WASHINGTON, May 10, 2022 (GLOBE NEWSWIRE) -- Vantage Market Research’s recent analysis of the Global Electric Bus Market finds that increase in demand for fuel-efficient as well as increase in stringent government regulations, are factors that influencing the growth of Electric Bus Market.
The total Global Electric Bus Market is estimated to reach USD 37.1 Billion by the year 2028. The Global Market valued a revenue of USD 18.5 Billion in the year 2021, and is projected to grow at a Compound Annual Growth Rate (CAGR) of 12.3%, states Vantage Market Research, in a report, titled “Electric Bus Market Size, Share & Trends Analysis Report by type (BEV, PHEV, FCEV), by consumer (Private, Government), by application (Intercity, Intracity), by 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 (Up to 400 kWh, Above 400 kWh), by power output (Up to 250 kW, Above 250 kW), by battery type (Lithium- Nickel- Manganese- Cobalt-Oxide, Lithium- Iron- Phosphate, Others), by component (qualitative) (Motor, Battery, Fuel Cell Stack, Battery Management System), by seating capacity (Up to 40 seats, 40-70 seats, Above 70 seats), by autonomy (Semi-autonomous, Autonomous), by Region (North America, Europe, Asia Pacific, Latin America) - Global Industry Assessment (2016 - 2021) & Forecast (2022 - 2028)”.
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Market Dynamics:
Drivers:
Increase in Demand for Fuel-Efficient
Since long time, the use of fossil fuel is increasing at wildest level. As being a fossil fuel is not a renewable source of energy, the demand for alternative source is increasing, as fossil fuel, someday; is anticipated to be exhausted in the future. The introduction of electric vehicles has been seen as a best alternative for the fossil fuel using vehicles. Thus, increasing the demand for electric vehicles. Electric buses, which do not use gas and are more economical than conventional buses. Thus, making the stronger base than before in the Electric Bus Market. An electric bus converts over 50% of the electrical energy from the grid to power at the wheels, whereas the gas-powered bus only manages to convert about 17%–21% of the energy stored in gasoline, thus, also making a better option than conventional buses.
Moreover, as increasing use of fusel fuels, it is leading to extinction. Thus, depleting fossil fuel reserves and growing tendency of companies to gain maximum profit; the prices for petrol and diesel are increasing swiftly. In turn, again making electric vehicles as a better option over the conventional vehicles. Ultimately, increasing the demand for electric vehicles such as e-bikes, electric buses and others. Hence, driving the market growth over the forecast period.
Key Insights & Findings from the Report:
- According to our primary respondents’ research, the Electric Bus market is predicted to grow at a CAGR of roughly 12.3% during the forecast period.
- The Electric Bus market was estimated to be worth roughly USD 18.5 Billion in 2021 and is expected to reach USD 37.1 Billion by 2028; based on primary research.
- On the basis of region, Asia Pacific is projected to dominate the worldwide Electric Bus market.
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Segmentation of Global electric bus Market:
- Type
- BEV
- PHEV
- FCEV
- Consumer
- Private
- Government
- Application
- Intercity
- Intracity
- Bus Type
- Less Than 9m
- 9m−14m
- Above 14m
- Vehicle Range
- Less Than 200 Miles
- Above 200 Miles
- Battery Capacity
- Upto 400 kWh
- Above 400 kWh
- Power Output
- Upto 250 kW
- Above 250 kW
- Battery Type
- Lithium- Nickel- Manganese- Cobalt-Oxide
- Lithium- Iron- Phosphate
- Others
- Component (Qualitative)
- Motor
- Battery
- Fuel Cell Stack
- Battery Management System
- Battery Cooling System
- EV Connectors
- Seating Capacity
- Up to 40 Seats
- 40-70 Seats
- Above 70 Seats
- Autonomy
- Semi- Autonomous
- Autonomous
- Region
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East & Africa
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Increase in Stringent Government Regulations and Increasing Investment
There is heavy investment from automakers in electric vehicles which is an emerging opportunity for the growth of the market. According to the government of Andhra Pradesh, they are attracting investments to the tune of $4.6 billion (INR 30,000 Cr), in a proposal to boost its electric vehicles industry. The state is planning to offer an array of incentives both to consumers and companies, in the form of capital subsidies to automakers and charging equipment manufacturers. Additionally, stringent government regulations regarding CO2 emissions and increasing initiatives and investment regarding green energy and use of EVs is motivating people, in turn, boosting the demand for electric vehicles. Ultimately droving the market growth over the forecast period.
