Electric Bus System Market Size - By Component, By Battery Chemistry, By Application, Growth Forecast, 2025 - 2034

Electric Bus System Market Size

The global electric bus system market size was estimated at USD 129.2 billion in 2024. The market is expected to grow from USD 144.2 billion in 2025 to USD 387.3 billion in 2034, at a CAGR of 11.6% according to latest report published by Global Market Insights Inc.

The government policies worldwide encouraging the changeover to zero-emission bus transit including grants, tax incentives to procure electric buses and other incentives to procure electric buses, these policies promote the expansion of zero-emission public transportation use and subsequently are assisting local governments and transit agencies in the rapid upgrade of current bus fleets as well as generating the need for more electric buses and related charging infrastructure.
 

The significant decrease in lithium-ion battery costs coupled with advances in energy density are reducing the overall cost of the vehicle and increasing the operational range of electric buses for transit agencies. Electric buses can now compete with diesel buses on a more equitable basis from a cost point of view, allowing transit operators to deploy more electric buses, operate longer routes, and even support other jurisdictions by providing intercity service between them, thereby increasing the number of electric bus systems available to them.
 

In March 2025, CALSTART forecasted the U.S. could see the number of full-size zero-emission bus units grow to over 15,000 units by 2030. This number is based on current deployment patterns and assumes continued support from policy makers and an increase in the amounts of incentives offered to deploy electric buses, as well as the continued improvement of both battery and fuel-cell technology. The forecast shows the amount of electrification of public transit in the United States could be substantial in the next ten years.
 

The trend towards investing in electrified bus corridors, bus rapid transit (BRT) systems and depot infrastructure is driven by urbanization; goals related to improved air quality; and sustainability initiatives. Coordinating deployment of programs leads to maximum operational efficiency. Coordination also integrates a charging solution while creating economies of scale that promote increased use of the electric bus system.
 

Investments into hydrogen refueling stations will support FCEBs (fuel cell electric buses), particularly on long-distance and heavy-duty routes. By reducing operational limitations through additional hydrogen station locations, it will allow for increased use of FCEBs as well as complement battery-electric buses, which expands the range of options associated with electric bus systems while aiding the transition to entirely decarbonized public transportation.
 

Electric Bus System Market Trends

Declining prices for batteries, improved battery performance, and government policies and incentives supporting battery-electric buses (BEBs) have led to an increase in transit agencies replacing diesel/hybrid bus fleets with BEBs. As more transit agencies deploy BEBs in urban, intercity, or shuttle spaces, the mass adoption of electric buses and standardization of electric bus technologies continue to expand globally.
 

Hydrogen fuel cell electric buses (FCEBs) are emerging as a viable option for longer distance/higher weight applications as local governments and original equipment manufacturers (OEMs) are investing in developing hydrogen fuel infrastructure to enable zero-emission public transportation in geographic areas where battery-electric range is not sufficient to provide transit service. This will diversify the electric bus marketplace and strengthen the use of alternative propulsion solutions.
 

The deployment of depot, opportunity, and megawatt-scale charging infrastructures has been growing rapidly on a global scale. By integrating charging systems with energy management systems (EMSs) and smart grid systems, fleet operators are able to optimize their fleets' operations and minimize peak-load utilization while providing more opportunities for fleet operators to increase their levels of electrification through large fleets of high-frequency bus networks.
 

APAC is the leader in fleet size, however electric bus systems are gaining significant market share in emerging markets like LATAM, MEA and India in a fast-paced manner. Public-private partnerships, international financing sources, and local manufacturing are all supporting the growth of the electric bus market, which is helping to enable global adoption of electric buses, as well as fostering innovation, competition and locally-based solutions that meet the needs of a variety of operational environments.
 

MTRWestern added fully electric CX45E motorcoaches to their intercity charter bus offering in September 2024. With a 450+ kWh battery and a range of 250+ miles per charge, the electric buses provide sustainable regional transportation solution via the intercity/coach bus market. By introducing this technology in the intercity coach market, MTRWestern has demonstrated that electric bus technology is practical for long-distance travel while reducing both emissions and operational costs.
 

