Pune, India, Oct. 11, 2022 (GLOBE NEWSWIRE) -- The global Electric Bus Market was 170 thousand units in 2020. The global market size is expected to gain momentum by reaching 544 thousand units by 2028, exhibiting a CAGR of 16% during the forecast period from 2021-2028. This information is provided by Fortune Business Insights, in its report, titled, “Electric Bus Market, 2021-2028.”
According to our analysts, the factors such as rising fuel prices and increased utilization of unprocessed petroleum. Increasing government norms to reduce emissions in atmosphere to aid growth.
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Report Highlights:
| Report Coverage | Details |
| Forecast Period | 2021-2028 |
| Forecast Period 2021 to 2028 CAGR | 16% |
| 2028 Value Projection | 544 thousand units |
| Base Year | 2020 |
| Market Size in 2021 | 192 thousand units |
| Historical Data for | 2017 - 2019 |
| No. of Pages | 200 |
| Segments covered | By Propulsion Type, By Range, By Battery Capacity |
| Growth Drivers | Growing Demand for Hydrogen Fuel Cell Bus to Thrust Market Growth |
| Asia Pacific to Hold the Lion’s Share |
Market Highlights:
Growing Demand for Hydrogen Fuel Cell Bus to Thrust Market Growth
Hydrogen fuel cell buses are driven by uniting an electric powertrain with fuel cell systems, managed technology, as well as batteries. These buses are measured as next-generation green transport as they have an enhanced and extended lifetime in comparison with a standard e-bus. The hydrogen fuel cell bus has a rapid refueling speed and direction flexibility. This shall augment the electric bus market growth during the forecast period.
With the increasing level of pollution caused by emissions out of automobiles, governments of various nations are trying to introduce renewable energy sources for running vehicles. This is one factor promoting the overall electric bus market growth. Besides this, governments are also focusing on controlling the level of pollution caused by implementing stringent regulations and propelling the use of cost-efficient public transport to control the level of pollution. This is also expected to help increase the overall electric bus market size in the forecast duration.
However, these buses are costly and thus, governments, transit organizations, large fleet operatives, as well as administrative divisions of specific nations may not be capable to arrange these. It may hinder growth.
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Industry Development
July 2021: Volvo Buses provides its useable energy obligation as a business solution to guarantee the obtainability and uptime of e-buses. This summarizes that Volvo Buses assures volume for an approved quantity of energy for the functioning throughout the agreement tenure.
Regional Insights
Asia Pacific to Hold the Lion’s Share
Asia Pacific held the maximum electric bus market share and was worth 167 thousand units in 2020. China is dominating the regional market and also globally on account of owning the largest market in terms of quantity.
Europe is the second-biggest market and is anticipated to display positive growth over the forecast period. The strict government guidelines regarding car emissions is the prime aspect endorsing the market rise in Europe.
North America is also estimated to demonstrate distinct growth in the global market. The U.S. is projected to display sturdy growth in this region.
Geographically, the global electric bus market is widespread in North America, Asia Pacific, Europe, and the rest of the world. Each of these nations is further categorized nation-wise. Among these, Asia Pacific is holding a dominant electric bus market share with China leading the regional market on account of various initiatives taken by the Chinese government for promoting e-buses and controlling overall carbon emission rates into the atmosphere. Furthermore, the presence of Chinese multinational BYD Co. Ltd, in China with the largest automotive subsidiary is also promoting the overall regional electric bus market growth in the forecast period.
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Market Segments:
On the basis of type, the market is divided into fuel cell electric vehicles, plug-in hybrid electric vehicles, and battery-electric vehicles. The battery-electric vehicles segment dominated the market with a share of 91.4% in 2020.
In terms of range, the market is segregated into less than 200 miles and more than 200 miles.
By battery capacity, the market is branched into up to 400 kWh and above 400 kWh.
Geographically, the global market is segmented into North America, Europe, Asia Pacific, and the rest of the world.
Competitive Landscape
Crucial Players Focus on Launching State-of-the-art Buses to Satisfy Demand of People
The market comprises several noticeable e-bus manufacturers that are presently determined to uphold their pioneering positions. Most of them are concentrating on launching novel buses to suffice the high demand from people. A few additional companies are collaborating with government organizations to present their buses.
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Deteriorating Usage of Public Transportation to Impede Growth amid COVID-19 Pandemic
The automotive industry was adversely influenced owing to the outbreak of the COVID-19 pandemic across the globe. Manufacturing and transportation happenings were terminated momentarily to avert the spread of the novel coronavirus. This has led to a diminishing demand for electric buses as government organizations executed travel prohibitions. Moreover, people are experiencing terror regarding the usage of public transportation amid the pandemic.
List of Key Players Profiled in the Report
- BYD Co., Ltd (Shenzen, China)
- Proterra, Inc. (Burlingame, California, U.S.)
- AB Volvo (Gothenburg, Sweden)
- New Flyer Industries (Winnipeg, Canada)
- Daimler AG (Stuttgart, Germany)
- Scania AB (Södertälje, Sweden)
- Iveco (Turin, Italy)
- Yutong (Zhengzhou, China)
- Ebusco (Deurne, Netherlands)
- Xiamen King Long United Automotive Industry Co., Ltd. (Fujian, China)
- VDL Groep bv (Eindhoven, Netherlands)
Electric Bus Market Segmentation:
By Propulsion:
- Electric Vehicle (BEV)
- Plug-in Hybrid Electric Vehicle (PHEV)
- Fuel Cell Electric Vehicle (FCEV)
By Range:
- Less than 200 Miles
- More than 200 Miles
By Battery Capacity:
- Up to 400 kWh
- Above 400 kWh
Table of Contents:
- Introduction
- Research Scope
- Market Segmentation
- Research Methodology
- Definitions and Assumptions
- Executive Summary
- Market Dynamics
- Market Drivers
- Market Restraints
- Market Opportunities
- Key Insights
- Key Emerging Trends – For Major Countries
- Latest Technological Advancement
- Regulatory Landscape
- Industry SWOT Analysis
- Porters Five Forces Analysis
- Qualitative Analysis – Impact of COVID-19
- Impact of COVID-19 on the Switchgear Market
- Steps Taken by the Government to Overcome the Impact
- Key Developments by Industry Players in Response to COVID-19
- Potential Opportunities and Challenges due to COVID-19 Outbreak
Continued…
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