Electric Bus Market Size to Grow 544 Thousand Units by 2028 | Fortune Business Insights

The global electric bus market size to grow from 192 thousand units in 2021 to 544 thousand units by 2028, growing at CAGR of 16.0% during forecast period. Factors such as increasing demand for sustainable transportation, stringent emission regulations are encouraging the adoption of electric buses as they produce zero emissions to boost the growth of electric bus market globally during forecast period.

Pune, Jan. 18, 2023 (GLOBE NEWSWIRE) — The electric bus market size was valued 170 thousand units in 2020 and 192 thousand units in 2021 respectively. The global market size for Electric Bus is predicted to grow significantly, reaching 544 thousand units by 2028, and is expected to grow at a CAGR of 16.0% over the forecast period of 2022 to 2028. This information is provided by Fortune Business Insights, in its report, titled, “Electric Bus Market, 2022-2028.”

Industry developments:

July 2021: BYD UK and Alexander Dennis Limited (ADL) jointly announced that their electric vehicle partnership, BYD ADL, signed a contract with the National Transport Authority of Ireland for the delivery of up to 200 BYD ADL Enviro200EV zero-emission battery-electric buses.

October 2019: Volvo Buses unveiled its latest electric bus named Volvo 7900 Electric Articulated that can transport up to 150 passengers. It consumes 80% lower energy, unlike diesel buses. It was showcased at Busworld. The company also aims to provide driver training, battery maintenance, repairs, and servicing in its new package.

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Report Highlights:

Drivers & Restraints-

Quick Charging Capability of Hydrogen Fuel Cell Buses to Favor Growth

The rising usage of hydrogen fuel cell buses across the globe is expected to drive the electric bus market growth in the near future. These buses feature a combination of the powertrain with controlled technology, batteries, and a fuel cell system. Unlike conventional buses, these have a longer lifespan. They can also be refueled very quickly and can run on flexible routes. In February 2021, for instance, the National Thermal Power Corporation Limited declared its plan to begin a premium hydrogen fuel bus service in India. It will be used only for intercity commuting between Delhi and Jaipur. At present, researchers are conducting extensive studies to test the feasibility of fuel cell buses.However, electric buses are expensive and hence, governments, transit agencies, large fleet operators, and administrative departments of certain countries may not be able to deploy these. It may hamper growth.

Stringent emission regulations are encouraging the adoption of electric buses as they produce zero emissions.

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Report Coverage

The report involved four notable activities in projecting the current market size. Exhaustive secondary research was conducted to gather data about the parent industry. Our next step included primary research to authenticate these sizing, assumptions, and findings with numerous industry experts. We have also used bottom-up and top-down approaches to calculate the size of the electric bus industry.

Segments-

Plug-in Hybrid Bus Segment Procured 8.0% Share in 2020: Fortune Business Insights™

Based on the type, the market is segmented into battery electric bus, plug-in hybrid bus, and fuel cell bus. Amongst these, the plug-in hybrid bus segment generated 8.0% in terms of the electric bus market share in 2020. This growth is attributable to the rising adoption of these buses as they have regenerative braking systems and can be charged by plugging in an external power supply.

Regional Insights-

Asia Pacific to Lead Backed by Rising Development of Public Transportation Zones

Geographically, in 2020, Asia Pacific earned 167 thousand units in terms of revenue. It is anticipated to remain in the dominant position throughout the forthcoming years. This growth is attributable to the major contributions of China. The country’s government is constantly taking initiatives to build public transportation zones for ebus. In Europe, the market is set to grow exponentially on account of the stringent emission norms implemented by regulatory authorities. It is set to be the second-largest region in this market. Lastly, North America would show healthy growth because of the strict emission standards put forward by the U.S.

Competitive Landscape

Key Players Focus on Unveiling State-of-the-art Buses to Fulfill Demand of People

The market contains various prominent e-bus manufacturers that are currently striving to maintain their leading positions. Most of them are focusing on launching novel buses to cater to the high demand from people. A few others are joining hands with government bodies to introduce their buses. 

A list of prominent Electric Bus manufacturers operating in the global market

• BYD Co., Ltd (Shenzhen, China)
• Proterra, Inc. (Burlingame, California, United States)
• AB Volvo (Gothenburg, Sweden)
• New Flyer Industries (Winnipeg, Canada)
• Daimler AG (Stuttgart, Germany)
• Scania AB (Södertälje, Sweden)
• Iveco (Turin, Italy)

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Table Of Content:

• Introduction
• Research Scope
• Market Segmentation
• Research Methodology
• Definitions and Assumptions
• Executive Summary
• Market Dynamics
• Market Drivers
• Market Restraints
• Market Opportunities
• Key Insights
• Recent Industry Developments – Mergers & Acquisitions
• Porter’s Five Forces Analysis – Electric Bus Market
• SWOT Analysis – Electric Bus Market
• Distribution of the Electric Bus Market (in Volume),  – By Type
• Impact of COVID- on the Electric Bus Market
• Global Electric Bus Market Analysis, Insights and Forecast, –
• Key Findings / Summary
• Market Analysis, Insights and Forecast – By Type
• Battery Electric Bus
• Plug-in Hybrid Electric Bus
• Fuel Cell Electric Bus
• Market Analysis, Insights and Forecast – By Region
• North America
• Europe
• Asia pacific
• Rest of the World
• North America Electric Bus Market Analysis, Insights and Forecast, –
• Key Findings / Summary
• Market Analysis – By Type
• Battery Electric Bus
• Plug-in Hybrid Electric Bus
• Fuel Cell Electric Bus
• Market Analysis – By Country
• US
• Canada
• Mexico
• Europe Electric Bus Market Analysis, Insights and Forecast, –
• Key Findings / Summary
• Market Analysis – By Type
• Battery Electric Bus
• Plug-in Hybrid Electric Bus
• Fuel Cell Electric Bus
• Market Analysis – By Country
• UK
• Germany
• France
• Netherland
• Rest of Europe
• Asia Pacific Electric Bus Market Analysis, Insights and Forecast, –
• Key Findings / Summary
• Market Analysis – By Type
• Battery Electric Bus
• Plug-in Hybrid Electric Bus
• Fuel Cell Electric Bus
• Market Analysis – By Country
• Japan
• China
• India
• South Korea
• Rest of Asia Pacific
• Rest of the World Electric Bus Market Analysis, Insights and Forecast, –
• Key Findings / Summary
• Market Analysis – By Type
• Battery Electric Bus
• Plug-in Hybrid Electric Bus
• Fuel Cell Electric Bus
• Competitive Analysis
• Key Industry Developments
• Global Market Share Analysis ()
• Competition Dashboard
• Comparative Analysis – Major Players
• Company Profiles (Overview, Products & Services, SWOT analysis, Recent developments, strategies,
• financials (based on availability))
• BYD Co, Ltd
• Proterra, Inc
• AB Volvo
• New Flyer Industries
• Daimler AG
• Scania AB

Continued…

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