bus. In February-2021, Nova Bus, a subsidiary of AB Volvo, announced a supply order from the Chicago Transit Authority for 600 new 40-foot electric buses.
Related Reports:
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
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