Electric Bus Market Size to surpass 10%+ CAGR up to 2028

Electric Bus Market Size to surpass 10%+ CAGR up to 2028

Market Study Report adds new research on Electric Bus market, which is a detailed analysis of this business space inclusive of the trends, competitive landscape, and the market size. Encompassing one or more parameters among product analysis, application potential, and the regional growth landscape, Electric Bus market also includes an in-depth study of the industrys competitive scenario.

The global electric bus market is expected to grow at a CAGR of over 10% during the forecast period. The market growth is attributable to the increasing government initiatives for the deployment of electric bus on the roads.

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The government across the globe is showing their support for electric buses through various initiatives and schemes. The transport departments are increasing their investments in electric buses and are taking important steps to set up adequate charging infrastructure. For instance, in June 2021, the Federal Transit Administration (FTA) of the US Department of Transportation distributed grants worth $182 million to 49 electric bus projects being undertaken in 46 states

Market Segmentation

The global electric bus market has been analyzed on the basis of seating capacity, end user, battery capacity, length of bus, propulsion, power output, and region. Based on the seating capacity, the market is segmented into up to 30 seats, 30-90 Seats, and 90-120 Seats. Based on end-user, the market is segmented into government, educational, and private.

Among these, government segment is projected to hold a prominent share in the market. By battery capacity, the market is bifurcated into Up to 400 kWh and above 400 kWh. Among these, above 400 kWh segment is estimated to exhibit a considerable growth rate during the forecast period.

Based on length of bus, the market is segmented into Less than 9m, 9-14m, and Above 14m. further, on the basis of propulsion, the market is segmented into battery electric vehicle (BEV), fuel cell electric vehicle (FCEV), and plug-in hybrid electric vehicle (PHEV). Among these, BEV segment is estimated to contribute a prominent share in the market.

Further, on the basis of power output, the market covers the analysis of Up to 250 kW and Above 250 kW. Geographically, the market is analyzed into North America, Western Europe, Eastern Europe, Asia Pacific, Latin America, and Middle East & Africa.

Market Structure and Competition Landscape

The global electric bus market is characterized by the presence of significant number of players. Some of the prominent players operating in the market include BYD, Yutong, Blue Bird Corporation, CAF (Solaris), VDL Groep, AB Volvo, Daimler AG, Ankai Bus, NFI Group, Tata Motors, Golden Dragon, Blue Bus, Proterra, Zhongtong Bus Holdings Co., Ltd. and others.

These companies use a variety of tactics to increase their market share and acquire a competitive advantage over their competitors. Key success factors observed in the global electric bus market include - technological advancement, rapid urbanization, government measures, rising oil prices, strict pollution prevention norms, measures to reduce carbon emissions, reduced battery prices, etc.

Some of the key developments in the global electric bus market include,

•           In April 2022, EKA, an Indian electric vehicle manufacturer, partnered with NuPort Robotics of Canada to provide AI-based driver assistance systems to its electric buses on Indian roads.

•           In December 2021, Ebusco, an electric bus company announced that it will be producing e-buses using composite components.

Questions And Answers: Global Electric Bus Market

Q1. What is the CAGR that the Electric Bus Market is expected to register through the projected duration?

Answer: The Electric Bus Market is likely to register a CAGR of 10% over the forecast period.

Q2. Which Are the Key Players in Global Electric Bus Market?

Answer: BYD, Yutong, Blue Bird Corporation, CAF (Solaris), VDL Groep, AB Volvo, Daimler AG among others are the leading players in worldwide Electric Bus Market

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Ashwin Naphade

Ashwin Naphade

Ashwin is into digital marketing since the last 2 years and has worked on multiple projects across various industries. He likes posting information and knowledge on multiple topics with an objective to create online visibility as well as share his inputs. His interests also cover the game of cricket (seeing as well as playing) and movies ( a typical bollywood buff).