Electric Bus Market

Market Leaders - Electric Bus Market

The global electric bus market size is projected to reach 935 thousand units by 2027 from a projected 137 thousand units in 2019, at a CAGR of 27.2%. The base year for the report is 2018, and the forecast period is from 2019 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.

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.

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The Asia Pacific region is estimated to account for the largest share of the electric bus market in 2019. 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, South Korea and Japan 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. BYD also invests heavily in the expansion of its business activities across the world. For instance, in October 2017, BYD unveiled a new battery electric bus manufacturing facility, which is North America’s largest facility of the brand. Its expanded coach and bus production line has a capacity of producing up to 1,500 electric buses annually.

Yutong, Proterra, VDL Bus and Coach, NFI Group, and AB Volvo are the other leading players in this market. In June 2019, Yutong launched its new model ZK6907H of the new 7 Series. It also unveiled four new models, namely, the T7 3.5T gasoline version, new high-end intelligent connected city bus U10, L4 self-driving bus, and hydrogen fuel cell bus F8. 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. VDL introduced the 12 m and 12.9 m low entry length variants in September 2018. In June 2019, at the UITP Global Transport Summit, Volvo announced the launch of a pure electric articulated bus with a seating capacity of up to 150 passengers.

Related Reports:

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

Mr. Shelly Singh
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