Tokyo, April 13, 2022 (GLOBE NEWSWIRE) -- The electric bus market is expected to witness remarkable growth in near future. The electrification of public transportation has increased significantly over the world. Because of this, electric buses have reduced maintenance costs. Furthermore, the government is spending heavily in the development of charging infrastructure across the board. In addition, the cost of battery research and development is rising. Throughout the world, the electric bus is regarded as a green transportation choice. There is a spike in demand for ecologically friendly transportation and mobility solutions in developing regions such as Latin America and the Asia-Pacific.
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In addition, transportation corporations are refocusing their efforts on renewable energy sources. As a result, since a few years, there has been a high demand for electric buses. Thus, these factors are driving the growth of the global electric bus market.
Report Highlights
- The battery electric bus, hybrid electric bus, plug-in hybrid electric bus, and fuel cell electric bus are the different types of electric bus. Due to the factors such as growing need for sustainable public transportation solutions and increase in infrastructural development projects all over the globe, the battery electric bus segment held the highest share in 2020. This segment is also expected to expand and develop in the near future.
| Report Attributes | Details |
| Market Size in 2021 | USD 17.41 Billion |
| Growth Rate | CAGR of 12.7% from 2022 to 2030 |
| Base Year | 2021 |
| Forecast Data | 2022 to 2030 |
| Regions Covered |
|
Regional Snapshot
In the electric bus market, the Asia-Pacific is the largest. Factors such as rising disposable income, fast industrialization and urbanization rates, and new product introductions in the electric bus industry are driving the market in Asia-Pacific.
In terms of region, the electric bus market in North America area is the fastest expanding region. The electric bus market in North America is developing due to reasons and drivers such as increasing public acceptance of electric cars, strict government restrictions aimed at reducing the negative effects of fuel and gasoline-based vehicles, and rising demand for sustainable alternatives.
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Key Players
The major players operating in the electric bus market are Tata Motors, Daimler AG, Geely Automobiles Holdings Ltd., Man SE, Scania, AB Volvo, Workhorse, BYD Company Ltd., Dongfeng Motor Company, and Paccar Inc.
Market Dynamics
Drivers: Growing government initiatives
The government all around the world is striving hard for the reduction of greenhouse gases and carbon emissions. For this, the government has enacted stringent regulations that need to be followed by all. The government has also started providing tax benefits to the electric bus manufacturers or original equipment manufacturers (OEMs). The countries with high population are largely adopting electric buses due to favorable government regulations. Thus, the growing government initiatives are driving the growth of the global electric bus market over the projected period.
Restraints: High cost of development
The process of manufacturing or designing electric buses require huge amount of capital investments. The cost of seats, batteries, equipment, machines, and advanced systems and technologies are involved in the cost of final product. The underdeveloped regions cannot afford high cost of buses. The major market players should strive for the development of economic friendly buses. Moreover, the battery electric bus also requires charging stations and good infrastructure for charging. This also increases the cost of vehicles on a large scale. Thus, high cost of development is restricting the growth of the global electric bus market.
Opportunities: Surge in demand for low or zero emission vehicles
Due to rise in pollution levels and emissions of carbon and greenhouse gases, the demand for zero emission vehicles has increased since a decade. The electric vehicles help in the reduction of pollution and help to save environment. The electric bus is considered as environmentally friendly solution by many nations. The electric bus also helps to save the fuel and gasoline. In every way, the electric bus is beneficial in nature. As a result, the surge in demand for low or zero emission vehicles is creating growth prospects for the electric bus market.
Challenges: Lack of awareness
The concept of electric bus is not so trending in underdeveloped regions. The key market players are also not launching new products in such regions. There is also lack of infrastructure to run electric buses for public. There are no government initiatives in underdeveloped regions for the promotion of electric bus. Thus, lack of awareness is a major challenge for the expansion of the global electric bus market over the forecast period.
Recent Developments
- Yutong demonstrated its 5G-enabled Intelligent mobility solution to global travelers in a live-show in China in September 2020. The event featured self-driving buses, intelligent bus stops, and unmanned intelligent bus terminals.
- VDL announced a contract to supply 32 electric buses to Hermes, a public transportation business in Eindhoven, in April 2021. These buses will begin service in Eindhoven cityscape in January 2022.
- Nova Bus, a Volvo Buses company, announced a supply contract from the Chicago Transit Authority in February 2021. Nova Bus has received an order for 600 new 40-foot electric buses.
- Switzerland authorized a project plan in January 2021 for the electrification of two lines in the country. The electric bus industry is likely to grow as the focus on fleet electrification continues.
Related Reports
- Electric Vehicle Charging Station Market Research Report 2022 - 2030
- Electric Vehicle Range Extender Market Research Report 2022 – 2030
- Electric Vehicle Charging Infrastructure Market Research Report 2021 – 2027
Market Segmentation
By Propulsion
- Battery Electric bus
- Hybrid Electric bus
- Plug-in Hybrid Electric bus
- Fuel Cell Electric bus
By Consumer Segment
- Private
- Government
By Application
- Intercity
- Intracity
By Length of Bus Type
- less than 9 m
- 9−14 m
- Above 1 4m
By Vehicle Range
- Less than 200 miles
- Above 200 miles
By Battery Capacity
- Upto 400 kWh
- Above 400 kWh
By Power Output
- Upto 250 kW
- Above 250 kW
By Battery Type
- Lithium- Nickel- Manganese- Cobalt-Oxide
- Lithium- Iron- Phosphate
- Others
By Component
- Motor
- Battery
- Fuel Cell Stack
- Battery Management System
- Battery Cooling System
- EV Connectors
By Seating Capacity
- Up to 40 seats
- 40-70 seats
- Above 70 seats
By Level of Autonomy
- Semi-autonomous
- Autonomous
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