Electric bus fleets are adopting more and more technologies such as telematics, predictive maintenance and route optimization software, which will improve the energy efficiency of fleet operations, minimize fleet downtime and increase battery life, therefore allowing operators of large-scale fleets to manage their fleet effectively while decreasing operating expenses and increasing overall service reliability across the globe.
 

Electric Bus System Market Analysis

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Based on component, the electric bus system market is segmented as electric buses, charging method, energy supply & grid integration, fleet & operations management, maintenance & support system. Electric buses accounted for USD 70.7 billion in 2024 at a CAGR of 9.7% from 2025 to 2034.
 

• The rapid increase in the adoption of battery-electric buses worldwide has resulted primarily from decreasing battery costs and increasing ranges from battery-electric buses, along with government incentives that support this change. A key focus of transit agencies is the large-scale electrification of their fleets; this requires the use of larger-capacity batteries and smart grid technology for fast charging.
   
• Improvements in battery technology through advances in lithium iron phosphate (LFP) and solid-state batteries have resulted in the ability to produce battery-electric buses that can operate safely, efficiently, and economically over a longer period of time than traditional battery technologies.
   
• Fleet electrification via depot charging dominates fleet electrification, providing large scale overnight and off-peak charging for fleet operations; evolving high-power (ac/dc) charger, intelligent energy management and modular infrastructure combined will drive down costs and increase utilization of electricity from the grid; continuous 24-hour support of requested services through integrating renewable energy resources to sustain a depot's electrification requirements.
   
• The demand for on-route opportunities or rapid receiving charging is growing for high-frequency transit routes within BRT corridors. Systems such as pantograph, inverted and inductive charge buses quickly while resting or waiting; enabling larger bus batteries size allow essential operational functions without increase in downtime/operational disruption.
   
• Plug-in hybrid electric buses also provide a useful transition to full battery-electric buses deployment, particularly in areas where charging infrastructure is limited. Finally, the development of hydrogen fuel cell technology is increasingly expanding into long-distance applications and heavy-duty transit services. Improvement in hydrogen production, storage, and refueling infrastructure, along with government incentives to promote hydrogen fleets as a complement to battery-electric buses, is reducing operational constraints for fuel cell electric buses in intercity, airport, and bus rapid transit services.
   

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Based on battery chemistry, the electric bus system market is segmented into lithium iron phosphate (LFP), nickel manganese cobalt (NMC), Nickel Cobalt Aluminum (NCA), lithium titanate (LTO), solid-state batteries and others. Lithium iron phosphate (LFP) accounted for 52% market share in 2024 and is forecasted to grow at the CAGR of 12.7% from 2025 to 2034.
 

• Electric bus manufacturers have adopted LFP (Lithium Iron Phosphate) batteries due to their long-life cycle, thermal stability, and low cost. In many cases, especially in Asia and Europe, manufacturers are using LFP batteries in all types of buses, including standard and articulated buses. Recent design improvements and new battery sets such as cell-to-pack (CTP) structures with higher energy density/weight ratios will allow improved performance, increased levels of safety, and improved life cycle costs for larger scale transit operations.
   
• In terms of energy density and range, manufacturers continue to prefer NMC (Nickel Manganese Cobalt) batteries for applications where these attributes are critical - for example, intercity buses and long-range articulated electric buses. Improvements in cathode ratios and heat management techniques have also resulted in decreased risk of battery degradation. In addition to increasing material costs, NMC batteries remain a viable option based on historical performance levels for use on high-volume routes where LFP batteries may not be practical.
   
• In January 2025, a second-generation Saf-T-Liner C2 Jouley battery bus was introduced by Thomas Built Buses (Daimler subsidiary), which has an increased battery capacity and better thermal management for cold-weather operations, as well as added safety features. This new generation reflects the operational experience gained from the first deployment and shows how quickly technology for electric school buses is evolving.
   
• Solid-state technology has the potential to revolutionize the electric bus market long-term by providing batteries with improved energy density, safety, and longevity. Several manufacturers have conducted demonstration projects in Asia, Europe, and North America to further validate this technology; as manufacturing ramps up after 2030, solid-state technology is anticipated to facilitate the deployment of extended-range electric buses and reduce the reliance on cobalt and nickel-based battery technologies.
   

