DUBLIN–(BUSINESS WIRE)–The “Global Electric Bus Market by Propulsion (BEV, PHEV & FCEV), Application (Intercity & Intra-city), Consumer, Range, Bus Length, Seating Capacity, Power Output, Battery Capacity, Component, Level of Autonomy, Battery type & Region – Forecast to 2027” report has been added to ResearchAndMarkets.com’s offering.
The global electric bus market size is projected to grow from 112,041 units in 2022 to reach 671,285 units by 2027, at a CAGR of 43.1%.
The advancements in battery pack technologies and electric powertrains are some of the major factors driving the growth of the electric bus and coach market. Many countries are focusing on electrification of their mass transit solutions, especially buses and coaches.
Factors such as rise in pollution and environmental hazards, stringent government regulations, and stiff competition have compelled automotive OEMs to make fuel-efficient and environment-friendly buses.
Large volumes of electric buses used in public transport is likely to propel the growth of the 9-14m segment during the forecast period
In the electric bus market, by length of bus, the 9-14 m segment is projected to be the largest market during the forecast period in terms of volume. The 9-14 m segment is dominating the electric bus segment due to the large volumes of electric passenger buses used in public transport fleet.
Most of the public transport fleets, especially in China, which accounts for almost 99% of the market have electric buses that are 9-14 m in length. Also, many of the leading OEMs such as BYD, Proterra, and Yutong have been providing electric buses in the 9-14 m length range. BYD offers K8 and K9 electric buses between 9 m and 14 m in length and a range of 155 miles and 190 miles. It also offers C8 and C9 transit buses with a range of 125 miles and 155 miles, respectively.
In February 2021, Yutong announced the securing of a contract to supply its star product ZK6122H9 to Mowasalat, which is Qatar’s major transportation service for the FIFA World Cup 2020 in Qatar. Countries that are planning to replace existing public fleets with electric ones are considering electric buses of the same lengths as well.
For instance, the Indian government is offering subsidies of up to 40% on the cost of the bus or up to USD 77,000 on a standard electric bus of 10-12 m. This would boost adoption of e-buses in this segment in the future.
Asia Pacific is expected to be the largest market during the forecast period
The Asia Pacific region is the largest electric bus market in the world. It comprises some of the fastest developing and developed economies in the world. The growth in the region can be attributed to the dominance of the Chinese market and the presence of leading OEMs in the country as well, resulting in exponential growth of the Asia Pacific electric bus and coach market.
For instance, In 2020, China’s BYD and Hino Motors from Japan signed a joint venture agreement to set up a new company in China by 2021 for the development of commercial battery electric buses. Such developments are expected to boost the electric bus market in the region.
The favourable regulations for electric buses, availability of electric and electronics components, and rapidly growing charging infrastructure are projected to boost the electric bus market in the region. According to phase 2 of the FAME scheme in January 2022, the Government of India will be giving out 670 electric buses to the states of Maharashtra, Goa, Gujarat, and Chandigarh. In addition to this, 241 charging stations will be provided on the streets of Madhya Pradesh, Tamil Nadu, Kerala, Gujarat, and Port Blair.
North America is expected to be the fastest-growing market during the forecast period
The North America, which includes US and Canada, is projected to be the fastest-growing market during the forecast period. The increasing demand for electric mass transit solutions, renowned OEMs expanding in the region, and government support are factors driving the North American electric bus market.
The adoption rate of electric vehicles in these regions is emerging and they can be considered as new revenue pockets for the electric bus segment. Countries in these regions are implementing the electric bus technologies for public and private transportation options. For instance, In 2019, Federal budget of US announced USD 130 million to accelerate zero emission buses and vehicles deployment.
Also, Funding for hydrogen-powered vehicles and refueling infrastructure was announced in Pennsylvania. Sales and taxes for alternative fuel vehicles, including hydrogen-fueled vehicles, were exempted in Washington. Schemes like these by the government are incentivizing the electric bus market in the North American region.
Further, OEMs are also launching new variants of electric buses for other applications such as school buses. For instance, in March 2021, the Blue Bird delivered its 400th electric school bus in North America. The company expects to have 1,000 electric school buses delivered by 2022. A rising number of similar developments indicate that the electric bus market in North America will grow exponentially in future
The electric bus market comprises major manufacturers such as BYD (China), Yutong (China), CAF (Solaris) (Spain), VDL Groep (Netherlands), and AB Volvo (Sweden).
- Increasing Demand for Fuel-Efficient and Emission-Free Vehicles Expected to Boost Electric Bus Market
- Government Segment Projected to Lead Electric Bus Market from 2022 to 2027 (Units)
- Bev Segment Projected to Lead Electric Bus Market from 2022 to 2027 (Units)
- Up to 200 Miles Segment Projected to Lead Electric Bus Market from 2022 to 2027 (Units)
- 9-14 M Segment Projected to Lead Electric Bus Market from 2022 to 2027 (Units)
- Intracity Segment Projected to Lead Electric Bus Market from 2022 to 2027 (Units)
- Up to 250 Kw Segment Projected to Lead Electric Bus Market from 2021 to 2027 (Units)
- Battery Segment Projected to Lead Electric Bus Market from 2022 to 2027 (USD Million)
- Up to 400 Kwh Segment Projected to Lead Electric Bus Market from 2022 to 2027 (Units)
- Lithium-Iron-Phosphate Segment Projected to Lead Electric Bus Market from 2022 to 2027 (Units)
- 40-70 Seats Segment Projected to Lead Electric Bus Market from 2022 to 2027 (Units)
- Asia-Pacific Estimated to Account for Largest Market Share in 2022
- Increasing Demand for Emission-Free and Energy-Efficient Mass Transit Solutions
- Reduction in Battery Prices
- Lower Emission Compared to Other Vehicles
- Fuel Cell Product Lifecycle
- High Development Cost
- Concerns Over Battery Safety
- Government Support for Electrification of Public Transport
- Implementation of Stringent Emission Norms and Environmental Regulations
- Limited Battery Capacity
- Lack of Ev Charging Infrastructure
- Adoption of Electric Buses as Public Transport in Finland
- Adoption of Electric Buses as Public Transport in Shenzhen, China
- Innovative Charging Solutions
- Off-Board Top-Down Pantograph Charging System
- On-Board Bottom-Up Pantograph Charging System
- Ground-Based Static/Dynamic Charging System
- Packaged Fuel Cell System Module
- AB Volvo
- Ashok Leyland
- Blue Bird Corporation
- Blue Bus
- Caf (Solaris)
- Changsha Sunda New Energy Technology CoLtd.
- Chariot Motors
- Daimler Ag
- Gillig LLC
- Golden Dragon
- Heuliez Bus
- Jbm Auto Limited
- King Long
- Nfi Group
- Olectra Greentech
- Otokar Otomotiv Ve Savunma Sanayi A.S.
- Rampini Carlo
- Sor Libchavy
- Tata Motors
- The Lion Electric Company
- Ursus Bus
- Van Hool Nv
- Vdl Groep
- Yinlong Energy
- Zhongtong Bus Holding
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