Wilmington, Delaware, United States, Nov. 08, 2023 (GLOBE NEWSWIRE) -- Transparency Market Research Inc. - The global electric bus market was estimated at 74.157 thousand units in 2020. It is anticipated to register a 17.89% CAGR from 2021 to 2031 and by 2031; the market is likely to head to 448.920 thousand units.
Increased demand for fuel-efficient, outstanding performance, and low-emission buses, strict government rules and regulations regarding vehicle emissions, increasing use of hydrogen fuel cell buses, increased focus on electrification of public transportation, and lower battery prices are key factors expected to drive the electric bus market during the forecast period.
Global Electric Bus Market: Key Players
The ability of manufacturers to compete effectively depends on a number of elements, including price, product launches, and geographic presence. For example, Volvo Buses and Zero Emission Bus Rapid-Deployment Accelerator (Zebra) joined in December 2021 with the goal of accelerating the adoption of zero-emission buses in Latin America.
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These companies use a variety of tactics, including collaboration, mergers and acquisitions, and partnerships, to increase their market share and generate revenue in the electric bus sector.
For example, ABB Power Grids along with Ashok Leyland have inked a Memorandum of Understanding (MOU) for an e-bus pilot project. Hitachi ABB Power grid flash technology is incorporated into the e-bus, and Ashok Leyland will supply Grid eMotionTM Flash. IIT Madras will supply a flash charging system. Both sides will contribute to India's electricity through this relationship. The following companies are well-known participants in the global electric bus market:
- AB Volvo
- Alexander Dennis
- Ashok Leyland
- BYD Company Limited
- Daimler AG
- Dongfeng Motor Group Company Limited.
- EBUSCO BV
- FAW Group
- Foton Motor Inc.
- IVECO
- King Long
- New Flyer Industries, Inc.
- Nova Bus
- Proterra Inc.
- Shenzhen Wuzhoulong Motors Co., Ltd.
- Solaris Bus & Coach S.A.
- Tata Motors
- Yutong
- Zhongtong Bus Holding Co., Ltd.
- Other Key Players
Key Findings of Market Report
- Several initiatives by automobile companies to engage in the production of hydrogen fuel cell-powered electric buses are increasing global demand for electric buses.
- Rising technological improvements in terms of expanding mobility and the deployment of rapid charging infrastructure are also expected to bring several opportunities to stakeholders during the forecast period.
- Several companies in the global electric bus market are primarily focused on extensively spending in research and development and the inclusion of new technology in electric buses.
Market Trends for Electric Buses
- The manually operated electric bus segment accounted for a significant part of the global electric bus market in 2020, based on level of autonomy. In 2020, the sector accounted for over 75 per cent of the market. The introduction of electric buses has proven to be a viable solution to the energy crises and environmental pollution generated by automobiles. Electric buses have fixed ratio gearboxes; however, one-speed gearboxes cannot match the torque and driving range requirements at the same time.
- Electric buses also have significant battery and drive motor requirements. A driving system with a driving motor and a multi-speed automatic manual transmission has a simple structure that is inexpensive and simple to match. All of these elements are expected to benefit the manually controlled electric bus.
Global Market for Electric Bus: Regional Outlook
Various reasons are propelling the growth of the electric bus market in different regions. These are:
- The Asia Pacific region has the world's largest electric bus market. It is home to some of the most rapidly developing and developed economies of the world. The regional market expansion may be linked to Chinese dominance and the presence of prominent OEMs such as Yutong, BYD, Zhongtong, and Ankai in the country, bolstering the Asia Pacific electric bus industry.
- Shenzhen was the world's first city to have a fully electrified public transportation network. Favorable legislation for electric buses, cheaper electric and electronic components, and fast increasing charging infrastructure are expected to improve the regional electric bus market.
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Few of key developments by the players in this market are:
| Company name | Key Developments |
| Ashok Leyland |
|
| Proterra |
|
Global Electric Bus Market Segmentation
By Level of Autonomy
- Manual
- Semi-Automatic
- Autonomous
By Propulsion
- Battery Electric
- Fuel Cell Electric
- Hybrid Electric
By Bus Length
- 10-12 Meter
- 12-15 Meter
- Above 15 Meter
By Power Output
- Up to 300 KW
- 300-400 KW
- Above 400 KW
By Battery Type
- Lithium Ion- Phosphate Battery
- Lithium Ion Nickel Cobalt Oxide (NMC)
- Lithium Titanate Oxide (LTO)
- Others
By Range
- Up to 250 KM
- 255-300 KM
- Above 300 KM
By Application
- Intercity
- Intracity
By Region
- North America
- Europe
- Asia Pacific
- Middle East & Africa
- South America
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