Pune, 05, Dec, 2022: According to the Electric Bus Market study published by Maximize Market Research, the market is expected to grow from 78240 Units in 2021 to 1383480 Units in 2029, at a CAGR of 43.2 percent over the forecast period from 2022 to 2029. The increasing acceptance of electric buses as a viable option for sustainable public transportation in a variety of industrialized and emerging economies
Electric Bus Market Scope and Research Methodology
The Electric Bus Market research report includes product categorization, product application, development trend, product technology, competitive landscape, industrial chain structure, industry overview, national policy and planning analysis of the industry, and the most recent dynamic analysis, among other things. The study discusses the global market’s drivers, opportunities, and limitations. It discusses the influence of various drivers, trends, and constraints on market demand during the forecast period. The research also outlines market potential on a global scale. The research includes the production time, base distribution, technical characteristics, research and development trends, technology sources, and raw material sources of significant Electric Bus Market firms in terms of production bases and technologies. The more precise research also contains the key application areas of market and consumption, significant regions and consumption, major producers, distributors, raw material suppliers, equipment providers, and their contact information, as well as an analysis of the industry chain relationship. This report’s study also contains product specifications, manufacturing processes, cost structure, and data information organized by area, technology, and application.
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Electric Bus Market Overview
An electric bus uses electric motors instead of internal combustion engines to go forward. Electric buses have two options for power supply they may either store the necessary energy onboard or receive continual external power. The majority of buses that store electricity are battery electric buses (which this page primarily discusses), where the electric motor receives power from an onboard battery pack. Although there are examples of other storage types, such as the gyro but, which uses flywheel energy storage, these buses are rare. Electricity is obtained through contact with external power sources when it is not stored on board. For example, the trolleybus overhead lines, a power source at ground level, or inductive charging. The ongoing switch from hydrocarbon-based to electric public transportation is being fueled by three main factors increasing pollution levels, possible operating cost reductions, and high reliance on public transportation.
Electric Bus Market Dynamics
The emissions of greenhouse gases (GHG) into the atmosphere are mostly caused by the transport industry. The transportation industry, which is a significant contributor to urban and regional air pollution, is responsible for around one-fourth of all energy-related greenhouse gas (GHG) emissions, according to the United Nations Environment Program (UNEP). In 2019, 1.1% of all GHG emissions from the transportation industry were produced by buses, according to the US Environmental Protection Agency (EPA). 29% of ozone-depleting chemicals, which harm the environment and cause air pollution, are completely due to vehicle emissions.
Many governments throughout the world have started initiatives to deploy electric buses to improve the sustainability and fuel efficiency of urban public transportation. The Green Deal for Electric Transport in the Netherlands runs from 2016 to 2020. The green deal’s main goal is to end car emissions by 2025, which will benefit the electric bus industry. Additionally, the Federal Transit Administration (FTA) of the US Department of Transportation has committed to providing 130 million USD in assistance for low- or no-emission cars by June 2020. In the next years, electric buses will transform public transportation by enhancing air quality, reducing noise levels, and boosting fuel economy.
Electric Bus Market Regional Insights
The Asia Pacific dominated the market with a 48 % share in 2021. The need to reduce urban pollution and dependency on fossil fuels, as well as rising national government initiatives toward sustainable public transportation, are driving the Asia Pacific electric bus market. Since it has the greatest market in terms of volume, China dominates the local and international marketplaces. The conventional fleet of public transportation in China has undergone a considerable electric fleet conversion. The Chinese government has established public transportation zones for the use of these vehicles. The region now employs more battery-powered buses thanks to government initiatives. BYD, Yutong, Ankai, and Zhongtong are examples of Chinese companies that dominate both the Chinese and international markets.
Electric Bus Market Segmentation
By Propulsion Type:
- Battery Electric Vehicle (BEV)
- Plug-In Hybrid Electric Vehicle (PHEV)
- Fuel Cell Electric Vehicle (FCEV)
- Fuel Cell Stack
- Battery Management System
- Battery Cooling System
- EV Connector
- Up to 200 miles
- Above 200 miles
By power Output:
- Up to 250 kW
- Above 250 kW
By Battery capacity:
- Up to 400 kWh
- Above 400 kWh
By Battery Type:
- Lithium-nickel-manganese-cobalt oxide
By Level of Autonomy:
Electric Bus Market Key Competitors:
- BYD Company Ltd.
- New Flyer Industries Inc.
- Proterra Inc.
- Solaris Bus & Coach SA
- Zhongtong Bus Holding Co., Ltd.
- Shenzhen Wuzhoulong Motors Co., Ltd.
- EBUSCO BV.
- Dongfeng Automobile Co., Ltd
- Alexander Dennis
- King Long
- FAW Group
- AB Volvo
- Daimler AG
- TATA Motors
- Ashok Leyland
- Nova Bus
- Foton Motor Inc.
- Ashok Leyland Electric Bus.
- JBM Solaris ECOLIFE.
- Electric Bus K9.
- SKYPAK XL Bus.
Key questions answered in the Electric Bus Market are:
- What is Electric Bus?
- What is the growth rate of the Electric Bus Market for the next five years?
- What is the nature of competition in the Electric Bus industry in developed economies and developing economies?
- Who are the key players in the Electric Bus Market?
- Who are the market leaders in Electric Bus in Europe
- Who are the market leaders in Electric Bus in USA and Canada
- Who are the market leaders in Electric buses in India, China, Japan, and South Korea?
- What are the factors affecting growth in the Electric Bus Market?
- Who held the largest market share in Electric Bus Market?
- What are the factors for the growth of the Asia-Pacific region in the Electric Bus Market?
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- Market Share, Size & Forecast by Revenue | 2022−2029
- Market Dynamics – Growth Drivers, Restraints, Investment Opportunities, and Key Trends
- Market Segmentation – A detailed analysis by Propulsion Type, Component, Range, Power output, Battery Capacity, Application, Battery Type, Level of autonomy
- Competitive Landscape – Top Key Vendors and Other Prominent Vendors
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