Electric Bus Market
PUBLISHED: 2023 ID: SMRC23739
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Electric Bus Market

Electric Bus Market Forecasts to 2030 - Global Analysis By Propulsion Type (Plug-in Hybrid Electric Vehicle (PHEV), Fuel Cell Electric Vehicle (FCEV) and Other Propulsion Types), Battery Type (Nickel Manganese Cobalt (NMC) Batteries, Lithium Iron Phosphate (LFP) Batteries and Other Battery Types), Component, Level of Autonomy, Range, Battery Capacity, Vehicle Type, Length, Seating Capacity, Application and By Geography

4.1 (23 reviews)
4.1 (23 reviews)
Published: 2023 ID: SMRC23739

This report covers the impact of COVID-19 on this global market
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Years Covered

2021-2030

Estimated Year Value (2023)

US $58.9 BN

Projected Year Value (2030)

US $755.2BN

CAGR (2023 - 2030)

43.7%

Regions Covered

North America, Europe, Asia Pacific, South America, and Middle East & Africa

Countries Covered

US, Canada, Mexico, Germany, UK, Italy, France, Spain, Japan, China, India, Australia, New Zealand, South Korea, Rest of Asia Pacific, South America, Argentina, Brazil, Chile, Middle East & Africa, Saudi Arabia, UAE, Qatar, and South Africa

Largest Market

Asia Pacific

Highest Growing Market

Europe


According to Stratistics MRC, the Global Electric Bus Market is accounted for $58.9 billion in 2023 and is expected to reach $745.2 billion by 2030 growing at a CAGR of 43.7% during the forecast period. An electric bus, often known as an e-bus, is a bus that runs entirely on electricity rather than a conventional internal combustion engine. An on-board electric motor that runs on either on-board batteries or a combination of batteries powers an e-bus. Electric buses are said to be environmentally beneficial because they don't emit any pollutants and are more cost-effective than conventional gasoline or diesel buses. In addition, the market share of electric buses accounts for almost 80% of the total industry contribution of electric commercial vehicles.

According to the United Nations Environment Program (UNEP), city buses are the cause of large amounts of black carbon emissions in the transportation sector. Therefore, the UNEP is providing technical and policy support to 20 cities in Asia, Latin America, and Africa to develop and map low-emission transportation routes for the public by including e-buses.



Market Dynamics:

Driver:

Demand for buses that are high-performing, low-emission, and fuel-efficient is rising

Electric buses are utilized since they are more cost-effective than traditional buses and don't require gasoline. Gas-powered buses can only convert roughly 17–21% of the energy stored in fuel, whereas electric buses can convert more than 50% of the electrical energy from the grid into electricity at their wheels. Because the cost of gasoline and diesel oil has been rising recently, there has been a greater need for fuel-efficient buses. The depletion of fossil fuel reserves and the growing inclination of firms to maximize profits from these oil reserves are the causes of this. Consequently, these factors raise the need for electric coaches by necessitating the use of cutting-edge fuel-saving technologies.

Restraint:

Complexity and high expense of investing in advanced systems operation

The automobile industry's transition to electrification and the incorporation of cutting-edge technologies in cars may impede market expansion due to the high production costs and intricate workings of these sophisticated systems. The majority of automakers' research efforts are directed toward creating novel bus technologies. The cost of manufacturing vehicles is ultimately driven up by substantial capital expenditures, software installs, and the high cost of lithium-ion batteries used in buses. These devices may increase the calculated risk of malfunction or failure, which may impede market expansion in the year of forecast because of these factors, the industry is anticipated to increase significantly during the course of the electric bus market projection period.

Opportunity:

Environmental benefits

The only source of air pollution, ozone depletion, and climate-damaging material emissions is automobile exhaust. Vehicles that use electrical energy and are less hazardous to the environment are becoming more and more popular due to the rising costs of gasoline and the consumption of crude petroleum. In an effort to lessen reliance on fossil fuels, more of these e-buses are being introduced. Furthermore, compared to conventional forms of transportation, electric cars are lighter and more efficient due to their reduced number of moving parts. Because of this, cars need less maintenance and are generally better for the environment.