Based on application, the EV system market is segmented into urban public transit, intercity & regional transport, campus & airport shuttles, corporate & industrial shuttles and others. Urban public transit accounted for 65% of the market share in 2024 and is forecast to grow at the CAGR of 9.9% from 2025 to 2034.
 

• The electrification of an entire fleet of vehicles has accelerated and will continue accelerating in cities that have mandated zero-emission goals and are aiming to achieve greater reductions in congestion and air quality improvement. Therefore, transit agencies are rapidly deploying large numbers of battery-electric buses throughout their fleets supported by the installation of depot chargers, advanced load management, and other government funding incentives.
   
• Fleet operators utilize integrated fleet monitoring system platforms, predictive maintenance, and other tools to enhance reliability, operational efficiency, and cost-effectiveness in the long term. Long-distance electric bus routes are gaining traction as the availability of long-range batteries, megawatt-class charging systems, and fuel cell technology develops and becomes available for operators to replace diesel buses on routes between 150 km (-350) per trip. Corridor charging infrastructures, cross-border standards, and the co-investment of government funding have supported this change toward replacing diesel-powered buses with zero-emission, chargeable (battery) buses, extending zero-emission regional mobility options beyond cities.
   
• In February 2025, Volvo completed the acquisition of Proterra's battery business for 210 million dollars. This acquisition solidifies Volvo’s position in the electric vehicle market while obtaining advanced battery technologies for use in commercial vehicles (e.g. trucks and buses). Proterra's acquisition includes its manufacturing facility in California, as well as a significant intellectual property portfolio relating to the design of battery packs and thermal management systems.
   
• Universities, airports, and large campus facilities are increasingly adopting electric shuttles due to their predictable routes, ability to provide controlled charging environments, and their strong sustainability objectives and goals. Fleet operators are integrating fast depot charging stations, autonomous driving pilot projects, and connected vehicle platforms to improve their fleet's operational visibility, reduce fleet emissions, and increase their overall operational efficiency. There is also permitted growth of the mini- and medium-sized battery electric buses for greater flexibility of routing, providing greater operational efficiencies.
   

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The electric bus system market in US dominates regional revenue with approximately 86% share in 2034. The market in US held a revenue of USD 24.4 billion in 2024 and is expected to experience significant and promising growth from 2025 to 2034.
 

• Massive federal investments through the Bipartisan Infrastructure Law and Low-No Emission Bus Program are accelerating fleet transitions. As Transit Agencies expedite their transition by upgrading charging at depots, investing in new electric Bus fleets, and training their workforce, U.S. manufacturers will greatly benefit from the “Buy America” provision, enhancing the ability of U.S. supply chains to produce batteries, chargers and power electronics.
   
• The introduction of electric school buses is a nationwide initiative from the federal government. Grant funding from the U.S. Environmental Protection Agency (EPA) under the Clean School Bus Program is prompting many School Districts to convert to BEB over a competitive acute total cost of ownership and the significant benefits to student health. Manufacturers are ramping up production of Type C and Type D battery electric buses to meet the increasing demand.
   
• Utilities and Transit Agencies are working together to enhance the local electric power grid to support what is viewed as a transition to large depot charging infrastructure for buses. In the meantime, high powered dc fast chargers and managed charging software have been expanding. Additionally, the US Has begun a trial of megawatt charging capabilities for heavy duty buses in support of the expansion of inter-city long-distance travel, as well as creating more economically efficient service routes and systems for metro rapid bus fleets.
   

North America electric bus system market accounts for 22% market share in 2024 and is expected to reach 81.7 billion by 2034.
 

• Cities across Canada including Toronto, Vancouver, and Montreal are now targeting whole-fleet electrification sooner than other parts of the world. With Government of Canada funding through Zero Emissions Transportation Fund, agencies are currently prioritizing funding and promoting battery electric bus (BEB) deployment through Canadian standards (long-range BEBs, etc.) for charge reliability and manufacturer alignment to cold weather operating (long-range) characteristics.
   
