Electric Bus Market Research Report 2024
Electric Bus Market Global Industry Analysis and Forecast (2024-2032) by type (Battery Electric Vehicle, Plug-in Hybrid Electric Vehicle, and Fuel Cell Electric Vehicle), By Range (Less than 200 Miles and More than 200 Miles), By Battery Capacity (Up to 400 kWh and Above 400 kWh) and Region
Electric Bus Market Synopsis
Electric Bus Market Size Was Valued at USD 21.3 Billion in 2023, and is Projected to Reach USD 74.99 Billion by 2032, Growing at a CAGR of 15.01 % From 2024-2032.
An electric bus is a vehicle that uses electric motors for propulsion instead of conventional internal combustion engines. These buses are primarily powered by onboard battery packs, making them battery electric buses, although other storage methods like flywheel energy storage in gyrobuses also exist.Electric buses are known for their environmental benefits, such as reduced emissions and lower noise pollution compared to traditional buses. Electric buses can receive their power either from stored energy or directly from external sources.
When not relying on onboard batteries, they can be powered through overhead lines, similar to trolleybuses, ground-level power supplies, or inductive charging systems. This flexibility in power supply methods allows electric buses to operate efficiently in various urban and intercity transit systems.The term "electric bus" also finds relevance in other fields beyond transportation. In computing, a bus refers to a system that connects different components within a computer, facilitating communication. In electrical engineering, busbars are conductors used in substations to distribute power, and any node where electrical parameters are measured is termed a "bus."The bus is a point where multiple audio signals are mixed, often found at the output of a mixing console. Additionally, a ground bus or earth bus serves as a zero voltage reference point in electrical systems, providing safety and stability by being connected to the ground.
Top Key Players
"BYD (China), Yutong (China), Proterra (US), CAF (Solaris) (Spain), VDL Groep (Netherlands), AB Volvo (Sweden), New Flyer Industries (Canada), Daimler AG (Germany), Scania AB (Sweden), Iveco (Italy), Ebusco (Netherlands), Xiamen King Long United Automotive Industry Co., Ltd. (China), Man SE (Germany), Nissan Motor Corporation (Japan), Ashok Leyland Limited (India), Daimler Truck AG (Germany), Zhengzhou Yutong Bus Co., Ltd. (China), TATA Motors Limited (India), Hyundai Motor Company (South Korea), Workhorse (US), Dongfeng Motor Company (China), Paccar Inc. (US), Chery Automobile Co. Ltd. (China), Chongqing Changan Automobile Company Limited (China), Daimler Truck Holding AG (Germany), Volvo Group (Sweden), Zhejiang Geely Holding Group Co. Ltd (China) and Other Major Players."
Market Trend Analysis
Community and Social Benefits
- A sustainable and effective public transportation system is important for improving citizens' well-being and quality of life. Air pollution caused by traditional vehicles greatly heightens the likelihood of death, emphasizing the need for more environmentally friendly transportation options.
- Electric buses, which are a vital aspect of environmentally friendly public transportation, provide a hopeful choice. By generating no emissions, they reduce harmful pollutants and improve air quality, protecting public health.
- The electric buses help decrease noise pollution, a frequent problem caused by noisy, diesel-fueled buses. The calmer functioning of electric buses creates a nicer city atmosphere, improving the overall quality of urban life. Residents are subjected to reduced traffic noise, resulting in better mental health and decreased stress levels.
- The use of electric buses is causing city planners to reconsider infrastructure requirements. Electric buses need charging stations and maintenance facilities designed specifically for their unique technology.
- Various factors such as environmental regulations, technological advancements, and increasing public interest in sustainable transportation options are fueling the electric bus market. Governments globally are enforcing strict emissions regulations and providing rewards to promote the adoption of electric vehicles, driving the market forward.
- Advancements in battery efficiency and charging infrastructure enhance the feasibility and cost-effectiveness of electric buses. Moreover, growing public awareness of environmental concerns and the demand for healthier, more sustainable cities fuel support for electric buses, guaranteeing ongoing expansion in this industry.
Technological Advancements:
- Innovations like pantographs and wireless recharging are revolutionizing urban transportation through technological advancements in electric buses. Pantographs, which are huge arms that link to overhead power lines, allow buses to charge while in motion.
- This new development decreases periods of inactivity and increases the distance batteries can operate by recharging them during travel. It is especially beneficial for routes that have charging stations, providing a smooth and eco-friendly option for city transportation systems.
- Another advancement is seen in wireless recharging, which utilizes inductive charging technology. Buses with this capability can recharge by parking over special pads that generate electric current via magnetic fields. This approach removes the necessity for actual links, improving ease of use and decreasing wear on charging equipment.
- These advancements enhance both operational efficiency and help achieve environmental sustainability objectives. Electric buses equipped with pantographs and wireless charging help decrease urban emissions and noise pollution, making them well-suited for crowded city environments.
- Moreover, continuous advancements in battery technology and charging infrastructure are constantly improving these systems. Advancements in energy storage and management are improving the efficiency and dependability of electric buses, making them more competitive in terms of range, cost, and environmental effects when compared to traditional buses.
