What is the global market size of the Electric Bus Market?

Global Electric Bus Market size was valued at USD 40 billion in 2021 and is poised to grow from USD 45.4 billion in 2022 to USD 122.7 billion by 2030, growing at a CAGR of 13.5% in the forecast period (2023-2030).

Who are the key vendors in the Global Electric Bus Market?

Currently, the demand for electric buses is not as much as ICE buses. However, the global electric bus market is flooded with number of players engaging in production of electric buses, especially in China. It has been found that most of the market is dominated by regional players as they have netter understanding about the local market and consumer mindset. 'BYD Company Limited', 'Yutong Group', 'Proterra Inc.', 'Zhongtong Bus Holding Co. Ltd.', 'AB Volvo', 'Daimler AG', 'New Flyer Industries Inc.', 'Solaris Bus & Coach S.A.', 'Ebusco BV', 'Alexander Dennis Limited', 'Bolloré SE', 'Wrightbus Limited', 'Scania AB', 'Tata Motors Limited', 'Hyundai Motor Company', 'Toyota Motor Corporation', 'Anhui Ankai Automobile Co. Ltd.', 'Blue Bird Corporation', 'VDL Bus & Coach BV', 'Iveco S.p.A.'

What is the key driver of the Global Electric Bus Market?

Stringent government regulation to control vehicular pollution is expected to drive electric bus market. According World Health Organization (WHO), air pollution has remained on of the key factors causing numerous deaths around the globe. Vehicular discharge affects general well-being of people and also poses hazardous risk to the environment.

What is the key market trend for the Global Electric Bus Market?

The Indian government intends to electrify 30% of total vehicle sales by 2030, which is expected to have positive impact on the electric bus market. As a part of this strategy, the government announced an investment of over USD 1,4000 million in phase two of the FAME (Faster Adoption and Manufacturing of Hybrid and Electric Vehicles) program through 2022. This phase focuses on electrifying public and shared transportation in India by subsidizing over 7090 electric buses.

Which region accounted for the largest share in the Global Electric Bus Market?

In 2021, the Asia Pacific region dominated the global market with more than 167 thousand units. Wherein, China leads the regional and global markets. China is known for its massive number of electric buses. The country has more electric buses than any other country in the world. China’s goal is to have 20 million electric buses on the roads by 2030. For the use of these types of buses, the Chinese government has created public transportation zones. The government's initiatives have increased the use of battery-powered buses in the region. Furthermore, the presence of the market leader BYD is fueling the market's growth in this region. This is further supported by rapidly expanding charging infrastructure in this region bodes well for the regional electric bus market.

Top Electric Bus Companies

Skyquest Technology's expert advisors have carried out comprehensive research and identified these companies as industry leaders in the Electric Bus Market. This Analysis is based on comprehensive primary and secondary research on the corporate strategies, financial and operational performance, product portfolio, market share and brand analysis of all the leading Electric Bus industry players.

Electric Bus Market Competitive Landscape

Currently, the demand for electric buses is not as much as ICE buses. However, the global electric bus market is flooded with number of players engaging in production of electric buses, especially in China. It has been found that most of the market is dominated by regional players as they have netter understanding about the local market and consumer mindset.

As of 2021, all the manufacturers in the global electric bus market are competing for a substantial market share and have creased intense competitive environment. In line with this, most of the leading players are praying on acquiring small players that are working on electric bus technologies in order to strengthen their product capabilities.

China is a major player in the electric bus market, and its dominance is expected to continue throughout the forecast period. In May 2020, more than 420,000 electric buses were running in China, accounting for approximately 90% of the global fleet. Furthermore, China's Ministry of Transport is providing subsidies and other benefits for the development of low-emission bus fleets, which is positively influencing the electric bus market. Despite the pandemic, Chinese bus manufacturers sold 61,000 more new energy buses in 2020.

Electric Bus Market Top Player’s Company Profiles

BYD Company Limited
Yutong Group
Proterra Inc.
Zhongtong Bus Holding Co. Ltd.
AB Volvo
Daimler AG
New Flyer Industries Inc.
Solaris Bus & Coach S.A.
Ebusco BV
Alexander Dennis Limited
Bolloré SE
Wrightbus Limited
Scania AB
Tata Motors Limited
Hyundai Motor Company
Toyota Motor Corporation
Anhui Ankai Automobile Co. Ltd.
Blue Bird Corporation
VDL Bus & Coach BV
Iveco S.p.A.

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Global Electric Bus Market size valued at USD 32.88 Billion in 2024 and is poised to grow from USD 36.99 Billion in 2025 to USD 94.92 Billion by 2033, growing at a CAGR of 12.5% during the forecast period (2026–2033).

Electric bus providers should invest in battery technology R&D to stay ahead of the competition. Targeting countries with incentives for clean transportation and emphasis on smart city development is a key opportunity for companies looking to boost their revenue as per this global electric bus market analysis. 'BYD Company Ltd. ', 'Proterra Inc. ', 'Yutong Bus Co., Ltd. ', 'Zhongtong Bus Holding Co., Ltd. ', 'NFI Group Inc. ', 'Daimler AG ', 'Solaris Bus & Coach S.A. ', 'VDL Groep ', 'Ebusco B.V. ', 'King Long United Automotive Industry Co., Ltd. ', 'Anhui Ankai Automobile Co., Ltd. ', 'Alexander Dennis Limited (ADL) ', 'Blue Bird Corporation ', 'Gillig LLC ', 'Tata Motors Limited ', 'Ashok Leyland ', 'Volvo Group ', 'Scania AB ', 'MAN SE ', 'Hyundai Motor Company'

Technological advancements in battery chemistry, production scale, and supply chain efficiency have improved energy density, charging speed, and lifecycle. Extensive investments in R&D of lithium-ion batteries and other battery technologies are making electric buses financially viable. As battery prices continue to fall, fleet managers are more likely to consider electrification as a cost-effective solution.

Surge in Popularity of Hydrogen Fuel Cell Buses: Adoption of hydrogen fuel cell buses for travel across longer routes and colder climates is creating new opportunities for electric bus companies. Major manufacturers like Hyundai, Toyota, and Ballard are developing fuel cell bus models tailored for intercity and high-capacity transit. Fuel cells offer faster refueling, extended driving range, and consistent performance in harsh weather. The electric bus market trend reflects a diversification in zero-emission technologies, enabling tailored solutions for varying operational needs.

What Makes Asia Pacific a Highly Rewarding Region?

Top Electric Bus Companies

Electric Bus Market Competitive Landscape

FAQs

What is the global market size of Electric Bus Market?

Who are the key vendors in the Electric Bus Market?

What is the key driver of Electric Bus Market?

What is the key market trend for Electric Bus Market?

Which region accounted for the largest share in Electric Bus Market?

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