The global electric bus market was valued at $46.1 billion in 2021 and it is expected to reach $400.1 billion at a CAGR of 19.2% between 2022 and 2032. Due to the rising usage of advanced technologies and increasing demand for electric vehicles, the electric bus market is estimated to rise during the forecast period.
At present days, electric buses are increasing in demand across various nations. Due to the rising population in various developing countries and increasing awareness of global pollution control, manufacturing companies are concentrating on producing many electric buses. This new production would benefit the atmosphere as well as the rising population in economically backward countries. These kinds of buses run by electric motors. These motors are powered with the assistance of onboard batteries and are run by the battery itself. Hence, these buses are completely pollution-free, and torque. Conventional buses are powered by gas that makes utilization of an internal combustion engine to create power. These traditional buses are more likely to create pollution which produces carbon dioxide and other greenhouse gases in the global environment. These major factors are driving the growth of the electric bus market across the globe. Moreover, it is expected that one-third of new transit buses will be electric by the upcoming years. Hence, it would benefit the market over the forecast period from 2022 to 2032.
Source: SAI Research
Based on the bus type, the global electric bus market is segmented into battery electric buses, plug-in hybrid electric buses, and fuel cell electric buses. The battery electric bus segment holds the largest share of the market and is anticipated to dominate in the upcoming years. This kind of bus stores electricity onboard in high-capacity battery sets. Additionally, these buses are made to use the advantages of those batteries to run the electrical motor and onboard all electronics. On the other hand, the fuel cell electric bus segment accounted for the largest share of the market due to the increasing demand in multiple counties. There are many manufacturing companies are focusing on producing fuel cell batteries for vehicles. This innovative product is estimated to accelerate the global electric bus market during the forecast period.
Based on range type, the global electric bus market is categorized into less than 200 miles, and more than 200 miles. The less than 200 miles segment holds the maximum share of the market and is anticipated to accelerate the growth of the global electric bus market over the upcoming years. Due to the lower operating cost and less recharging time, the market is estimated to drive the growth of the market.
Based on power capacity, the global electric bus market is categorized into up to 400 kWh, and above 400 kWh. Among these, the up to 400 kWh segment accounted for the largest share of the market. There are various nations that use buses with up to 400 kWh power capacities because it is cheaper than traditional buses and more lightweight than other buses. Therefore, this category is estimated to gain a more significant share during the forecast period due to its increasing demand which is also anticipated to propel the growth of the market during the upcoming years.
Based on regions, the global electric bus market is categorized into North America, Europe, Asia-Pacific, Latin America, and Africa. Among these, the Asia-Pacific region is leading the market and holds the largest share of the global electric bus over the past few years. Moreover, the region is also projected to hold its dominant position in the upcoming years. Most of the key players are situated in this region. These companies are making innovative electric buses with government support associated with a good investment in R&D activities. Besides this, Europe is another region that is expected to become the second-fastest market in producing electric buses.
According to the study, key players such as Ankai (China), AB Volvo (Sweden), BYD Auto (China), BAIC Group (China), CNH Industrial (U.K), CAF (U.K), Ebusco (Netherlands), Ford Motor Company (U.K), HIinduja Group (U.K), King Long (China), Mercedez-Benz Group (Germany), NFI Group (Canada), Porsche SE (Germany), Proterra (U.S), Shenzhen Wuzhoulong Motors (China), VDL Groep (Netherlands), Yutong (China), Zhongtong Bus (China), among others are leading the global peanut butter market.
|Market Size in 2021||US$ 46.1 Billion|
|Market Volume Projection by 2032||US$ 400.1 Billion|
|Forecast Period 2022 to 2032 CAGR||19.2%|
|Historical Data||2019, 2020 and 2021|
|Forecast Period||2022 to 2032|
By Type: Battery Electric Bus, Plug-In Hybrid Electric Bus, Fuel Cell Electric Bus
By Range Type: Less Than 200 Miles, More Than 200 Miles
By Power Capacity: Up to 400 kWh & Above 400 kWh
North America, Europe, Asia-Pacific, LAMEA
|Companies covered||Ankai (China), AB Volvo (Sweden), BYD Auto (China), BAIC Group (China), CNH Industrial (U.K), CAF (U.K), Ebusco (Netherlands), Ford Motor Company (U.K), HIinduja Group (U.K), King Long (China), Mercedez-Benz Group (Germany), NFI Group (Canada), Porsche SE (Germany), Proterra (U.S), Shenzhen Wuzhoulong Motors (China), VDL Groep (Netherlands), Yutong (China), Zhongtong Bus (China), & Others|
The Global Electric Bus Market – by Type:
The Global Electric Bus Market – by Range Type:
The Global Electric Bus Market – by Power Capacity:
The Global Electric Bus Market – by Regions:
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