Threat:

Concerns about EV batteries' safety

Because they go through numerous testing before being utilized, the majority of electric vehicle (EV) batteries used in electric buses are regarded as safe. The group has also said that overcharging, extreme rain, and temperature swings were the main causes of the EV battery fire. Manufacturing firms are required to prioritize ongoing observation of battery safety, health, and performance in a number of nations, including the US, China, Japan, and the EU. Limiting chemical spillage from batteries, securing batteries after an accident, and separating the chassis from the high-voltage system to prevent electric shock are the main regulations particular to electric buses.

Covid-19 Impact

The automotive sector experienced a precipitous decline in investment and demand. A sudden and widespread cessation of economic activity, including orders for workers to stay at home, a breakdown in supply networks, and factory closures, also plagued the car industry. Sales of electric vehicles rose globally in 2020 and 2021 as a result of the expanding global trend of vehicle electrification. Thus, the pandemic had less of an impact on this industry. In a similar vein, the demand for electric buses declined during the first half of 2020 before rising again.

The battery electric vehicle (BEV) segment is expected to be the largest during the forecast period

The battery electric vehicle (BEV) segment is estimated to have a lucrative growth, due to over the course of the projection period; BEVs are anticipated to dominate the electric bus market. This is primarily due to the effectiveness of lithium-ion batteries being demonstrated. This category is growing because many OEMs are funding research and development efforts to create innovative, high-performing battery technologies. Government policies that support BEVs would also have a favourable effect on the market. Many countries intend to switch to electric public fleets from the current ones. Different governments are likely to offer attractive subsidies and tax breaks, which would cause the sales volume of sophisticated pure electric buses to expand tremendously.

The intracity segment is expected to have the highest CAGR during the forecast period

The intracity segment is anticipated to witness the highest CAGR growth during the forecast period, as clean mobility solutions are now essential due to the increase in urbanization. The requirement for widespread urban transportation—which has enormous promise for electric mobility would be driven by the expanding urban population. Moreover, a wide range of top OEMs now include electric buses in their product lineup for intracity use. Many nations in the area have made the decision to integrate sustainable mobility into their public transportation systems. For instance, the Maharashtra State Road Transport Corporation is one of the Indian cities that have used electric buses. Over the course of the forecast period, the market's expansion is anticipated to be propelled by such initiatives in this area.

Region with largest share:

Asia Pacific is projected to hold the largest market share during the forecast period owing to the dominant position in the global market, with a valuation of 167,000 units. Because it has the largest market in terms of quantity, China is leading both the regional and worldwide markets. These kinds of buses can be used in the public transit zones that the Chinese government has established. The government's initiatives have increased the region's use of battery-operated buses. In addition, the market leader BYD's presence in this area is contributing to the market's expansion. Furthermore, the rapidly expanding charging infrastructure in this area bodes well for the local market. South Korea and Japan are also major factors in the region's record-breaking bus sales.

Region with highest CAGR:

Europe is projected to have the highest CAGR over the forecast period, owing to the strict government regulations pertaining to vehicle emissions. In this region, a number of governments have initiated programs aimed at implementing clean and green transportation technology to ensure the sustainability of public transportation. In this area, there is also an increasing need for fuel cell buses.



Key players in the market

Some of the key players profiled in the Electric Bus Market include NFI Group Inc., Daimler AG, Construcciones y Auxiliar de Ferrocarriles, AB Volvo, VDL Groep BV, Anhui Ankai Automobile Co.,Ltd, Zhongtog Bus Holding, Proterra, YUTONG, CAF, Ashok Leyland, King Long United Automotive Industry Co. Ltd., Tata Motors Limited, Scania AB, New Flyer Industries and Iveco

Key Developments:

In August 2023, NFI Group Inc. announces delivery of the 1,500th electric bus from the BYD–Alexander Dennis partnership, The 1,500th BYD–Alexander Dennis electric bus is one of nearly 300 joining Go-Ahead London this year for routes in the capital. Allocated to Merton Garage with fleet number SEe199, it has been in service on Transport for London routes 163 and 164 since May.

