Dublin, Aug. 16, 2023 (GLOBE NEWSWIRE) -- The "Global Electric Bus Market Size, Share & Industry Trends Analysis Report By Battery Type, By Vehicle, By Application (Intercity, and Intracity), By End-use (Public, and Private), By Regional Outlook and Forecast, 2023 - 2030" report has been added to ResearchAndMarkets.com's offering.
The global electric bus market is expected to witness impressive growth, reaching a projected size of $121.2 billion by 2030, with a compound annual growth rate (CAGR) of 20.8% during the forecast period. The market's growth is primarily driven by the increasing adoption of electric vehicles to reduce greenhouse gas (GHG) emissions and address environmental concerns. Battery electric vehicles (BEVs) are gaining traction in the market, accounting for a significant revenue share in 2022.
Market Drivers:
- Rising GHG Emissions and Emission Reduction Targets: Growing concerns about greenhouse gas emissions and their impact on the environment have led to emission reduction targets in various countries. This has compelled bus manufacturers to explore electric alternatives, such as battery electric buses, to curb emissions. Several countries, like the US and Germany, have set ambitious emission reduction targets, which are driving the adoption of electric buses.
- Escalating Prices for Diesel and Petrol: Electric buses offer reduced operating costs compared to their gasoline or diesel counterparts, making them an attractive option for fleet operators. The increasing prices of diesel and petrol have further motivated the shift towards electric buses as they provide cost-effective and environment-friendly transportation solutions.
- Use of Advanced Technologies and Rapid Electrification: Rapid urbanization, population growth, and industrial expansion have increased the demand for efficient public transportation solutions. Advanced technologies and rapid electrification are driving the demand for electric buses to cater to the increasing transportation needs in urban areas.
Market Restraints:
- High Development Costs and Safety Concerns: The development of electric bus batteries and battery management systems entails high costs, which can be a significant barrier to market expansion. Additionally, safety concerns related to electric vehicle batteries may hinder their widespread adoption.
Market Segmentation:
The global electric bus market is segmented based on battery type, vehicle type, application, and end-use.
- Battery Type: The market is segmented into Lithium Iron Phosphate and Lithium Nickel Manganese Cobalt Oxide batteries. Lithium Nickel Manganese Cobalt Oxide batteries recorded a significant revenue share in 2022 due to their high capacity, cycle rate, and power, along with low self-heating rates.
- Vehicle Type: The market is classified into Battery Electric Vehicle (BEV), Plug-in Hybrid Electric Vehicle (PHEV), and Fuel Cell Electric Vehicle (FCEV). The Fuel Cell Electric Vehicle segment experienced considerable growth in 2022, driven by government initiatives to reduce carbon emissions and promote zero-emission vehicles.
- Application: The market is divided into Intercity and Intracity. The Intracity segment witnessed remarkable growth due to developing economies' efforts to reduce carbon emissions and stringent emission regulations encouraging electric bus adoption.
- End-Use: The market is segmented into Public and Private. The Public segment accounted for the highest revenue share in 2022, driven by the increasing demand for transportation services and government initiatives to reduce greenhouse gas emissions.
Regional Analysis:
The Asia Pacific region recorded the largest revenue share in the market in 2022. Countries like China, India, and Japan are key players in the market, with China having a significant number of New Energy buses (NEBs). Strict government regulations, environmental concerns, and expanding charging infrastructure are further driving the demand for electric buses in the region.
Key Market Players
- BYD Company Ltd.
- Volvo Group
- Solaris Bus & Coach sp. z o.o. (Construcciones y Auxiliar de Ferrocarriles, S.A.)
- Volkswagen AG
- Nissan Motor Co., Ltd
- Ashok Leyland Limited (Hinduja Group Ltd.)
- Mercedes-Benz Group AG (Daimler Truck Holding AG)
- Yutong Bus Co., Ltd.
- Tata Motors Limited (Tata Group)
- Hyundai Motor Company
For more information about this report visit https://www.researchandmarkets.com/r/s7vuba
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