Dublin, Feb. 27, 2023 (GLOBE NEWSWIRE) -- The "Electric Buses Market Size, Market Share, Application Analysis, Regional Outlook, Growth Trends, Key Players, Competitive Strategies and Forecasts, 2022 to 2030" report has been added to ResearchAndMarkets.com's offering.
The electric buses market worldwide is expected to grow with a CAGR of 22.9% during the forecast period.
Electric vehicles have emerged as a viable solution for curbing the enormous air pollution caused by conventional fossil fuel vehicles. Of these, electric buses are expected to emerge as the most promising segment due to ongoing government initiatives across the world.
Electric buses offer clean, safe, reliable and comfortable mode of public transport, thereby reducing significant amount of CO2 emissions in the environment. The most prominent factor driving the market growth is aggressive initiatives undertaken by various national governments for incorporating these vehicles in public transportation fleet. Currently, China has more than 350,000 electric buses in its public transport fleet, making it the largest market for electric buses.
Other countries including the U.K., the U.S., India, Japan, South Korea and other European countries too are making rapid efforts towards increasing the percentage of electric buses in their public transport fleet. With ever-growing environmental regulations, electric buses are expected to witness rapid demand in the years to come. All these factors in combination are expected to ensure high growth for electric buses market during the forecast period.
High Emphasis on Minimizing Environmental Pollution to Ensure Dominance of Pure Electric Buses Segment
In 2021, pure electric buses segment accounted for larger share as compared to hybrid electric buses segment. Hybrid electric buses typically use an alternate fuel source (e.g. diesel), making them less cleaner as compared to the pure electric counterparts.
Although pure electric buses are costlier as compare to hybrid electric, these buses provide cleaner operation and require less operating and maintenance costs. The demand for pure electric buses are complimented by factors such as growing focus on zero emission vehicles, reducing battery costs, advancement in pure electric mechanism and improving charging technology & infrastructure.
Consistent Design Improvement in Designs to Ensure a Competitive Market
Some of the prominent players operating in the electric buses market include BYD Company Ltd., AB Volvo,, Alexander Dennis Ltd., Ashok Leyland Ltd., Daimler AG, Dongfeng Automobile Co., Ltd., EBUSCO BV, FAW Group, IVECO S.p.A., King Long United Automotive Industry Co., Ltd., Proterra, Inc., Shenzhen Wuzhoulong Motors Co., Ltd., Skoda Auto a.s., Solaris Bus & Coach SA, Tata Motors Ltd., Zhengzhou Yutong Bus Co., Ltd. and Zhongtong Bus Holding Co., Ltd. among others.
Historical & Forecast Period
This study report represents analysis of each segment from 2020 to 2030 considering 2021 as the base year. Compounded Annual Growth Rate (CAGR) for each of the respective segments estimated for the forecast period of 2022 to 2030.
Market Segmentation
Type
- Battery Electric Bus
- Hybrid Electric Bus
- Plug-in Hybrid Bus
Battery
- Lithium Iron Phosphate (LFP)
- Lithium Manganese Oxide (LMO)
- Lithium Nickel Manganese Cobalt Oxide
- Others
Length
- Less than 10m
- More than 10m
End-use
- Public Transport
- Private Fleet
Key questions answered in this report
- What are the key micro and macro environmental factors that are impacting the growth of Electric Buses market?
- What are the key investment pockets with respect to product segments and geographies currently and during the forecast period?
- Estimated forecast and market projections up to 2030.
- Which segment accounts for the fastest CAGR during the forecast period?
- Which market segment holds a larger market share and why?
- Are low and middle-income economies investing in the Electric Buses market?
- Which is the largest regional market for Electric Buses market?
- What are the market trends and dynamics in emerging markets such as Asia Pacific, Latin America, and Middle East & Africa?
- Which are the key trends driving Electric Buses market growth?
- Who are the key competitors and what are their key strategies to enhance their market presence in the Electric Buses market worldwide?
For more information about this report visit https://www.researchandmarkets.com/r/j3yrba-buses?w=12
About ResearchAndMarkets.com
ResearchAndMarkets.com is the world's leading source for international market research reports and market data. We provide you with the latest data on international and regional markets, key industries, the top companies, new products and the latest trends.
