Gmi Research's blog : Electric Bus Market size, share & Forecast
The Electric Bus Market is estimated to expand at a significant CAGR over the forecast period (2020-2027).
The factors driving growth of the market includes Government initiatives to electrify mass transit solutions, growing concerns related to global warming and carbon emissions around the world, fall in the prices of lithium-ion batteries, rise in public-private partnerships and improvements in the living standards. Moreover, increasing adoption of advanced technologies such as Artificial Intelligence (AI) and Internet of Things (IoT), increasing new product launch, growing demand for hydrogen fuel cell busses, are further boosting the market growth. In addition, the increasing investments by major companies on research and development, strategic mergers and partnerships between enterprises and rising disposable incomes, are further contributing to the market growth.
However, growth of the Electric Bus Market is hindered attributed to its high cost of development.
The key players in the market includes BYD Motors Inc., New Flyer Industries Canada ULC, CAF, Yutong, Ebusco, Proterra, AB Volvo, VDS Bus & Coach BV, Daimler AG, and ETW International Inc., among others.
Based on Consumer, the Government segment is predicted to grow at a remarkable CAGR during the forecast period
Subsidies and tax rebates offered by Governments on the manufacturing of electric busses, is propelling growth of the segment
Based on Seating Capacity, the Up to 30 Seater segment is projected to capture the largest market share over the forecast period
Rise in the number of consumers using public transportation systems and increasing concerns related to carbon emissions, are pushing growth of the segment.
Based on Region, the Asia-Pacific region is anticipated to hold the largest market share
Presence of the leading players such as BYD, Zhongtong, and Ankai, growing populairty of hydrogen fuel busses, rising focus of Governments on cut their emissions to zero, rapid urbanization, increasing per capita incomes and high population growth rates, are driving the market growth in Asia-Pacific.
- In 2022, BYD supplied 70,000 electric buses around the world and plans to expand its BYD’s eBus factory in Hungary, supporting its principle of ‘Made in Europe.
- In 2021, BYD acquired a supply contract by the Bogota City Public Transport Authority in Columbia. Furthermore, BYD signed a partnership with local bus manufacturers i.e., Superpolo and BUSSCAR for the body parts of buses.
Segmentation by Propulsion Type
Segmentation by Consumer Segment
- Private Fleet Operator
Segmentation by Application
Segmentation by Seating Capacity
- Up to 30 Seater
- 31-40 Seater
- Above 40
Segmentation by Region
- Asia Pacific
- Rest of APAC
- North America
- United States of America
- United Kingdom
- Rest of Europe
- South Africa
- Saudi Arabia
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