In June 2023, Volvo Group partners with Heidelberg Materials to reduce emissions in construction industry, the partnership will see several Volvo Group’s customized electric product and service solutions put to work across much of Heidelberg Materials’ Northern European operations, starting this year.

In June 2023, Volvo Autonomous Solutions expands its footprint and starts operations in Texas,t o prepare for commercial launch, V.A.S. has also started to haul loads with trucks using drivers for key customers like DHL and Uber Freight to test aspects of the transport solution and establish frameworks and procedures for safe and reliable operations.

Propulsion Types Covered:
• Plug-in Hybrid Electric Vehicle (PHEV)
• Fuel Cell Electric Vehicle (FCEV)
• Battery Electric Vehicle (BEV)
• Other Propulsion Types

Battery Types Covered:
• Nickel Manganese Cobalt (NMC) Batteries
• Lithium Iron Phosphate (LFP) Batteries
• Lithium Nickel-Cobalt-Aluminum Oxide (NCA) Batteries
• Other Battery Types

Components Covered:
• AC/DC Chargers
• Batteries
• Battery Cooling Systems
• Battery Management Systems
• DC-DC Converters
• EV Connectors
• Fuel Cell Stacks
• Inverters
• Motors

Level of Autonomies Covered:
• Semi-Autonomous
• Autonomous

Ranges Covered:
• Less than 200 Miles
• More than 200 Miles

Battery Capacities Covered:
• Up to 400 kWh
• Above 400 kWh

Vehicle Types Covered:
• Light Duty Electric Bus
• Heavy Duty Electric Bus
• Hybrid Electric Bus
• Other Vehicle Types

Lengths Covered:
• Less than 9 meters
• 9-14 meters
• Above 14 meters

Seating Capacities Covered:
• Below 40 Seats
• 40-70 Seats
• Above 70 Seats

Applications Covered:
• Intercity Electric Bus
• Intracity Electric Bus

Regions Covered:
• North America
o US
o Canada
o Mexico
• Europe
o Germany
o UK
o Italy
o France
o Spain
o Rest of Europe
• Asia Pacific
o Japan
o China
o India
o Australia
o New Zealand
o South Korea
o Rest of Asia Pacific
• South America
o Argentina
o Brazil
o Chile
o Rest of South America
• Middle East & Africa
o Saudi Arabia
o UAE
o Qatar
o South Africa
o Rest of Middle East & Africa

What our report offers:
- Market share assessments for the regional and country-level segments
- Strategic recommendations for the new entrants
- Covers Market data for the years 2021, 2022, 2023, 2026, and 2030
- Market Trends (Drivers, Constraints, Opportunities, Threats, Challenges, Investment Opportunities, and recommendations)
- Strategic recommendations in key business segments based on the market estimations
- Competitive landscaping mapping the key common trends
- Company profiling with detailed strategies, financials, and recent developments
- Supply chain trends mapping the latest technological advancements

Free Customization Offerings:
All the customers of this report will be entitled to receive one of the following free customization options:
• Company Profiling
o Comprehensive profiling of additional market players (up to 3)
o SWOT Analysis of key players (up to 3)
• Regional Segmentation
o Market estimations, Forecasts and CAGR of any prominent country as per the client's interest (Note: Depends on feasibility check)
• Competitive Benchmarking
o Benchmarking of key players based on product portfolio, geographical presence, and strategic alliances

Table of Contents

1 Executive Summary

2 Preface
2.1 Abstract
2.2 Stake Holders
2.3 Research Scope
2.4 Research Methodology
2.4.1 Data Mining
2.4.2 Data Analysis
2.4.3 Data Validation
2.4.4 Research Approach
2.5 Research Sources
2.5.1 Primary Research Sources
2.5.2 Secondary Research Sources
2.5.3 Assumptions