• In North America, most transit systems are currently implementing depot charging applications based on the following principles: A predictable route pattern and reduced complexity of infrastructure. As a result, many transit authorities are implementing large volumetric charging hubs using energy storage and renewable systems. The centralized depot-based model supports stability during winter months, thereby minimizing service disruptions.
   
• The goal of the region is to develop a local battery production strategy to limit dependence on Asian imports. Investments in LFP and NMC battery production plants will enhance cost competitiveness. There is an increasing trend toward collaboration between BEB manufacturing companies and electric utilities, allowing for simplified charger installation, grid connections and optimizing fleet energy consumption.
   

The electric bus system market in Europe is expected to reach USD 87.4 billion by 2034. The region held 24% market share in 2024. The region is rapidly advancing interoperable charging standards for electric buses, enabling seamless cross-border fleet operations.
 

• Several European cities are adopting zero emissions zones, providing impetus for rapid adoption of battery electric buses (BEBs), with cities placing priority on fast procurement cycles, interoperability and decarbonization requirements. As European OEMs (Original Equipment Manufacturer) continue to develop an increasing number of Articulated Electric Bus Models, they face pressure from regulators to implement lifecycle carbon reporting and responsible sourcing of batteries.
   
• Opportunity charging remains an important consideration for many European cities due to the prevalence of dense urban networks and high frequency transit routes throughout these regions. The use of pantograph systems allows transit operators to deploy smaller capacity battery systems on lighter weight Bus designs; however, growth in battery energy density continues to promote the gradual transition to overnight depot charging.
   
• Europe continues to maintain a leading position in battery recycling regulations and the use of second life batteries. Circularity regulation creates the expectation that OEMs will provide traceability of battery components, enhanced warranties for new batteries and have established partnerships to recycle used batteries. By providing these solutions, OEMs can mitigate emissions produced during the lifecycle of a battery and facilitate the sustainable growth of BEB fleets at transit agencies throughout Europe.
   

Germany electric bus (EV) system market leads European growth, accounting for approximately 32.6% of regional revenue in 2024.
 

• Germany has made a strong push for OEMs to adopt interoperable charging through the use of a standardized DC charging protocol and pantographs, which is reflected in the strong growth of on-route charging installations, particularly for bus rapid transit (BRT)-style corridor routes.
   
• Underneath the federal support of its public transportation system, Germany's federal government plans to aggressively transition to zero-emission electric buses with battery electric bus (BEB) technology. As cities such as Berlin, Hamburg, and Cologne are also involved in implementing large-scale procurement programs for high-efficiency bus depots, they will also continue expanding their domestic manufacturing partnerships.
   
• Germany has incorporated green hydrogen and solar-powered depot facilities into its zero-emissions lifecycle operations. Energy management systems and microgrid technologies will reduce the burden on distribution grid systems, while simultaneously optimizing charging schedules and operating costs over the entire life cycle of the vehicles.
   

Asia Pacific electric bus system market held a value of USD 54.5 billion in 2024 and is expected to grow with 13.1% CAGR from 2025 to 2034.
 

• Urban transit systems are being electrified rapidly by Governments in the Asia-Pacific (APAC) region to ease congestion and reduce pollution. Governments assist cities in operating electric bus fleets with various forms of financial assistance such as subsidies, procurement mandates, and low-interest loans. Consequently, with this increased activity, Original Equipment Manufacturers (OEMs) are focused on producing electric buses that have a high capacity, long-term durability and use lithium iron phosphate (LFP) batteries to be used in high-density urban routes; thus, accelerating the eventual mass adoption of these buses in China, India, South Korea, and other Southeast Asian Nations.
   
• APAC's Continued regionalization of the manufacture of batteries, powertrains, charging equipment, and hydrogen systems is creating a more resilient supply chain, reducing component costs and increasing the capability of the countries to export. At the same time, as domestic manufacturing of electric buses increases, the number of new electric buses deployed is expected to increase dramatically, while reducing the reliance of citizens of these APAC countries on foreign suppliers and supporting the regions' long-term dominance in both battery technology and the ecosystem of electric mobility.
   