COVID-19 Impact Analysis:
The COVID-19 outbreak has affected various industries worldwide. Governments across the world implemented strict lockdown measures and social distancing norms in order to restrict the swift spread of the pandemic. Manufacturing facilities around the world were shut down during the initial stages of the pandemic. Moreover, the economic crisis after the pandemic might lead to a significant delay in the commercial roll-out of the electronics industry. Small and medium-scale companies are the backbone of technology providers and are witnessing a steep drop in revenue since the emergence of the pandemic in 2020. Hence, market players faced numerous challenges as disruptions in the supply chain were observed. However, things will improve in the second half of 2022 as more supplies will come online. The impact of COVID-19 on the market demand is considered while estimating the current and forecast market size and growth trends of the market for all the regions and countries based on the following data points:
- Impact Assessment of COVID-19 Pandemic
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East & Africa
- Quarterly Market Revenue Forecast by Asia Pacific 2020 & 2021
- Key Strategies Undertaken by Companies to Tackle COVID-19
- Long Term Dynamics
- Short Term Dynamics
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The Report on Electric Bus Market Highlights:
- Assessment of the market
- Premium Insights
- Competitive Landscape
- COVID Impact Analysis
- Historic Data, Estimates and Forecast
- Company Profiles
- Global and Regional Dynamics
Regional Analysis:
Asia Pacific Holds Maximum Market Share
Asia Pacific is expected to dominate the growth of Electric Bus Market in 2021. The major driving factors for the market are improving infrastructure along with the favourable government initiatives and growing environmental awareness. There is high electric vehicle infrastructure spending and increasing use of electric vehicles in countries such as China and Japan. Moreover, the government of this region is investing a huge amount for R&D related to electric vehicles and offers incentives to increase the adoption of electric vehicle.
List of Prominent Players in the Electric Bus Market:
- BYD (China)
- Yutong (China)
- CAF (Solris) (Spain)
- VDL Groep (Netherlands)
- AB Volvo (Sweden)
Browse market data Tables and Figures spread through 147 Pages and in-depth TOC on "Electric Bus Market Size, Share & Trends Analysis Report by type (BEV, PHEV, FCEV), by consumer (Private, Government), by application (Intercity, Intracity), by 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 (qualitative) (Motor, Battery, Fuel Cell Stack, Battery Management System), by seating capacity (Up to 40 seats, 40-70 seats, Above 70 seats), by autonomy (Semi-autonomous, Autonomous), by Region (North America, Europe, Asia Pacific, Latin America) - Global Industry Assessment (2016 - 2021) & Forecast (2022 - 2028)" View detailed Research Report here - https://www.vantagemarketresearch.com/press-release/electric-bus-market-138299
Recent Developments:
April 2021: VDL has announced a supply contract of 32 electric buses to public transport company Hermes in Eindhoven. These buses will be operational from January 2022 in Eindhoven cityscape.
In February 2021: The Montgomery County Public Schools (MCPS) Board of Education approved a contract with Highland Electric Transportation. Highland Electric Transportation to deploy 326 Thomas Built electric school buses powered by Proterra.
In February 2021: Nova Bus, a subsidiary of Volvo Buses has announced a supply order from Chicago Transit Authority. The order is for 600 new 40-foot electric buses from Nova Bus.
Key questions answered in the report:
- Which regional market will show the highest and rapid growth?
- Which are the top five players of the Electric Bus Market?
- How will the Electric Bus Market change in the upcoming six years?
- Which application and product will take a lion’s share of the Electric Bus Market?
- What is the Electric Bus market drivers and restrictions?
- What will be the CAGR and size of the Electric Bus Market throughout the forecast period?
This market titled “Electric Bus Market” will cover exclusive information in terms of Regional Analysis, Forecast, and Quantitative Data – Units, Key Market Trends, and various others as mentioned below:
| Parameter | Details |
| Market Size Provided for Years | 2016-2028 |
| Base Year | 2021 |
| Historic Years | 2016-2020 |
| Forecast Years | 2022-2028 |
| Segments Covered | • Type • BEV • PHEV • FCEV • Consumer • Private • Government • Application • Intercity • Intracity • Bus Type • Less Than 9m • 9m−14m • Above 14m • Vehicle Range • Less Than 200 Miles • Above 200 Miles • Battery Capacity • Up to 400 kWh • Above 400 kWh • Power Output • Up to 250 kW • Above 250 kW • Battery Type • Lithium- Nickel- Manganese- Cobalt-Oxide • Lithium- Iron- Phosphate • Others • Component (Qualitative) • Motor • Battery • Fuel Cell Stack • Battery Management System • Battery Cooling System • EV Connectors • Seating Capacity • Up to 40 Seats • 40-70 Seats • Above 70 Seats • Autonomy • Semi- Autonomous • Autonomous • Region • North America • Europe • Asia Pacific • Latin America • Middle East & Africa |
| Region & Counties Covered | • North America • U.S. • Canada • Mexico • Europe • U.K • France • Germany • Italy • Spain • Rest Of Europe • Asia Pacific • China • Japan • India • South Korea • South East Asia • Rest Of Asia Pacific • Latin America • Brazil • Argentina • Rest Of Latin America • Middle East & Africa • GCC Countries • South Africa • Rest Of Middle East & Africa |
| Companies Covered | • BYD (China) • Yutong (China) • CAF (Solris) (Spain) • VDL Groep (Netherlands) • AB Volvo (Sweden) |
| Report Coverage | Market growth drivers, restraints, opportunities, Porter’s five forces analysis, PEST analysis, value chain analysis, regulatory landscape, technology landscape, patent analysis, market attractiveness analysis by segments and North America, company market share analysis, and COVID-19 impact analysis |
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