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).

Global Electric Bus Market Size, Share, Growth Analysis, By Propulsion Type(Battery Electric Vehicle, Plug-in Hybrid Electric Vehicle), By Range(Less than 200 Miles, More than 200 Miles), By Battery Capacity(Up to 400 kWh, Above 400 kWh), By length of bus(less than 9 meters, 9-14 meters), By component(battery, motor), By power output(up to 250kW and above 250kW), By application(Intercity and intracity), By battery type(lithium-nickel-manganese-cobalt oxide, lithium-iron phosphate) - Industry Forecast 2024-2031

Report ID: SQMIG25C2116 | Region: Global | Published Date: February, 2024
Pages: 219 | Tables: 222 | Figures: 81

Global Electric Bus Market News

April 2022: Proterra, one of the leading e-vehicle manufacturer in the US, introduced its electric bus named ZX5 with 738KWH of energy, which will be functional from 2023 onwards and has been equipped with advanced features
January 2022: BYD delivered 70,000 electric buses worldwide and announced that its plans for investment and expansion at BYD's e-Bus factory in Hungary are continuing, supporting the company's 'Made in Europe for Europe' principle.
July 2021: BYD UK and Alexander Dennis Limited (ADL) announced a contract with the National Transport Authority of Ireland for the delivery of up to 200 BYD ADL Enviro200EV zero-emission battery-electric buses through their electric vehicle partnership, BYD ADL.

Global Electric Bus Market Report Snapshots

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Electric Bus Market size was valued at USD 40 billion in 2019 and is poised to grow from USD 45.4 billion in 2023 to USD 122.7 billion by 2031, growing at a CAGR of 13.5% in the forecast period (2024-2031).

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.'

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.

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.

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.

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Global Electric Bus Market News

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