Electric Bus Market Segment Analysis:
Electric Bus Market Segmented based on Type, Range, and Battery Capacity, Region
By Type, Battery Electric Vehicle segment is expected to dominate the market during the forecast period
- Battery electric buses are increasingly being embraced as an eco-friendly option to lower CO2 emissions in city transportation. Instead of relying on diesel fuel like traditional buses, these vehicles use electric motors powered by lithium-ion batteries. This change not only reduces environmental harm but also enhances air quality in urban areas.
- Accommodating large battery packs in electric buses has been a major challenge, leading to reduced passenger space and higher costs. Toshiba's SCiB™ technology tackles these issues by providing increased energy density and quicker charging abilities. This technology allows electric buses to run smoothly all day without affecting passenger comfort or operational efficiency.
- Regenerative braking improves the energy efficiency of electric buses by saving and storing energy lost during braking. This technology enables buses to recover 20-30% of their daily energy use, greatly increasing their distance and cutting down on energy expenses.
- With the increasing need for environmentally friendly city transportation, battery electric vehicles (BEVs) like buses are still the most popular choice in the electric vehicle industry. Governments and public transportation authorities around the globe are more and more dedicating resources to electric public transportation options in order to achieve climate objectives and enhance city living standards.
By Battery Capacity, up to 400 kWh segment held the largest share of 45.71 % in 2023
- The electric bus segment, particularly those with battery capacities up to 400 kWh, is witnessing significant dominance and growth within the European market. Over the past four years, there has been a remarkable 34% increase in the maximum battery capacity available for 12-meter buses.
- This surge reflects a concerted effort by manufacturers to enhance the range and operational efficiency of electric buses, crucial for meeting stringent urban emission regulations and achieving sustainable mobility goals.
- One of the standout trends highlighted in the Motus-E study is the exponential rise in the number of bus models equipped with over 400 kWh onboard. This increase, amounting to a nine-fold expansion, underscores the industry's rapid technological advancement and responsiveness to market demands.
- The shift towards electric mobility in local public transport is further bolstered by collaborations between industry players, automotive professionals, academia, and associations under Motus-E. This coalition aims to accelerate the adoption of electric buses by fostering innovation, standardizing technologies, and advocating for supportive policies.
- Together, these efforts are pivotal in transforming urban transport landscapes across Italy and Europe, promoting cleaner, quieter, and more sustainable public transportation solutions.
- As the electrification trends continue to evolve, the focus remains on enhancing battery performance, optimizing charging infrastructure, and reducing operational costs. This holistic approach not only addresses environmental concerns but also positions electric buses as integral components of smart, future-ready urban mobility ecosystems.
Electric Bus Market Regional Insights:
Asia Pacific is Expected to Dominate the Market Over the Forecast period
- The electric bus market in the Asia-Pacific (APAC) region has become prominent due to a combination of factors that showcase its leadership in eco-friendly transportation solutions. A major factor is the region's proactive approach to promoting environmental sustainability and decreasing urban air pollution.
- Authorities in the APAC region, including countries like China, India, and Southeast Asian nations, have enforced strict emissions regulations and set ambitious goals for the adoption of electric vehicles. These measures have encouraged large investments in electric bus infrastructure and manufacturing capacities, promoting a strong market environment.
- Additionally, the rapid urbanization and population growth in APAC have increased worries about air quality and congestion, leading cities to adopt electric buses as a cleaner, quieter option to diesel-powered vehicles. Electric buses are considered an essential part of sustainable urban mobility plans in megacities such as Beijing, Tokyo, and Delhi, where air quality is a significant concern.
- APAC's leading position in the electric bus market is also driven by advancements in technology and strong manufacturing capabilities. Nations such as China have become major players in electric vehicle manufacturing on a worldwide scale, utilizing economies of scale and cutting-edge battery technology to reduce expenses and enhance vehicle capabilities.
Active Key Players in the Electric Bus Market
- BYD (China)
- Yutong (China)
- Proterra (US)
- CAF (Solaris) (Spain)
- VDL Groep (Netherlands)
- AB Volvo (Sweden)
- New Flyer Industries (Canada)
- Daimler AG (Germany)
- Scania AB (Sweden)
- Iveco (Italy)
- Ebusco (Netherlands)
- Xiamen King Long United Automotive Industry Co., Ltd. (China)
- Man SE (Germany)
- Nissan Motor Corporation (Japan)
- Ashok Leyland Limited (India)
- Daimler Truck AG (Germany)
- Zhengzhou Yutong Bus Co., Ltd. (China)
- TATA Motors Limited (India)
- Hyundai Motor Company (South Korea)
- Workhorse (US)
- Dongfeng Motor Company (China)
- Paccar Inc. (US)
- Chery Automobile Co. Ltd. (China)
- Chongqing Changan Automobile Company Limited (China)
- Daimler Truck Holding AG (Germany)
- Volvo Group (Sweden)
- Zhejiang Geely Holding Group Co. Ltd (China) and Other Major Players
Key Industry Developments in the Electric Bus Market:
In May 2024, Olectra Greentech Ltd (OGL), a prominent electric bus manufacturer, achieved a significant milestone by surpassing 10,000 units in its e-bus order book. It became the first e-bus OEM in the country to reach this mark. Additionally, the company successfully extended its cooperation agreement with BYD, the Chinese EV giant competing with Elon Musk’s Tesla, until December 31, 2030, indicating a promising future for bus electrification in India.