3 Market Trend Analysis
3.1 Introduction
3.2 Drivers
3.3 Restraints
3.4 Opportunities
3.5 Threats
3.6 Application Analysis
3.7 Emerging Markets
3.8 Impact of Covid-19

4 Porters Five Force Analysis
4.1 Bargaining power of suppliers
4.2 Bargaining power of buyers
4.3 Threat of substitutes
4.4 Threat of new entrants
4.5 Competitive rivalry

5 Global Electric Bus Market, By Propulsion Type
5.1 Introduction
5.2 Plug-in Hybrid Electric Vehicle (PHEV)
5.3 Fuel Cell Electric Vehicle (FCEV)
5.4 Battery Electric Vehicle (BEV)
5.5 Other Propulsion Types

6 Global Electric Bus Market, By Battery Type
6.1 Introduction
6.2 Nickel Manganese Cobalt (NMC) Batteries
6.3 Lithium Iron Phosphate (LFP) Batteries
6.4 Lithium Nickel-Cobalt-Aluminum Oxide (NCA) Batteries
6.5 Other Battery Types

7 Global Electric Bus Market, By Component
7.1 Introduction
7.2 AC/DC Chargers
7.3 Batteries
7.4 Battery Cooling Systems
7.5 Battery Management Systems
7.6 DC-DC Converters
7.7 EV Connectors
7.8 Fuel Cell Stacks
7.9 Inverters
7.10 Motors

8 Global Electric Bus Market, By Level of Autonomy
8.1 Introduction
8.2 Semi-Autonomous
8.3 Autonomous

9 Global Electric Bus Market, By Range
9.1 Introduction
9.2 Less than 200 Miles
9.3 More than 200 Miles

10 Global Electric Bus Market, By Battery Capacity
10.1 Introduction
10.2 Up to 400 kWh
10.3 Above 400 kWh

11 Global Electric Bus Market, By Vehicle Type
11.1 Introduction
11.2 Light Duty Electric Bus
11.3 Heavy Duty Electric Bus
11.4 Hybrid Electric Bus
11.5 Other Vehicle Types

12 Global Electric Bus Market, By Length
12.1 Introduction
12.2 Less than 9 meters
12.3 9-14 meters
12.4 Above 14 meters

13 Global Electric Bus Market, By Seating Capacity
13.1 Introduction
13.2 Below 40 Seats
13.3 40-70 Seats
13.4 Above 70 Seats

14 Global Electric Bus Market, By Application
14.1 Introduction
14.2 Intercity Electric Bus
14.3 Intracity Electric Bus

15 Global Electric Bus Market, By Geography
15.1 Introduction
15.2 North America
15.2.1 US
15.2.2 Canada
15.2.3 Mexico
15.3 Europe
15.3.1 Germany
15.3.2 UK
15.3.3 Italy
15.3.4 France
15.3.5 Spain
15.3.6 Rest of Europe
15.4 Asia Pacific
15.4.1 Japan
15.4.2 China
15.4.3 India
15.4.4 Australia
15.4.5 New Zealand
15.4.6 South Korea
15.4.7 Rest of Asia Pacific
15.5 South America
15.5.1 Argentina
15.5.2 Brazil
15.5.3 Chile
15.5.4 Rest of South America
15.6 Middle East & Africa
15.6.1 Saudi Arabia
15.6.2 UAE
15.6.3 Qatar
15.6.4 South Africa
15.6.5 Rest of Middle East & Africa

16 Key Developments
16.1 Agreements, Partnerships, Collaborations and Joint Ventures
16.2 Acquisitions & Mergers
16.3 New Product Launch
16.4 Expansions
16.5 Other Key Strategies