• Japan, South Korea and Australia are extending the development of a zero-emission transit system using hydrogen fuel cell buses that can safely run along long-distance routes and high-utilization corridors. Intensive investment in hydrogen fuel infrastructure, hydrogen production, and hydrogen fuel cell research and development are being made to foster the commercial development of this form of clean transportation to complement BEB technology and solve the range limitations faced by BEBs. In addition, hydrogen buses will also be an important source of clean transportation for areas where charging stations are either too far apart or not accessible.
   

The electric bus system market in China is estimated to hold market revenue of USD 24.7 billion in 2024 and is expected to experience significant and promising growth from 2025 to 2034.
 

• China is the world leader in electric bus evolution due to its long-term policies and strategic development of this industry. Urban centers are continually upgrading their fleets of battery electric buses (BEBs) but many rural areas are starting to see increased use of smaller battery electric buses (BEBs). China's ability to scale produce, develop technology locally, and procure vehicles through centralized methods have provided a mechanism for reducing costs and deploying vehicles at speeds greater than any other country in the world.
   
• Lithium iron phosphate (LFP) batteries are the primary battery technology for electric buses in China due to their safety, reliability, longevity, and affordability. Manufacturers in China are constantly innovating with new technologies such as cell-to-pack (CTP), blade layouts, and improving thermal management technologies to achieve higher energy densities and longer lives, while early-stage solid-state battery pilots offer further promise for developing the next-generation of high-performance, low-cost electric bus battery technology.
   
• China continues to develop intelligent depot charging based on artificial intelligence (AI), such as Load Balancing and Predictive Scheduling, to help alleviate peak demand costs. Additionally, China's vehicle-to-grid (V2G) demonstrations are also providing vehicles the ability to supply power back to the electrical grid helping to maintain grid stability and assisting with the integration of renewable energy resources. Both intelligent depots charging and V2G technologies have turned Bus Depots into accessible energy assets, contributing to broader intelligent grid and smart city systems.
   

Latin America electric bus system market held over USD 5.4 billion revenue in 2024 and is expected to experience significant and promising growth from 2025 to 2034.
 

• Public-private partnerships are being utilized in Latin American cities, such as Santiago (Chile), Bogotá (Colombia) and São Paulo (Brazil) to expand electric bus (BEB) deployment by decoupling BEB ownership, charging and operational responsibilities from the transit agency. This enables the transit agency to reduce its capital cost while creating a climate conducive to private investment. With long-term contracts and centralized energy procurement in place, cities can efficiently integrate BEBs on a large scale, circumventing the budget constraints of their respective regions.
   
• As a result of predictable urban routes and fewer infrastructure requirements, Latin American transit systems predominantly deploy 12-metre long BEBs equipped with overnight depot chargers. In an effort to limit upfront investment costs for operators, there is a growing shift towards leasing/battery-as-a-service (BaaS) for BEBs. The utilization of these alternative acquisition models provides an opportunity for continued electrification, while providing operators with manageable operational and charging costs and schedules, particularly for large metropolitan fleets.
   
• Due to their affordable pricing options, dependable models and integrated service offerings, Chinese manufacturers dominate the LATAM electric bus market. Their ability to assemble electric buses locally, provide financing assistance and enter into long-term maintenance agreements significantly improves the adoption viability of BEBs in LATAM markets. Their strong presence will continue to facilitate large-scale BEB electrification throughout metropolitan LATAM cities and increase regional competition among global original equipment manufacturers (OEM).
   

The MEA electric bus system market is projected to grow at a CAGR of 8% from 2025 to 2034 and held a market share of around 7.5% in 2024.
 

• The MEA region, including the UAE, Saudi Arabia, and South Africa, is testing a large number of electric bus pilot programmes as part of a larger sustainability and smart city initiative. Governments are pilot-testing Battery Electric Buses (BEBs) in climates that are stressed by climate-change, developing long-term procurements, and assessing the Total Cost of Ownership (TCO) in order to enable the potential future scaling of a national Zero-Emission Transit Fleets.
   
