Electric Bus Market Trends, Regional Outlook, Growth and Business Opportunities

electric bus market

Demand for electric buses is increasing around the world due to government incentives to promote them and meet zero emissions targets.

NEW YORK, UNITED STATES, June 21, 2022 /EINPresswire.com/ — Increasing concerns about environmental issues such as increased greenhouse gas emissions, global warming and ozone layer depletion are expected to propel the electric bus market at a CAGR of 14.9% up 2026. Electric buses offer improved operational efficiencies at lower costs, including long-term benefits. The electric bus runs on electricity and not on diesel or petrol fuels. It is a popular alternative to traditional buses and is widely used by private transport companies. Schools have also started using electric vehicle technology to make it easier for students to get around.

Battery Electric Buses (BEBs) are likely to dominate the electric bus market due to government initiatives to financially support and encourage the adoption of BEBs. For example, the Delhi government has introduced 150 buses for public transport in 2022. By 2025, around 50% of the world’s bus fleet would include electric buses. Electric bus manufacturers are more focused on adding the BEB category to expand their product portfolio.

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APAC is expected to capture a significant share of the electric bus market due to government policies to promote electric vehicles due to environmental concerns. Several APAC countries are focused on replacing a significant portion of the public fleet’s traditional fuel-powered buses with electric buses by 2030, leading to a boom in the market. China is expected to dominate the APAC market due to the financial incentives provided by the government to encourage the introduction of alternative fuel variants replacing traditional fuel-based buses.

North America is expected to see the fastest growth in the electric bus market. The US offers a larger market for BEBs, hybrid electric buses (HEBs) and plug-in hybrid electric buses (PHEBs) and is encouraging the adoption of electric vehicles for on-road traction. In addition, the favorable measures taken by the state and federal governments, such as the exemption from emissions tests and tolls, have increased sales of electric buses in the region in recent years.

The rising trend towards autonomous and semi-autonomous buses equipped with advanced instrumentation, actuation and sensor technologies is leading to a growth of the electric bus market. The advanced features such as GPS, light detection, computer vision, LiDAR and odometer fitted in autonomous buses are leading to increasing adoption and replacing the traditional buses in the public fleet. Autonomous vehicles are gaining popularity among electric vehicles due to their improved efficiency and cost-effectiveness. Autonomous driving is being embraced by the market’s OEMs such as AB Volvo, SB Drive and Navya SAS.

The major players in the electric bus market are focused on launching new products to stay ahead of the competition. For example, Proterra Inc has launched the 40-foot ZX5 electric bus that can be equipped with 660 kWh of energy storage capacity to achieve a range of 529 km. Similarly, the 35-foot ZX5 comes with an energy storage capacity of 440 kWh, while the 40-foot ZX5 model comes with an energy storage capacity of 220 kWh.

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Improved battery operating efficiency and falling costs are driving the market. The battery accounts for 40% of the manufacturing cost of the electric bus. The fall in battery prices makes it easier for OEMs to lower the selling price of the vehicle, leading to an increase in sales. That being said, advances in technology are likely to improve battery capacity. Manufacturers focus on achieving higher energy density, leading to improved operational efficiency and a decrease in manufacturing costs, leading to a boom in the market with higher sales.

Therefore, increasing environmental concerns and the need to preserve natural resources for future generations are attributed to sustainable development goals driving the market.

Electric Bus Market Size Breakdown by Segment

Based on vehicle
• Battery electric bus
• Plug-in hybrid electric bus
• Hybrid electric bus
Based on length
• More than 10m
• Less than 10m
Based on battery
• Lithium Iron Phosphate
• Lithium Nickel Manganese Cobalt Oxide
Based on end users
• Publicity
• Private
Geographic Analysis
• Asia Pacific
Oh China
Oh India
• Europe
o Great Britain
Oh Germany
O Netherlands
Oh Lithuania
Oh Austria
O Belgium
Oh Poland
Oh Sweden
Oh Spain
Oh France
• North America
oh USA
o Canada
• Rest of the world
Oh Brazil

Browse other related reports

European Electric Bus Market Report – https://www.psmarketresearch.com/market-analysis/europe-electric-bus-market

China Electric Bus Market Report – https://www.psmarketresearch.com/market-analysis/china-electric-bus-market

US Electric Buses Market Report – https://www.psmarketresearch.com/market-analysis/us-electric-bus-market

Brazilian Electric Buses Market Report – https://www.psmarketresearch.com/market-analysis/brazil-electric-bus-market

Global Electric Bus Charging Station Market Report – https://www.psmarketresearch.com/market-analysis/electric-bus-charging-station-market

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