Increasing Need for Zero-Emission and Energy-Efficient Mass Transportation Solutions Is Escalating the Growth of The Electric Bus Market

The transportation industry is a major contributor to global greenhouse gas (GHG) emissions. According to the United Nations Environment Program (UNEP), the transportation sector accounts for around one-quarter of all energy-related greenhouse gas (GHG) emissions and is a major source of urban and regional air pollution.

Various governments have launched programmes to make urban public transportation more sustainable and fuel-efficient through the use of electric buses. The Netherlands has a Green Deal for Electric Transport 2016-2020. Countries like Denmark, New Zealand, and The Netherlands have already set for 100% zero-emission bus procurements by 2025, while Costa Rica has a long-term goal to reach 100% bus fleet electrification by 2050. 

To push the pledge of decreasing greenhouse gas (GHG) emissions and improve air quality in cities, governments in several countries have launched lucrative monetary incentives to cheer shared mobility and clean transportation. Governments across the world have created enticing efforts and programmes to inspire the usage of electric buses.

According to Marketlook Consulting’s research report “Global Electric Bus Market Analysis, 2022”, the Global Electric Bus market is anticipated to grow at a CAGR of 15.2% during 2023-30 The market would reach USD 50.32 Mn by 2030.

Based on Product type, battery electric vehicles (BEVs) have seen a higher adoption rate in countries such as India and Brazil in the past few years. Since buses are a significant mode of transportation. Companies are heavily investing in the battery-operated electric vehicles. However, the demand for hybrid plug-in electric vehicles (HPEVs) is also gaining traction and this segment is anticipated to showcase optimum growth opportunities.

Based on Battery capacity, buses with the capacity of 400 kWh and above are holding a lions’ share in 2022. The prime growth factors are that these batteries are easy to charge and less expensive. However, for long travelling distances the electric buses with over 400 kWh are beneficial. The market is anticipated to maintain its supremacy over the forecast period.

Based on application, the market is segmented into intercity and intracity. In 2022 intracity segment dominated the market the growth can be attributed to the rising demand for public transport and bolstering number of people commuting to workplaces, schools, and universities throughout the world creating demand for intracity e-buses. Moreover, intercity electric buses are also rolled out by governments to reduce carbon emissions. Governments are helping travelers to adopt e-buses services.

“Global Electric Bus Market Analysis, 2022” provides comprehensive qualitative and quantitative insights on the industry potential, key factors impacting sales and purchase decisions, hotspots, and opportunities available for Electric Bus providers across the Globe. Moreover, the report also encompasses the key strategic imperatives for success for competitors along with strategic factorial indexing measuring competitors’ capabilities on 16 parameters. This will help companies in the formulation of Go to Market Strategies and identifying the blue ocean for its offerings.      

Asia Pacific Dominated the Market

Based on Leading regions, Asia Pacific dominated the global Electric Bus market in 2022 and is projected to maintain its dominance during the forecasted period 2023-30 due to the Geographical analysis is an essential component of the report’s research and development study for market analysis. The regional extent section contains crucial insights into market sales growth at both regional and country levels. This market scope’s geographical spectrum analyses and investigates each regional spectrum of the Electric Bus Market industry. Each of these major regions is analyzed based on manufacturing, supply, statistics, and import & export. China dominating the electric bus market due to the high presence of OEMs in the region is projected to fuel the demand for Electric Bus in the forthcoming period as stated in Marketlook Consulting research report “Global Electric Bus Market Analysis, 2022”.

According to Marketlook Consulting’, the key players with a considerable market share in the global Electric Bus market are Alexander Dennis, King Long, FAW Group, AB Volvo, Daimler AG, TATA Motors, Ashok Leyland, Nova Bus, Foton Motor Inc., JBM Solaris ECOLIFE apart from others.

Market Segmentation:

1.By Product Type Battery Electric Vehicle (BEV), Plug-In Hybrid Electric Vehicle (PHEV), Fuel Cell Electric Vehicle (FCEV)

2. By Component Battery, Motor, Fuel Cell Stack, Battery Management System, Battery, Cooling System, EV Connector

3. By Battery Capacity Up to 400 kWh, Above 400 kWh

4. By Region North America, Europe, Asia-Pacific, Latin America, Middle East and Africa

5. By Application Intra-City, Intercity

6. By Company Alexander Dennis, King Long, FAW Group, AB Volvo, Daimler AG, TATA Motors, Ashok Leyland, Nova Bus, Foton Motor Inc., JBM Solaris ECOLIFE apart from others.

Key questions answered in the study:

1. What are the current and future trends of the Electric Bus industry?
2. How the industry has been evolving in terms of end-user demand and application areas?
3. How the competition has been shaping across the countries followed by their comparative factorial indexing?
4. What are the key growth drivers and challenges for the Electric Bus industry?
5. What is the customer orientation, purchase behaviour, and expectations from the Electric Bus firms across various regions?