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GMI Research analysis indicates that the Electric Bus Market size was estimated at USD 41.6 billion in 2022 and is slated to register a single digit CAGR of 41.6% over the forecast period, and is projected to reach USD 672.4 billion in 2030.
Key Drivers and Trends
The main drivers that are propelling the growth of the global electric bus market includes rising demand for high performance and fuel-efficient buses, rapid urbanization, and reduction in battery prices. Additionally, the adoption of electric buses is being driven by government attempts to meet zero emissions objectives and rising environmental concerns. For instance, over 421,000 electric buses were used in China accounting for almost 99.0%of the global fleet. Several vehicle manufacturers to engage in the development of hydrogen fuel cell-powered electric buses are increasing global demand for electric buses. Furthermore, rising technical improvements in terms of expanding mobility range and implementation of fast charging infrastructure are expected to bring multiple possibilities to stakeholders throughout the forecast period.
Whereas the electric bus market is facing restrictions due to high costs and poor battery efficiency. In addition, the total efficiency is decreased by the less efficient battery charging and the worse performance of electric buses in colder regions.
Based on Seating Capacity, 31 – 40-seater segment is expected to dominate the market.
31 – 40-seater segment is expected to dominate the global bus market according to the seat segment. The growing number of electric passenger buses with 31-40 seats, mostly for public transportation fleets, is the key factor responsible for segment expansion. Furthermore, the expanding production of 31-40 seta electric buses, notably by prominent players like as BYD, Yutong, and Porteera, is stimulating the market.
Based on Consumer, government segment is projected to grow at highest CAGR.
The government segment is expected to grow in upcoming years because of government from various countries are putting more emphasis on adoption of electric buses as a form of public transport. To reduce Delhi’s pollution, the Indian government declared in 2020 that 2,000 new electric buses would be introduced there by the end of 2021.
Based on region, Asia Pacific region is estimated to dominate the market
Asia- Pacific region is anticipated to lead the global electric bus market. Some of the fastest developing and developed countries are indulged in the APAC electric bus market across the world. APAC region is being dominated by the chinese market and the presence of major OEMs such as BYD, Zhongtong, Ankai, and Yutong. The demand for the Asia- Pacific electric bus market by region is also rising because of the favourable regulations for electric buses, lower cost of energy and electronics and the growth of charging infrastructure.
Top Market Players
There are various leading players in global electric bus market are Proterra, BYD Motors Inc., VDS Bus & Coach BV, CAF, Ebusco, Yutong, AB Volvo, New Flyer Industries Canada ULC, ETW International Inc., and Daimler AG, among others.
Market Segmentation
Segmentation by Propulsion Type
o BEV
o PHEV
o FCEV
Segmentation by Consumer Segment
o Private Fleet Operator
o Government
Global Electric Bus Market by Application
o Intercity
o Intracity
Segmentation by Seating Capacity
o Up to 30-Seater
o 31–40-Seater
o Above 40
Segmentation by Region
• Asia Pacific
o China
o Japan
o India
o Rest of APAC
• North America
o United States of America
o Canada
• Europe
o United Kingdom
o Germany
o France
o Spain
o Rest of Europe
• RoW
o Brazil
o South Africa
o Saudi Arabia
o UAE
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About GMI Research
GMI Research is a market research and consulting firm which provides market insights and intelligence across 12 major sectors helping our clients in making effective investment and business decisions.
