Electric Bus Market to Gain 448.920 Thousand Units by 2031, at a CAGR of 17.89% | Exclusive Analysis Transparency Market Research Inc.

Manufacturers in the global electric bus market will profit from possible growth prospects in the future years as fuel prices rise and more people become aware of the benefits of utilizing electric buses around the world.

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.
  • FAW Group
  • Foton Motor Inc.
  • 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
  • In 2022, the electric bus platform EiV12 was unveiled by Ashok Leyland EV business; there will be two versions of the buses available. The EiV 12 standard and low floor buses would provide the finest in terms of comfort, range, and dependability.
  • In 2022, Proterra Inc. signed a strategic, multi-year supply arrangement with The Shyft Group to power its Blue Arc purpose-built electric delivery van as well as EV chassis. Proterra also unveiled the new ZX5 electric bus, which has 738-kilowatt hours of electricity.

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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