Electric Bus Market Generating Revenue of US$ 56.28 Billion by 2031, Due Surge in Technological Advancements

The Electric Bus Market, according to the SNS Insider report, reached a size of USD 18.4 Billion in 2023. This market is expected to reach a staggering USD 56.28 Billion by 2031, reflecting a robust compound annual growth rate (CAGR) of 15% throughout the forecast period from 2024 to   2031. Rising environmental concerns and growing government support for clean energy solutions are fueling the rapid expansion of the electric bus market.

Battery Breakthroughs and Government Investment Bridge Charging Infrastructure Gap

Advancements in battery technology are enabling electric buses to travel significantly further on a single charge, exceeding 250 kilometers on average. However, bridging the gap in charging infrastructure remains crucial, with the number of charging stations being a key metric for wider adoption. To address this, governments are actively investing in incentives, with figures exceeding $33 billion projected by 2030. This surge in investment, coupled with technological progress that’s pushing average battery capacity beyond 50 kWh, positions electric buses as a dominant force in the future of public transportation. With projections reaching 1.8 million units globally by 2029, electric buses are poised to revolutionize mass transit.

Volvo, ROAM Drive Electric Bus Expansion in Latin America and Africa

In order to accelerate the deployment of zero emission buses in Latin America, Volvo Buses entered into a partnership with the Zero Emission Bus Rapid Deployment Accelerator, Zebra, in December 2021.

In January 2022, Swedish-Kenyan electric mobility company ROAM introduced its first electric bus in Kenya, marking a significant step towards sustainable public transportation in the African nation.

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Leading Key Players of Electric Bus Market

• Daimler AG (Germany)
• Volvo Group (Sweden)
• Wright Enrichment Inc(U.S.)
• Shandong Yi Xing Electric Auto Co. Ltd (China)
• Proterra
• Anhui Ankai Automobile Co. Ltd.( China)
• Zhongtong Bus Holding Co. Ltd.( China)
• Iveco (Italy)
• Ebus (Singapore)
• BYD Auto Co. Ltd ( China)
• NFI Group Inc.
• Beiqi Foton Motor Co. Ltd.(China).

Market Segmentation of Electric Bus

By Propulsion Type:

• BEV
• FCEV
• PHEV

By Length:

• Less than 9 meters
• 9-14 meters
• Above 14 meters

By Range:

• Less than 200 miles
• More than 200 miles

Regional Coverage

• North America
• Europe
• Asia-Pacific
• The Middle East & Africa
• Latin America

BEV Buses Lead the Market

Battery-powered electric buses (BEVs) holds dominant position in the market, capturing over 68% share in 2023. Their dominance stems from a trifecta of benefits: superior efficiency compared to even low-emission vehicles, quieter operation and faster acceleration than traditional buses, and cost-effective maintenance that trumps diesel or gasoline counterparts. While the current range leader is the “less than 200 miles” segment due to battery limitations, advancements are expected to propel the longer-range (over 200 miles) segment significantly in the coming years. The 9-14 meter segment currently holds the top spot for its versatility, proving ideal for navigating various routes in both urban and suburban environments.

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Green Push, Manufacturing Giants, and Government Support Drive Regional Dominance

The Asia Pacific region holds dominant position in the electric bus market, claiming a market share of over 81% in 2023. This dominance is fueled by a confluence of factors. Firstly, rapid urbanization and growing environmental concerns are pushing the demand for sustainable transportation solutions across the region.  Secondly, China, a titan in the electric bus industry, houses leading manufacturers like BYD.  China’s dominance is further solidified by the fact that, as of March 2022, it boasted a whopping 421,000 operational electric buses, constituting nearly 99% of the global fleet.  Finally, strict government mandates promoting electric vehicles, coupled with significant investments in charging infrastructure, are further propelling market growth in this region.    

Europe is projected to experience substantial growth at a CAGR of 35.3% over the forecast period. This surge is driven by favorable government policies that incentivize electric bus adoption, such as tax breaks and subsidies. Additionally, stringent regulations aimed at controlling vehicle emissions are fostering a demand for cleaner alternatives like electric buses.  European governments are further bolstering this trend by actively investing in public transport projects that utilize green technologies such as electric buses.

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Takeaways from the Report

• Identify the substantial growth opportunity in the electric bus market, projected to surpass USD 56.28 billion by 2031.
• Gain insights into advancements in battery technology that are extending electric bus range and driving wider adoption.
• Understand the BEV (Battery Electric Vehicle) segment’s dominance due to its superior efficiency, performance, and cost-effectiveness compared to traditional options.
• Recognize the importance of expanding charging infrastructure, a crucial factor addressed by significant government investments exceeding $33 billion by 2030.
• Capitalize on the booming Asia Pacific market, fueled by a demand for sustainable solutions, leading manufacturers, and government support.

Table of Content- Major Points

1. Introduction
2. Research Methodology
3. Market Dynamics
4. Impact Analysis
5. Value Chain Analysis
6. Porter’s 5 forces model
7. PEST Analysis
8. Global Electric Bus Market Segmentation, by Propulsion type
9. Global Electric Bus Market Segmentation, by Length
10. Global Electric Bus Market Segmentation, by Range
11. Regional Analysis
12. Company Profiles

Continue….

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