NEw York, US, Feb. 21, 2023 (GLOBE NEWSWIRE) -- According to a Comprehensive Research Report by Market Research Future (MRFR), “Electric Bus Market Research Report Information By Vehicle Type, Region, and Charging Technology – Market Forecast Till 2030”, the electric bus market is projected to flourish substantially during the assessment era from 2022 to 2030 at a healthy growth rate of approximately 13.4%. The reports further predict the market to attain a valuation of around USD 34.7 billion by the end of 2030. As per the analysis, the market was worth about USD 12.65 billion in 2021.
Electric Bus Market Overview:
An electric bus refers to the ones moved using electric motors rather than an internal combustion engine. The electric bus market has grown tremendously in recent years, given several aspects. The primary parameter boosting market development is the initiatives implemented by various governments across the globe. Furthermore, the rapid launch of several new and innovative technologies across the market is another crucial parameter supporting the development of the market.
Competitive Analysis
The catalog for the leading participants across the electric bus market includes companies such as:
- Beiqi Foton Motor Co. Ltd. (China)
- Iveco (Italy)
- Zhongtong Bus Holding Co. Ltd.(China)
- Wright Enrichment Inc (U.S.)
- Anhui Ankai Automobile Co. Ltd. (China)
- Daimler AG (Germany)
- Volvo Group (Sweden)
- Shandong Yi Xing Electric Auto Co.Ltd (China)
- BYD Auto Co. Ltd (China)
- Ebus (Singapore)
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Electric Bus Market USP Covered
Market Drivers
The electric bus market has grown tremendously in recent years, given several aspects. The primary parameter boosting market development is the initiatives implemented by various governments across the globe. Furthermore, the rapid launch of several new and innovative technologies across the market is another crucial parameter supporting the development of the market.
Market Restraints
On the other hand, the lack of awareness regarding the environmental benefits of these buses is projected to hamper the performance of the market. Furthermore, the initial capital investments in these buses are also likely to impact the market's performance over the assessment era negatively.
Report Scope:
| Report Metrics | Details |
| Market Size 2030 | USD 34.7 billion |
| CAGR during 2022-2030 | 13.4% CAGR |
| Base Year | 2021 |
| Forecast | 2022-2030 |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | Charging Technology and Vehicle Type |
| Key Market Opportunities | Government support for the electrification of public transport |
| Key Market Dynamics | Increasing demand for emission-free and energy-efficient mass transit solutions Reduction in battery prices |
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COVID-19 Impact
The global health hazard in the shape of COVID-19 has had a tremendous effect on most industry sectors. Considering the fast spread of the infectious disease, various governments across the globe revealed partial or complete lockdowns for a fairly long time. Accordingly, industry operations were halted, and some businesses shut down. The electric bus market confronted numerous unforeseen challenges during the pandemic due to the abrupt fall in demand for vehicles and the travel restrictions enforced. On the other hand, with the swift vaccination rates and all the global industrial operations returning to normal, the market is expected to observe sizable expansion over the estimated timeframe.
Electric Bus Market Segment Analysis
Among all the technologies, the autonomous sector held the top spot across the global electric bus market in 2021. With time, the market has observed a significant rise in the production of autonomous buses with highly sophisticated technologies integrated with smartphones, which is considered the main aspect supporting the expansion of the global segment. Furthermore, the increasingly strict government rules emphasizing road safety are also predicted to enhance the segment's performance over the coming years. Therefore, the growing applications of autonomous buses are also predicted to boost the segment's performance over the coming years. However, the non-autonomous sector is projected to exhibit the maximum growth rate over the coming years, given mainly to growing environmental concerns. Moreover, the rising government investments in fuel-optimization technologies and alternative fuel vehicles are also likely to influence the segment's performance over the review era positively.
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Among all the vehicle types, the light-duty electric bus segment held the leading place across the electric bus market in the year 2021. The growing number of electric passenger buses being used in the public transportation fleet is believed to be the main parameter supporting the development of the segment. Most public transportation fleets include electric buses, especially across China, holding almost 99% of the automotive electric bus market. However, the hybrid electric bus segment is projected to showcase the maximum growth rate over the coming years. the main aspect supporting the segment's expansion is the rising levels of air pollution generated by vehicle exhaust emissions. In addition, the rising environmental consciousness among the general public is also predicted to boost the segment's development over the coming years.
Electric Bus Market Regional Analysis
The MRFR analysis reports suggest that the Asia-Pacific region held the top spot across the electric bus market in the year 2021, with a contribution of approximately USD 5.6 billion. The regional market is projected to exhibit a healthy CAGR of around 44.6% during the review era. The main parameter supporting the development of the regional market is the rising domestic demand backed by national sales targets, local air-quality targets, generous subsidies, and good regulations. China produces nearly 98% of the automotive electric buses across the global market. The country is likely to maintain its dominance over the review timeframe.
The European regional market for electric buses is predicted to ensure significant development over the coming years, mainly due to stringent government regulations for automobile emissions. The growing awareness of the benefits of clean and green transportation technologies across the region is also predicted to influence the regional market's growth positively.
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The North American regional market for electric buses is likely to showcase substantial development over the coming years, mainly due to the new federal regulations to cut bus carbon emissions and technological innovations in the field.
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