REDDING, Calif., May 2, 2024 /PRNewswire/ -- According to a new
market research report titled, 'Electric Bus Market by
Propulsion Type (Battery Electric, Hybrid, Fuel Cell), Battery Type
(NMC, LFP, Others), Bus Length (Less than 9
m, 9 m-12 m, more than 12
m), Power Output, Sector (Public, Private) &
Geography—Forecasts to 2031', the electric
bus market is projected to reach $100.39
billion by 2031, at a CAGR of 23.4% from 2024 to 2031, while
in terms of volume, the market is expected to reach 3,41,601 units
by 2031, at a CAGR of 22.4% from 2024 to 2031.
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Electric buses are commercial vehicles that use electric motors
powered by batteries instead of internal combustion engines. There
are three propulsion types of electric buses: battery electric
buses, hybrid electric buses, and fuel cell electric buses.
Overall, electric buses are a promising technology for reducing
carbon emissions and improving air quality in urban areas while
also offering a sustainable and cost-effective transportation
option.
Some of the factors driving the growth of this market are the
increasing government focus on public transport electrification and
leading automotive manufacturers' increasing investments in the
Electric Vehicle (EV) ecosystem. However, the high purchasing costs
of electric buses and the difficulties in building charging
infrastructure for electric buses are factors restraining the
growth of this market.
The electric buses market is segmented by propulsion type
(battery electric buses, hybrid electric buses, and fuel cell
electric buses), bus length (9 m, 9
m–12 m, and more than 12 m), battery
type (lithium nickel manganese cobalt oxide (NMC) batteries,
lithium iron phosphate (LFP) batteries, and other batteries), power
output (less than 200 kW, 200 kW to 400 kW, and more than 400 kW)
and sector (public sector and private sector). The study also
evaluates industry competitors and analyses the market at the
regional and country levels.
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Based on propulsion type, the electric buses market is
segmented into battery electric buses, hybrid electric buses, and
fuel cell electric buses. In terms of value, in 2024, the battery
electric buses segment is expected to account for the largest share
of 65% of the global electric buses market. The segment's
large market share is mainly attributed to increasingly stringent
emission standards, the rising need for increased fuel efficiency,
the growing demand for zero-emission buses, and government
initiatives supporting the adoption of electric buses for public
transport. For instance, in August
2023, the Government of India launched the PM-eBus Sewa Scheme with
the aim of augmenting bus operations by deploying 10,000 electric
buses under the PPP model. The Government of India will be spending USD 2.4 billion to deploy and operate e-buses
across up to 169 eligible cities. The buses will be deployed from
2024 to 2026.
Based on bus length, the electric buses market is
segmented into less than 9 m, 9 m–12
m, and more than 12 m. In 2024, the 9
m–12 m segment is expected to account for the largest share of the
global electric buses market. The segment's large share is mainly
attributed to the increasing orders of electric buses from this
category for public transport and key market players' increasing
focus on the development of electric buses.
Based on battery type, the electric buses market is
segmented into lithium nickel manganese cobalt oxide (NMC)
batteries, lithium iron phosphate (LFP) batteries, and other
batteries. In 2024, the lithium iron phosphate (LFP) batteries
segment is estimated to dominate the global electric buses market,
with a market value of around USD 12
billion. The segment's large share is mainly attributed
to the benefits of LFP batteries, such as long life span and
reliable performance, and the growing use of LFP batteries in EV
applications.
Based on power output, the electric buses market is
segmented into less than 200 kW, 200 kW to 400 kW, and more than
400 kW. In 2024, the 200 kW to 400 kW segment is expected to
account for the largest share of the global electric buses market.
The segment's large share is mainly attributed to the growing
adoption of electric buses across several countries and the
increasing development and deployment of fast chargers.
Based on sector, the electric buses market is segmented
into the public sector and private sector. In 2024, the public
sector segment is expected to account for the larger share of
82% of the global electric buses market. The segment's large
market share is mainly attributed to the rising need for increased
fuel efficiency in public transport, the growing demand for
zero-emission buses, and increasing government initiatives to
incorporate electric buses in public transit systems.
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Based on geography, the electric buses market is
segmented into North America,
Europe, Asia-Pacific, Latin
America, and the Middle
East & Africa. In terms
of value, in 2024, Asia-Pacific is
estimated to be the largest regional market in the global electric
buses market. The Asia-Pacific
electric buses market is estimated to be around USD 19 billion in 2024. The large market
share of this segment is attributed to favorable government
policies, environmental concerns, increasing incorporation of
electric buses in public transportation, strong demand for
sustainable transportation, and the presence of major electric bus
manufacturers. In addition, many countries in the region are
integrating electric buses into their public transportation systems
to curb emissions. For instance, in February
2023, BYD Japan Co., Ltd. (Japan) delivered a batch of electric buses to
Hokkaido, Japan, amid the region's
electrification and carbon-neutral efforts.
Key Players:
Some of the key players operating in the electric buses
market are BYD Company Limited (China), Yutong Bus Co., Ltd. (China), Volvo Group (Sweden), NFI Group Inc. (Canada), Solaris Bus & Coach sp. z o.o.
(Poland), Daimler Truck Group
(Germany), Tata Motors Limited
(India), Hyundai Motor Company
(South Korea), Ebusco B.V.
(Netherlands), Olectra Greentech
Limited (India), Xiamen King Long United Automotive Industry
Co., Ltd (China), Anhui Ankai
Automobile Co., Ltd. (China),
Zhongtong Bus Holding Co., Ltd. (China), MAN Truck & Bus SE (Germany), and Switch Mobility Limited
(U.K.).
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Scope of the report:
Electric Bus Market Assessment, by
Propulsion Type
- Battery Electric Buses
- Hybrid Electric Buses
- Fuel Cell Electric Buses
Electric Bus Market Assessment, by Bus
Length
- 9 m–12 m
- Less than 9 m
- More than 12 m
Electric Bus Market Assessment, by Power
Output
- 200 kW to 400 kW
- Less than 200 kW
- More than 400 kW
Electric Bus Market Assessment, by Battery
Type
- Lithium Iron Phosphate (LFP) Batteries
- Lithium Nickel Manganese Cobalt Oxide (NMC) Batteries
- Other Batteries
Electric Bus Market Assessment, by Sector
- Public Sector
- Private Sector
Electric Bus Market Assessment, by
Geography
- North America
- Europe
- U.K.
- Germany
- France
- Italy
- Spain
- Netherlands
- Sweden
- Norway
- Rest of Europe
- Asia-Pacific
- China
- India
- South Korea
- Japan
- Singapore
- Thailand
- Rest of Asia-Pacific
- Latin America
- Middle East & Africa
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