According to the Market Statsville Group (MSG), the global electric bus market size is expected to grow from USD 21.6 billion in 2021 to USD 58.5 billion by 2030, at a CAGR of 12.9% during the forecast period. The electric bus market is driven by factors such as high-performance and low-emission buses, stringent government rules & regulations toward vehicle emission, and a reduction in battery prices. However, low fuel economy & serviceability and high manufacturing costs restrict the market growth. Furthermore, technological advancements and proactive government initiatives for the adoption of e-buses creates lucrative growth opportunities for the market.
Market Dynamics
The conventional gas-powered buses use an internal combustion engine to generate power. The combustion system fully incinerates the fuel in an ideal scenario and creates carbon dioxide and water as waste. However, the combustion system generates many greenhouse gases, causing environmental pollution. Whereas an electric bus uses an electric motor powered via a continuous current supply, it does not create any pollutants. The U.S., France, China, and Germany have implemented strict government laws for vehicular emission, making it mandatory for automobile manufacturers.
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The high cost of electric buses and related components such as batteries and monitoring systems (battery management systems, CAN bus modules) hamper the market growth. Infrastructure development for EVs is also expensive. An EV battery requires frequent and rapid charging using specialized equipment such as an electric charger found only at EV charging stations. Several high-capacity charging stations are needed to be installed. Electric buses and coaches are more expensive than the traditional ICE buses and coaches because of the charger, battery, and charger installation costs.
Global Electric Bus Market Definition
An electric bus is a completely electric bus and does not have a traditional ICE engine for its propulsion. It is also known as the e-bus. Electric buses can store the required electricity on board, or be fed constantly from an external source. Most e-buses storing electricity are battery-electric buses, where the e-motor obtains energy from an involved battery pack, although instances of other storage modes do exist.
COVID-19 Impact on the Global Electric Bus Market
Both the production and COVID-19 have a significant impact on the electric bus market. Production and sales of the new electric buses came to a halt across the world as the whole ecosystem got disrupted. OEMs had to wait until the lockdowns were lifted to resume production, which has affected their business. The demand for the new electric buses during the post-pandemic is expected to increase with economies recovering gradually. However, another wave of COVID-19 due to newer strains may hamper the recovery in some nations. Subsequently, electric bus manufacturers must adjust the production volume based on the COVID-19 scenario across the different countries.
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Scope of the Global Electric Bus Market
The study categorizes the electric bus market based on Propulsion Type, consumer, application, length of the bus, range, battery capacity, power output, and battery type at the regional and global levels.
By Propulsion Type Outlook (Sales, USD Million, 2017-2030)
- BEV
- FCEV
- PHEV
By Consumer Outlook (Sales, USD Million, 2017-2030)
- Private
- Government
By Application Outlook (Sales, USD Million, 2017-2030)
- Intercity
- Intracity
By Length of the Bus Outlook (Sales, USD Million, 2017-2030)
- less than 9 meter
- 9−14 meter
- Above 14 meter
By Range Outlook (Sales, USD Million, 2017-2030)
- less than 200 miles
- Above 200 miles
By Battery Capacity Outlook (Sales, USD Million, 2017-2030)
- Upto 400 kWh
- Above 400 kWh
By Power Output Outlook (Sales, USD Million, 2017-2030)
- Upto 250 kW
- Above 250 kW
By Battery Type Outlook (Sales, USD Million, 2017-2030)
- Lithium- Nickel- Manganese- Cobalt-Oxide
- Lithium- Iron- Phosphate
- Others
By Region Outlook (Sales, USD Million, 2017-2030)
- North America
- US
- Canada
- Mexico
- Europe
- Germany
- Italy
- France
- UK
- Spain
- Poland
- Russia
- The Netherlands
- Norway
- Czech Republic
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- South Korea
- Indonesia
- Malaysia
- Thailand
- Singapore
- Australia & New Zealand
- Rest of Asia Pacific
- South America
- Brazil
- Argentina
- Colombia
- Rest of South America
- The Middle East & Africa
- Saudi Arabia
- UAE
- South Africa
- Northern Africa
- Rest of MEA
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Asia Pacific accounts for the highest CAGR during the forecast period
Based on the regions, the global electric bus market has been segmented across North America, Asia-Pacific, Europe, South America, and the Middle East & Africa. Worldwide, Asia Pacific is the fastest-growing region during the forecast period. Growing initiatives by national governments toward clean public transportation is the major driver that is driving the market in the Asia Pacific region.
Chinese companies such as Yutong, Zhongtong, Ankai, and BYD are dominating the Chinese as well as global electric bus markets. Availability of parts and components at a lower price these players have provided a wide range of electric buses. In November 2021, BYD received its first order from Transportes Metropolitanos de Barcelona for 25 new 40-foot BYD electric buses, expected between 2022 and 2024.
Major Competitors in the Global Electric Bus Market
The global electric bus market is highly competitive with key industry players adopting various strategies such as product development, partnerships, acquisitions, agreements, and expansion to strengthen their market positions.
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Major competitors in the global electric bus market are:
- AB Volvo
- BYD Company Ltd.
- Ankai Bus
- Daimler AG
- Proterra
- VDL GROEP BV
- NFI Group Inc.
- Yutong Group
- Zhongtong Bus Holdings Co., Ltd.