Global Electric Bus Market Report, Industry Analysis and Forecast to 2029

Electric Bus Market is estimated to reach $50.32 billion by 2030, growing at a CAGR of 15.2% from 2023-2030. Mounting demand for non-polluting, fuel-efficient, and air combating buses is thriving the demand for electric buses in the market. In addition, soaring environmental concerns, strict regulations, and government initiatives to achieve zero emissions targets are boosting the growth of electric buses. In addition, efforts by automobile manufacturers to invest in the expansion of hydrogen fuel cell-powered electric bus another driving factor.

Additionally, snowballing investment by battery manufacturers to produce cost-effective technologically advanced batteries is expected to boost demand for e-bus. These factors positively influence the electric bus industry outlook during the forecast period.

Market Snapshot:

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Electric Bus Market - Report Coverage:

The “Electric Bus Market Report - Forecast (2023-2030)” by Marketlook Consulting, covers an in-depth analysis of the following segments in the Electric Bus Market.

COVID-19 / Ukraine Crisis - Impact Analysis:

• Due to the global economic crisis caused by the Covid pandemic, the supply chain disrupted and halted vehicle production globally, which had a cascading effect on the industry growth.
• However, post-pandemic, the government provided various subsidiaries and incentives to encourage bus manufacturers to switch to producing electric buses over gasoline-powered buses. Thus, the market witnessed a quick recovery in the sales of electric buses in 2021. Moreover, high concentration of OEMs in developing countries as well as in the U.S is boosting the market growth and scaling the production. Leading companies are strengthening their distribution network globally.

Key Takeaways:

Fastest Growth of Asia Pacific Region

Geographically, in the global electric bus market share, Asia Pacific is analyzed to grow with the highest CAGR of XX% during the forecast period 2023-2030. China dominates the market both regionally and globally, controlling over 80% of the global market share, which will be maintained by the country throughout the forecast period. 

Besides, China has made remarkable progress in rolling out new energy buses (NEB), mostly consisting of battery electric buses. India is also emerging as a strong country in the electric buses segment. These factors are inducing the market growth.

Battery Electric Vehicles to Register the Fastest Growth

In the Electric Bus Market analysis, based on the propulsion type the battery electric segment is estimated to grow with the highest CAGR of XX% during the forecast period. The high-capacity battery sets onboard battery-electric buses store electricity. These buses are intended to take advantage of the benefits of those batteries in order to power the electrical motor and all onboard electronics. The fuel cell electric vehicle category is also expected to increase exponentially during the forecast period since hydrogen fuel cell buses run longer and have faster refilling capabilities than standard e-buses.

400 kWh Batteries are is Leading the Market

According to the Electric Bus Market forecast, buses with battery capacities of up to 400 kWh are significantly less expensive, lighter, and more effective since they can be fast-charged at regular intervals. These factors aid in the market growth. Because of the capacity to travel greater distances on a single charge, the over 400 kWh sector is foreseen to upsurge steadily in the market.

Governments Mandating Strict Rules and Regulations

Governments from all around the world are actively investing in infrastructure improvements to reduce ozone-depleting compounds and reduce air pollution. The US China, Germany and France have implemented stringent government regulations for vehicular emission, which makes it compulsory for the automobile manufacturers to use technologies to limit the pollution. Thereby, resulting in the growth of electric buses globally.

High Development Cost May Hamper the Market Growth

The high cost involved with the growth of electric buses related to components such as batteries, hoses, glass and resins is a major restraint for the bus manufacturers. The development cost of an EV is also too high. This factor restricts the market growth.

Electric Bus Market Share (%) By Region, 2022

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Key Market Players: 

Product/Service launches, approvals, patents and events, acquisitions, partnerships and collaborations are key strategies adopted by players in the Electric Bus Market . The top 10 companies in this industry are listed below:

1. Alexander Dennis
2. King Long
3. FAW Group
4. AB Volvo
5. Daimler AG
6. TATA Motors
7. Ashok Leyland
8. Nova Bus
9. Foton Motor Inc.
10. JBM Solaris ECOLIFE

Scope of Report: