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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.
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.
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.
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.