17 Company Profiling
17.1 NFI Group Inc.
17.2 Daimler AG
17.3 Construcciones y Auxiliar de Ferrocarriles
17.4 AB Volvo
17.5 VDL Groep BV
17.6 Anhui Ankai Automobile Co.,Ltd
17.7 Zhongtog Bus Holding
17.8 Proterra
17.9 YUTONG
17.10 CAF
17.11 Ashok Leyland
17.12 King Long United Automotive Industry Co. Ltd.
17.13 Tata Motors Limited
17.14 Scania AB
17.15 New Flyer Industries
17.16 Iveco

List of Tables
1 Global Electric Bus Market Outlook, By Region (2021-2030) ($MN)
2 Global Electric Bus Market Outlook, By Propulsion Type (2021-2030) ($MN)
3 Global Electric Bus Market Outlook, By Plug-in Hybrid Electric Vehicle (PHEV) (2021-2030) ($MN)
4 Global Electric Bus Market Outlook, By Fuel Cell Electric Vehicle (FCEV) (2021-2030) ($MN)
5 Global Electric Bus Market Outlook, By Battery Electric Vehicle (BEV) (2021-2030) ($MN)
6 Global Electric Bus Market Outlook, By Other Propulsion Types (2021-2030) ($MN)
7 Global Electric Bus Market Outlook, By Battery Type (2021-2030) ($MN)
8 Global Electric Bus Market Outlook, By Nickel Manganese Cobalt (NMC) Batteries (2021-2030) ($MN)
9 Global Electric Bus Market Outlook, By Lithium Iron Phosphate (LFP) Batteries (2021-2030) ($MN)
10 Global Electric Bus Market Outlook, By Lithium Nickel-Cobalt-Aluminum Oxide (NCA) Batteries (2021-2030) ($MN)
11 Global Electric Bus Market Outlook, By Other Battery Types (2021-2030) ($MN)
12 Global Electric Bus Market Outlook, By Component (2021-2030) ($MN)
13 Global Electric Bus Market Outlook, By AC/DC Chargers (2021-2030) ($MN)
14 Global Electric Bus Market Outlook, By Batteries (2021-2030) ($MN)
15 Global Electric Bus Market Outlook, By Battery Cooling Systems (2021-2030) ($MN)
16 Global Electric Bus Market Outlook, By Battery Management Systems (2021-2030) ($MN)
17 Global Electric Bus Market Outlook, By DC-DC Converters (2021-2030) ($MN)
18 Global Electric Bus Market Outlook, By EV Connectors (2021-2030) ($MN)
19 Global Electric Bus Market Outlook, By Fuel Cell Stacks (2021-2030) ($MN)
20 Global Electric Bus Market Outlook, By Inverters (2021-2030) ($MN)
21 Global Electric Bus Market Outlook, By Motors (2021-2030) ($MN)
22 Global Electric Bus Market Outlook, By Level of Autonomy (2021-2030) ($MN)
23 Global Electric Bus Market Outlook, By Semi-Autonomous (2021-2030) ($MN)
24 Global Electric Bus Market Outlook, By Autonomous (2021-2030) ($MN)
25 Global Electric Bus Market Outlook, By Range (2021-2030) ($MN)
26 Global Electric Bus Market Outlook, By Less than 200 Miles (2021-2030) ($MN)
27 Global Electric Bus Market Outlook, By More than 200 Miles (2021-2030) ($MN)
28 Global Electric Bus Market Outlook, By Battery Capacity (2021-2030) ($MN)
29 Global Electric Bus Market Outlook, By Up to 400 kWh (2021-2030) ($MN)
30 Global Electric Bus Market Outlook, By Above 400 kWh (2021-2030) ($MN)
31 Global Electric Bus Market Outlook, By Vehicle Type (2021-2030) ($MN)
32 Global Electric Bus Market Outlook, By Light Duty Electric Bus (2021-2030) ($MN)
33 Global Electric Bus Market Outlook, By Heavy Duty Electric Bus (2021-2030) ($MN)
34 Global Electric Bus Market Outlook, By Hybrid Electric Bus (2021-2030) ($MN)
35 Global Electric Bus Market Outlook, By Other Vehicle Types (2021-2030) ($MN)
36 Global Electric Bus Market Outlook, By Length (2021-2030) ($MN)
37 Global Electric Bus Market Outlook, By Less than 9 meters (2021-2030) ($MN)
38 Global Electric Bus Market Outlook, By 9-14 meters (2021-2030) ($MN)
39 Global Electric Bus Market Outlook, By Above 14 meters (2021-2030) ($MN)
40 Global Electric Bus Market Outlook, By Seating Capacity (2021-2030) ($MN)
41 Global Electric Bus Market Outlook, By Below 40 Seats (2021-2030) ($MN)
42 Global Electric Bus Market Outlook, By 40-70 Seats (2021-2030) ($MN)
43 Global Electric Bus Market Outlook, By Above 70 Seats (2021-2030) ($MN)
44 Global Electric Bus Market Outlook, By Application (2021-2030) ($MN)
45 Global Electric Bus Market Outlook, By Intercity Electric Bus (2021-2030) ($MN)
46 Global Electric Bus Market Outlook, By Intracity Electric Bus (2021-2030) ($MN)