• In addition, the MEA is heavily investing in high-power DC-Charging, solar powered depot systems, and the modernization of the electrical grid in support of the widespread deployment of BEBs. Utilities work with Transit Authorities to strengthen load management, integrate renewable energy into the grid, and provide a resilient energy system that can work in extreme heat conditions, as well as provide reliable charging and efficient fleet operation.
   
• Countries in the MEA region are beginning to view hydrogen buses as the best choice for long range travel and extreme temperature environments where the performance of BEBs will degrade. The additional investment being made in the production of green hydrogen, hydrogen corridor systems, and fuel electric bus (FCEB) demonstrations are indicative of the increased interest in the diversification of zero-emissions technologies and reducing reliance on large-scale charging networks.
   

Electric Bus System Market Share

• The top 7 companies in the electric bus system industry are ABB E-Mobility, Alstom, CATL, Forsee Power, IVECO Bus, NFI, RIDE, Siemens Smart Infrastructure, Solaris Bus & Coach, Yutong Bus contributing around 29.5% of the market in 2024.
   
• ABB E-Mobility is the world’s leading provider of electric bus charger solutions, with a full range of charging options from 22 kW Depot sized units to 1.2 MW Megawatt systems. With innovative technologies like an automatic pantograph system, liquid cooled cables, and advanced smart charging platforms, ABB has engineered over fifty thousand charging stations and deployed them successfully on transit networks worldwide.
   
• CATL, a leading supplier of advanced Lithium Ferro Phosphate (LFP) and Nickel Manganese Cobalt (NMC) battery packs to manufacturers of electric buses globally, contributes to the performance and affordability of electric buses through innovations in high energy density cell-to-pack batteries, low cost LFP packs, and a scalable production model for giga-factory manufacturing of electric batteries. CATL is also working on sodium-ion battery technology, which would lower costs and increase the performance of electric bus batteries for future applications.
   
• Siemens Smart Infrastructure, part of Siemens, provides high power charging solutions, depot energy management systems, and grid-connected charging technology to support the electrification of larger fleets of electric buses. By providing systems that can support very high levels of electrical charging (up to megawatt level) through a combination of hardware and software applications, Siemens is helping transit agencies manage their load balancing and also supports them with renewable energy integration and increased operational efficiencies. Using a comprehensive (not just hardware based) approach to charging, Siemens is providing a robust solution to support fleet electrification on large complex public transportation systems across all regions where electric bus fleets are operating or will be operating in the coming years.
   
• Alstom Electrification Systems & Integrated Charging Technologies Alstom has been in the rail and electric transport industry for many years and has developed advanced trolleybus electrification systems and integrated charging technology. These systems are based on the company's extensive experience. Alstom offers solutions that combine overhead charging, modernization of power electronics and improve fleet infrastructure. Alstom also supports cities as they move from legacy trolleybus systems to 100% zero-emission mobility.
   

Electric Bus System Market Companies

Major players operating in the electric bus system industry are:

• ABB E-Mobility
• Alstom
• CATL
• Forsee Power
• IVECO Bus
• NFI
• RIDE
• Siemens Smart Infrastructure
• Solaris Bus & Coach
• Yutong Bus
   

• Yutong Bus has risen to global prominence in bus manufacturing by manufacturing the most complete line of BEB, PHEB, and FCEB for urban transit, intercity, and tourism applications and now offers an E-series environment-friendly bus line, which has all the flexibility of modularity and an average distance of 200 to 400 Km per charge.
   
• The ABB E-Mobility business unit provides advanced charging stations for electric buses, offering a range of power outputs from 22 kW through 1.2 MW; automated pantographs, liquid-cooled high-power cables, and vehicle-to-grid capability for power flow management; and intelligent charging systems that optimize energy costs and ensure optimal use of local utility's electrical resources. Other strategic initiatives include the establishment of North America's first 1.4 MW educational electric bus charging campus in Newark, California, showcasing a major initiative to deliver electrification solutions for fleets.
   
