Electric Bus Market Size By Type (All-electric, PHEV, FCEV), By Battery Capacity (Below 100 kWh, 100 - 300 kWh, Above 300 kWh), By Seating Capacity (Below 40 Seats, 40 - 70 Seats, Above 70 Seats), By Application (Intracity, Intercity) & Forecast, 2023 - 2032

Industry Statistics

Electric Bus Market size surpassed USD 45 billion in 2022 and is anticipated to register 12% CAGR from 2023 to 2032, attributed to the ongoing electrification of public transport worldwide.
 

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The increasing focus on ensuring a cleaner environment by reducing hazardous emissions has boosted the development of electric public transport systems. Electrification of public transport systems is a crucial step toward mitigating the impacts of accelerating climate change by minimizing emission levels. To this end, several governments and private firms globally have been rolling out necessary initiatives and making significant investments focused on electrifying the existing public fleets.
 

Moreover, the factor largely contributing to the electric bus market growth is the low maintenance costs associated with these buses. Electric motors involve much lower maintenance costs than traditional models as they have fewer moving parts that are far more efficient than conventional counterparts.
 

On the other hand, HEVs have more moving parts and a complicated design. Besides, CNG, diesel, and hybrid CNG buses have higher upkeep requirements such as filter replacements, frequent oil changes, exhaust system repairs, periodic tune-ups, and water pump, fuel pump & alternator replacements, etc., resulting in maintenance costs, thus favoring the electric bus market development. Since the technology is relatively new, electric buses are more expensive than traditional models. High upfront costs restrict several consumers in low and middle-income economies from buying electric vehicles, which may significantly impact industry performance by 2032.
 

Increased emphasis on reducing carbon emissions to boost demand for all electric buses

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The all electric bus industry size is poised to be worth over USD 150 billion by 2032, led by the noticeable surge in oil prices and consistent technological developments in alternative powertrains for passenger vehicles. Passenger vehicles for public transport generate significant CO2 emissions. Several governments emphasizing reducing emission levels by utilizing electric mobility in mass transit and improving carbon footprint will augment segment revenues by 2032.
 

Sales of 40-70 seats electric buses to inflate due to escalating vehicle electrification initiatives

The electric bus market from the 40-70 seats seating capacity type is slated to grow at overpoised to attain 14% gains between 2023 and 2032. Electric buses with 40-70 seats seating capacity are expected to replace the existing fleet of school buses, public transit buses, and tourist buses in the coming years, owing to the supportive government initiatives for electric mobility, adding to market revenues. Additionally, consistent efforts toward improving the passenger-carrying capacities of public vehicles will accelerate business growth.
 

Increasing passenger inclination toward shared mobility to bolster the demand foe e-buses for intracity applications

The industry from the intracity application segment is projected to reach USD 150 billion by 2032. The primary factor fostering the adoption of intracity commute services is the emerging shared mobility trends in several countries, driven by the associated economic benefits and growing environmental concerns. Utilizing e-buses for intracity transportation services helps reduce traffic congestion while mitigating harmful vehicular emissions, further fostering product demand.
 

Improving transportation infrastructure across major economies in the Asia Pacific

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The Asia Pacific electric bus market will observe 12% growth through 2032. The region is characterized by rapid urbanization and increasing investments toward developing the existing transportation infrastructure, which has favorably impacted the espousal of electric buses. In addition, a recognizable rise in international & domestic tourism has increased the demand for transport vehicles in the long run. Furthermore, the growing need for advanced & luxurious buses from passengers will positively influence the industry landscape.
 

Cutting edge innovations to redefine the market’s competitive outlook

Notable players operating in the electric bus business scenario are  BYD Co. ltd., NFI Group Inc., Solaris Bus & Coach, VDL Bus & Coach, Volvo Buses, Hyundai Motor Company, Nissan Motor Corporation, General Motors, and Ford Motor Company. These participants are making hefty R&D investments to introduce novel innovations and attract potential business clients.
 

For instance, in November 2022, Sono Motors, a German solar mobility OEM, partnered with pepper motion GmbH to launch a new electric bus equipped with solar technology. Under this partnership, Sono Motors equipped an electrified Mercedes-Benz Citaro from pepper’s fleet with a solar bus kit to offer a 1.3 kW peak to the 24-volt system. The installation helped in generating 3.3 kWh of energy per day.
 

This market research report on electric bus includes in-depth coverage of the industry with estimates & forecast in terms of revenue in USD from 2018 to 2032 for the following segments:

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Market, By Type

• All-electric
• PHEV
• FCEV

Market, By Battery capacity

• Below 100 kWh
• 100-300 kWh
• Above 300 kWh

Market, By Seating capacity

• BELOW 40 seats
• 40-70 seats
• Above 70 seats

Market, By Application

• Intercity
• Intracity

The above information has been provided for the following regions and countries:

• North America
  • U.S.
  • Canada
• UK
  • UK
  • Germany
  • France
  • Italy
  • Russia
  • Netherlands
• Asia Pacific
  • China
  • India
  • Japan
  • South Korea
• Latin America
  • Brazil
  • Mexico
  • Argentina
  • Chile
• MEA
  • UAE
  • Saudi Arabia
  • South Africa