In January 2024, Siemens AG completed the acquisition of Heliox, a Dutch-based company specializing in DC fast charging solutions. With approximately 330 employees, Heliox is renowned for its fast charging technologies tailored for electric bus and truck fleets, alongside passenger vehicles. This acquisition enhanced Siemens’ eMobility charging portfolio, incorporating products and solutions spanning from 40 kW to megawatt-scale charging solutions for depots and on-route charging needs.
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Electric Bus Market |
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Base Year: |
2023 |
Forecast Period: |
2024-2032 |
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Historical Data: |
2017 to 2023 |
Market Size in 2023: |
USD 21.3 Bn. |
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Forecast Period 2024-32 CAGR: |
15.01 % |
Market Size in 2032: |
USD 74.99 Bn. |
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Segments Covered: |
By Type |
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By Range |
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By Battery Capacity |
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By Region |
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Key Market Restraints: |
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Key Opportunities: |
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Companies Covered in the report: |
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Chapter 1: Introduction
1.1 Scope and Coverage
Chapter 2:Executive Summary
Chapter 3: Market Landscape
3.1 Market Dynamics
3.1.1 Drivers
3.1.2 Restraints
3.1.3 Opportunities
3.1.4 Challenges
3.2 Market Trend Analysis
3.3 PESTLE Analysis
3.4 Porter's Five Forces Analysis
3.5 Industry Value Chain Analysis
3.6 Ecosystem
3.7 Regulatory Landscape
3.8 Price Trend Analysis
3.9 Patent Analysis
3.10 Technology Evolution
3.11 Investment Pockets
3.12 Import-Export Analysis
Chapter 4: Electric Bus Market by By Type
4.1 Electric Bus Market Snapshot and Growth Engine
4.2 Electric Bus Market Overview
4.3 Battery Electric Vehicle
4.3.1 Introduction and Market Overview
4.3.2 Historic and Forecasted
Frequently Asked Questions
What would be the forecast period in the Electric Bus Market research report?
The forecast period in the Electric Bus Market research report is 2024-2032.
Who are the key players in the Electric Bus Market?
BYD (China), Yutong (China), Proterra (US), CAF (Solaris) (Spain), VDL Groep (Netherlands), AB Volvo (Sweden), New Flyer Industries (Canada), Daimler AG (Germany), Scania AB (Sweden), Iveco (Italy), Ebusco (Netherlands), Xiamen King Long United Automotive Industry Co., Ltd. (China), Man SE (Germany), Nissan Motor Corporation (Japan), Ashok Leyland Limited (India), Daimler Truck AG (Germany), Zhengzhou Yutong Bus Co., Ltd. (China), TATA Motors Limited (India), Hyundai Motor Company (South Korea), Workhorse (US), Dongfeng Motor Company (China), Paccar Inc. (US), Chery Automobile Co. Ltd. (China), Chongqing Changan Automobile Company Limited (China), Daimler Truck Holding AG (Germany), Volvo Group (Sweden), Zhejiang Geely Holding Group Co. Ltd (China) and Other Major Players.
What are the segments of the Electric Bus Market?
The Electric Bus Market is segmented into Type, Range, Battery Capacity, and region. By Type, the market is categorized into Battery Electric Vehicle, Plug-in Hybrid Electric Vehicle, and Fuel Cell Electric Vehicle. By Range, the market is categorized into Less than 200 Miles and More than 200 Miles. By Battery Capacity, the market is categorized into Up to 400 kWh and Above 400 kWh. By region, it is analyzed across North America (U.S.; Canada; Mexico), Eastern Europe (Bulgaria; The Czech Republic; Hungary; Poland; Romania; Rest of Eastern Europe), Western Europe (Germany; UK; France; Netherlands; Italy; Russia; Spain; Rest of Western Europe), Asia-Pacific (China; India; Japan; Southeast Asia, etc.), South America (Brazil; Argentina, etc.), Middle East & Africa (Saudi Arabia; South Africa, etc.).
What is the Electric Bus Market?
An electric bus is a vehicle that uses electric motors for propulsion instead of conventional internal combustion engines. These buses are primarily powered by onboard battery packs, making them battery electric buses, although other storage methods like flywheel energy storage in gyrobuses also exist. Electric buses are known for their environmental benefits, such as reduced emissions and lower noise pollution compared to traditional buses. Electric buses can receive their power either from stored energy or directly from external sources.
How big is the Electric Bus Market?
Electric Bus Market Size Was Valued at USD 21.3 Billion in 2023 and is Projected to Reach USD 74.99 Billion by 2032, Growing at a CAGR of 15.01 % From 2024-2032.
