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Industry Trends
Electric Bus Market size surpassed USD 40 billion in 2021 and is expected to grow at a CAGR of over 10% between 2022 and 2028. Global industry shipments of electric buses are poised to reach 150,000 units by 2028.
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The shifting focus of commercial transport companies toward sustainable transportation will drive the market demand. Moreover, governments are focusing on accelerating the adoption of e-buses to enhance their contribution toward establishing a sustainable environment.
The key factor restricting the market expansion is high initial costs associated with electric buses. Electric bus and PHEV bus procurement requires heavy capital investments and large down payments. Furthermore, the additional charges, such as storage costs, taxes, loan interests, costs of insurance, and licensing, are adversely impacting the e-bus demand worldwide.
| Report Coverage | Details |
|---|---|
| Base Year: | 2021 |
| Market Size in 2021: | 40 Billion (USD) |
| Forecast Period: | 2022 to 2028 |
| Forecast Period 2022 to 2028 CAGR: | 10% |
| 2028 Value Projection: | 75 Billion (USD) |
| Historical Data for: | 2018 to 2021 |
| No. of Pages: | 300 |
| Tables, Charts & Figures: | 481 |
| Segments covered: | Type, Battery Capacity, Seating Capacity, Application |
| Growth Drivers: |
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| Pitfalls & Challenges: |
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High demand for all-electric bus due to their low operation sound & vibration
The all-electric bus market dominated around 90% revenue share in 2021, owing to their advanced multiple features and strict government regulations against fuel-powered buses, globally. For instance, in March 2021, the Government of UK announced to ban all types of diesel buses sales in the region from 2030 as a part of government initiatives to tackle air pollution and climate changes. The governments also invested around USD 4.12 billion under the National Bus Strategy plan to boost the adoption of e-buses in the region.
Significant investments in the 100-300kWh e-bus battery segment
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The 100-300kWh battery segment in the electric bus market is anticipated to register 12% growth rate through 2028, as 100kWh-300kWh battery-powered electric buses are majorly used in government public transport, colleges & universities, and hotel sectors.
Robust seating comfort and availability of various models are augmenting the demand for 40-70 seat e-buses
The 40-70 seater electric bus segment accounted for 60% market share in 2021, due to its better seating comfortability than 40 seaters and maximum capability of long-distance public transportation. Transport service providers are placing orders for 40–70-seater e-buses to minimize the ticket fares and to increase their consumers.
Rising public transport demand is driving intracity segment growth
Electric bus market share in the intracity segment is predicted to expand at 10% CAGR during the forecast period. Increasing commuters for schools, colleges, and offices across the globe are creating a demand for intracity e-buses.
Significant advancements in e-buses by industry players in Asia Pacific
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The Asia Pacific electric bus market revenue was more than USD 35 billion in 2021, attributed to the presence of established market players such as BYD Co., Ltd., Tata Motors, Anhui Ankai Automobile Co., Ltd., Zhongtong Bus Holding Co. Limited., and Ashok Leyland Limited and their initiatives to increase their electric bus sales.
E-bus OEMs focus on improving their market shares as well as brand value
The prominent electric bus manufacturers across the globe include AB Volvo, Anhui Ankai Automobile Co., Ltd., Beiqi Foton Motor Co., Ltd., BMW AG, BYD Company Ltd., Daimler AG, Ford Motor Company, General Motors, Honda Motor Co., Ltd., Hyundai Motor Company, Irizar S.C., Iveco SpA, MAN SE, Mitsubishi Motors Corporation, NFI Group Inc., Nissan Motor Corporation, SCANIA AB, Tata Motors, Tesla, Inc., Toyota Motor Corporation, Volkswagen AG, VDL Bus & Coach B.V., and Zhengzhou Yutong Bus Co., Ltd. Market leaders’ high emphasis on significant investments in R&Ds for new innovations to attract potential business clients is boosting the market expansion.
The electric bus market research report includes in-depth coverage of the industry with estimates & forecast in terms of revenue in USD and shipments in units from 2022 to 2028 for the following segments:
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 700 Seats
Market, By Application:
- Intercity
- Intracity
The above information has been provided for the following regions and countries:
- North America
- U.S.
- Canada
- Europe
- Germany
- UK
- France
- Italy
- Russia
- Netherlands
- Asia Pacific
- China
- India
- Japan
- South Korea
- Latin America
- Brazil
- Mexico
- Argentina
- Chile
- MEA
- UAE
- Saudi Arabia
- South Africa
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