Dublin, June 09, 2023 (GLOBE NEWSWIRE) -- The "Global Electric Bus Market by Propulsion (BEV, FCEV), Battery (NMC, LFP, NCA, Other), Length (<9m, 9-14m, >14m), Seating Capacity, Range, Battery Capacity, Power Output, Level of Autonomy, Application, Component, Consumer and Region - Forecast to 2030" report has been added to ResearchAndMarkets.com's offering.
The electric bus market is largely driven by decreased emission limits in upcoming emission regulations and increased demand for sustainable mobility.
However, as this market is at its initial growth phase, the major restraint faced by this industry is the higher cost of electric buses than conventional diesel buses due to the high cost of batteries. The biggest challenge for this market is safety concerns and the low range associated with batteries.
Above 400 kWh is estimated to be the fastest growing battery capacity for electric buses
Electric buses usually offer the above 400 kWh battery capacity range for intercity or long-distance commutes. The developments in battery technologies and the reduction in prices of batteries have positively impacted the growth of above 400 kWh batteries. In their product offerings, many leading OEMs have introduced electric buses with above 400 kWh battery capacity. For instance, in 2021, AB Volvo (Germany) launched its electric bus BZL Electric with a battery capacity of 470 kWh.
The above 400 kWh battery capacity segment is projected to be the fastest-growing battery segment during the forecast period. Asia Pacific leads the above 400 kWh segment of the electric bus market. This is mainly because of the region's focus on R&D in battery technologies. It is also expected that the declining battery prices and the ongoing innovations in battery compositions will drive market growth in this region during the forecast period.
The above 200 miles range electric buses will be the fastest-growing market
The incorporation of electric buses in long-distance commutes is gradually increasing, and electric bus manufacturers have recognized the need for electric buses with a higher range per charge. Hence, electric buses above 200 miles are expected to be the fastest-growing market over the forecast period. The key reason is - increased R&D in battery technologies by leading manufacturers and OEMs. Manufacturers are actively developing batteries that offer a higher range. For instance, Proterra's (US) fifth-generation battery-electric transit bus features a new streamlined vehicle design, maximizing the energy stored onboard the vehicle to increase power and range up to 329 miles. The Proterra ZX5+ model can travel up to 240 miles with a 440-kWh battery on a single charge.
North America is expected to command the above 200 miles segment during the forecast period. This is mainly because the region has a relatively more developed charging infrastructure, which aids the easier incorporation of electric buses in long-distance commutes.
Many North American cities and transit agencies have installed high-capacity charging stations along major transit corridors to support the deployment of electric buses. For instance, the Toronto Transit Commission has installed ten fast-charging stations along a busy transit corridor. Furthermore, many North American OEMs have product offerings above 200 miles of range, further driving the growth of electric buses with above 200 miles range.
North America is expected to be the fastest growing second largest electric bus market.
North America is home to major electric bus manufacturers and is renowned for innovations, cutting-edge R&D, and technological advancements in electric buses. Government support through incentives and tax benefits, the presence of individual investors, and technological edge drive the North American electric bus market.
Robust infrastructure, improved power grid, government support, and increased adoption have enabled OEMs to develop electric buses and coaches of varying specifications. For instance, in September 2021, BYD (China) announced that it would build battery-electric buses for Tampa International Airport in Florida at the company's US Coach & Bus factory in Lancaster, California.
North America has many OEMs, such as Proterra, NFI Group, and Blue Bird Corporation, which provide innovative electric buses incorporated with advanced technologies. The increasing demand for zero-emission public transport will further boost the North American electric bus market. Many policies have been drafted to promote the adoption of electric buses in the region. Toronto has announced that it will convert 50% of its fleets into electric buses by 2050.
The US is North America's largest and fastest-growing market for electric buses. The country has a well-developed power grid, charging infrastructure, and a strong economy. In September 2021, Capital Metro in Austin, Texas, approved a plan to purchase 26 40-foot Proterra ZX5 Max electric transit buses.
Government mandates and the willingness to adopt new technologies would fuel the US electric bus market. Canada also has schemes and funding by the government that will encourage private fleets to adopt electric buses and coaches. Such government schemes are driving the North American electric bus market.
Key Attributes:
| Report Attribute | Details |
| No. of Pages | 322 |
| Forecast Period | 2023 - 2030 |
| Estimated Market Value (USD) in 2023 | $58.9 Billion |
| Forecasted Market Value (USD) by 2030 | $678.3 Billion |
| Compound Annual Growth Rate | 41.7% |
| Regions Covered | Global |
Market Dynamics
Drivers
- Rising Ghg Emissions
- Increasing Demand for Emission-Free Vehicles
Restraints
- Safety Concerns in EV Batteries and High Development Cost
Opportunities
- Transition Toward Hydrogen Fuel Cell Electric Mobility
Challenges
- High Cost of Developing Charging Infrastructure
Case Study Analysis
- Assessment of Investment in Electric Buses
- Complete Transition to Electric Buses in Shenzhen, China
- Battery Charging Infrastructure for Bus Operator Stagecoach
- Opex Deployment for Electric Buses in Public Transport System
- Electric Bus Deployment with Infrastructural Changes
- Assessment of Investment in Electric Buses in Helsinki, Finland
Companies Mentioned
- AB Volvo
- Ankai
- Ashok Leyland
- Blue Bird Corporation
- Blue Bus
- Bozankaya
- Byd
- Caetanobus
- Caf (Solaris)
- Changsha Sunda New Energy Technology Co. Ltd.
- Chariot Motors
- Crrc Corporation
- Daimler Ag
- Ebusco
- Gillig LLC
- Golden Dragon
- Heuliez Bus
- Hino Motors, Ltd.
- Hybricon
- Irizar
- Iveco
- Jbm Auto Limited
- Karsan
- King Long
- Mellor
- Nfi Group
- Otokar Otomotiv Ve Savunma Sanayi A.S.
- Proterra
- Scania
- Sor Libchavy
- Tata Motors
- Temsa
- The Lion Electric Company
- Ursus Bus
- Van Hool Nv
- Vdl Groep
- Yinlong Energy
- Yutong
- Zhongtong Bus Holding
For more information about this report visit https://www.researchandmarkets.com/r/bzyvzf
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