• As one of the largest global suppliers of lithium-ion battery solutions for the bus market, CATL (Contemporary Amperex Technology) supports leading global OEMS by providing lithium-ion (LiFePO4, NMC) batteries. CATL uses its patented battery technology to manufacture Qilin batteries, which achieve energy densities of 255 Wh/kg; sodium-ion battery technology, which achieves densities of 160 Wh/kg and lower production costs; and has an annual production capacity of 500 GWh, supporting the accelerating global demand for electric buses with a focus on safety, energy density, and the ability to scale production.
   
• BYD has the world's largest electric bus manufacturing facility located in Shenzhen. They have a vertically integrated model that includes their own battery and electric drivetrains through to final assembly. Their Blade Battery Technology has 50% more volumetric energy density than standard lithium-ion batteries leading to superior safety and reduced costs due to less material being used per unit of energy produced. BYD is continuing to expand globally, including producing in Azerbaijan and supplying electric buses to over 300 cities on all six continents.
   

Electric Bus System Industry News

• In January 2024, BYD and Yutong entered into contracts with various Italian city transport agencies for delivery of electric buses to those cities and thus furthered their presence in Europe as major manufacturers of electric buses made in China. These contracts also reflect on how well established and accepted the technology of electric buses manufactured in Asia is becoming in markets traditionally dominated by local manufacturers as well as the strong working relationships between manufacturers of electric buses and local transport agencies, while demonstrating the operational ability and continued growth of electric buses and hybrid electric buses for urban transport systems.
   
• In May 2024, Yutong Bus won the contract to supply 50 electric buses to Mexico City’s RTP, with a value of $24.5 million. This contract includes all necessary service, parts, and technical support, along with driver training and ongoing technical assistance for the long term and demonstrates a further expansion of the capabilities of Chinese manufacturers of electric buses in the Latin American Marketplace.
   
• In July 2024, BYD started producing electric buses at its new manufacturing plant in Azerbaijan. This plant will serve as a regional production facility and will assist the company with meeting production needs in Central Asia and eastern Europe, as well as support content requirement regulations for regional electric bus manufacturers and to reduce transport and logistics costs. Therefore, by establishing a factory/plant in Azerbaijan, BYD is expanding their global operations to establish a strong global presence through creating and strengthening supply chain networks and production networks throughout Europe and Asia for electric buses.
   
• Rochester Regional Transit Service introduced the first hydrogen fuel cell buses in New York State in November 2024, with two fuel cell electric buses operating and expectations to operate 12 by late 2025. Supported by the New York State Energy and Research Authority, the hydrogen fuel cell bus deployment illustrates the use of hydrogen fuel cells as viable in cold climates and is seen as a future step toward having 100% zero-emission intercity and urban transit fleets in the area.
   

The electric bus system market research report includes in-depth coverage of the industry with estimates & forecasts in terms of revenue ($Bn), volume (Units) from 2021 to 2034, for the following segments:

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Market, By Component

• Electric Buses
  • Battery Electric Buses (BEBs)
  • Plug-in Hybrid Electric Buses (PHEVs)
  • Fuel Cell Electric Buses (FCEBs)
  • Trolleybuses
• Charging Method
  • Depot Charging
  • Opportunity Charging
  • Pantograph Charging
• Energy Supply & Grid Integration
• Fleet & Operations Management
• Maintenance & Support System

Market, By Battery Chemistry

• Lithium Iron Phosphate (LFP)
• Nickel Manganese Cobalt (NMC)
• Nickel Cobalt Aluminum (NCA)
• Lithium Titanate (LTO)
• Solid-State Batteries
• Others

Market, By Application

• Urban Public Transit
• Intercity & Regional Transport
• Campus & Airport Shuttles
• Corporate & Industrial Shuttles
• Others  

The above information is provided for the following regions and countries:

• North America
  • US
  • Canada
• Europe
  • Germany
  • UK
  • France
  • Italy
  • Spain
  • Russia
  • Nordics
  • Netherlands
• Asia Pacific
  • China
  • India
  • Japan
  • ANZ
  • Singapore
  • Thailand
  • Vietnam
  • South Korea
• Latin America
  • Brazil
  • Mexico
  • Argentina
• MEA
  • South Africa
  • Saudi Arabia
  • UAE