Note: Tables for North America, Europe, APAC, South America, and Middle East & Africa Regions are also represented in the same manner as above.

List of Figures

RESEARCH METHODOLOGY


Research Methodology

We at Stratistics opt for an extensive research approach which involves data mining, data validation, and data analysis. The various research sources include in-house repository, secondary research, competitor’s sources, social media research, client internal data, and primary research.

Our team of analysts prefers the most reliable and authenticated data sources in order to perform the comprehensive literature search. With access to most of the authenticated data bases our team highly considers the best mix of information through various sources to obtain extensive and accurate analysis.

Each report takes an average time of a month and a team of 4 industry analysts. The time may vary depending on the scope and data availability of the desired market report. The various parameters used in the market assessment are standardized in order to enhance the data accuracy.

Data Mining

The data is collected from several authenticated, reliable, paid and unpaid sources and is filtered depending on the scope & objective of the research. Our reports repository acts as an added advantage in this procedure. Data gathering from the raw material suppliers, distributors and the manufacturers is performed on a regular basis, this helps in the comprehensive understanding of the products value chain. Apart from the above mentioned sources the data is also collected from the industry consultants to ensure the objective of the study is in the right direction.

Market trends such as technological advancements, regulatory affairs, market dynamics (Drivers, Restraints, Opportunities and Challenges) are obtained from scientific journals, market related national & international associations and organizations.

Data Analysis

From the data that is collected depending on the scope & objective of the research the data is subjected for the analysis. The critical steps that we follow for the data analysis include:

  • Product Lifecycle Analysis
  • Competitor analysis
  • Risk analysis
  • Porters Analysis
  • PESTEL Analysis
  • SWOT Analysis

The data engineering is performed by the core industry experts considering both the Marketing Mix Modeling and the Demand Forecasting. The marketing mix modeling makes use of multiple-regression techniques to predict the optimal mix of marketing variables. Regression factor is based on a number of variables and how they relate to an outcome such as sales or profits.


Data Validation

The data validation is performed by the exhaustive primary research from the expert interviews. This includes telephonic interviews, focus groups, face to face interviews, and questionnaires to validate our research from all aspects. The industry experts we approach come from the leading firms, involved in the supply chain ranging from the suppliers, distributors to the manufacturers and consumers so as to ensure an unbiased analysis.

We are in touch with more than 15,000 industry experts with the right mix of consultants, CEO's, presidents, vice presidents, managers, experts from both supply side and demand side, executives and so on.

The data validation involves the primary research from the industry experts belonging to:

  • Leading Companies
  • Suppliers & Distributors
  • Manufacturers
  • Consumers
  • Industry/Strategic Consultants

Apart from the data validation the primary research also helps in performing the fill gap research, i.e. providing solutions for the unmet needs of the research which helps in enhancing the reports quality.


For more details about research methodology, kindly write to us at info@strategymrc.com

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