New York, NY, Jan. 30, 2024 (GLOBE NEWSWIRE) -- The latest research report [115+] pages with 360-degree visibility, titled “Electric Mid- and Large (9-14m) Bus Market Share, Size, Trends, Industry Analysis Report, By Propulsion (FCEV, Diesel/Gasoline/CNG-LNG, HEV/PHEV, BEV, LFP); By Application; By Region; Segment Forecast, 2024 - 2032" published by Polaris Market Research in its research repository.
The global electric mid-and large (9-14m) bus market size and share is currently valued at USD 9,163.64 million in 2023. It is anticipated to generate an estimated revenue of USD 38,920.00 million by 2032, according to the latest study by Polaris Market Research. Besides, the report notes that the market exhibits a robust 17.5% Compound Annual Growth Rate (CAGR) over the forecasted timeframe, 2024-2032.
Market Definition
- What is an Electric Mid- and Large (9-14m) Bus? How Big is Electric Mid- and Large (9-14m) Bus Market Share?
An electric mid- and large (9-14m) bus is fuelled totally by electricity. It is a viable and eco-friendly means of public transportation. It depends on fossil fuels and utilizes electric motors and batteries to function. These buses churn out zero tailpipe discharge, bringing about enhanced air quality and decreased greenhouse gas release. The rapidly rising demand for electric mid- and large (9-14m) bus market can be attributed to it providing a noiseless and effortless ride, improving passenger exposure. The acquisition of electric buses is associated with the move towards more spotless transportation alternatives and the decrease in urban contamination. Further, it is consolidated into public transit systems displaying an allegiance to eco-aware practices and a progressive viewpoint to inscribing transportation provocation.
The electric mid- and large (9-14m) bus market growth can be attributed to the increase in air contamination and greenhouse gas discharge from conventional diesel buses has initiated a move towards spotless conveyance options. Governments globally are validating strategies and motivating to inspire the welcoming of electric mid- and large buses. This inventiveness circumscribes tax breaks, subsidies, privileged entrance to public transportation lanes, and funding in an imposing framework. The escalating urban population application highlights the prerequisite for acceptable and effective public transportation suspension. Electric mid- and large buses are perfect for urban settings, providing their nil discharge and potential to traverse overcrowded areas.
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- 2032 Updated Report Introduction, Overview, and In-depth industry analysis.
- 115+ Pages Research Report (Inclusion of Updated Research).
- Provide Chapter-wise guidance on Request.
- 2023 Updated Regional Analysis with Graphical Representation of Size, Share & Trends.
- Includes Updated List of table & figures.
- Updated Report Includes Top Market Players with their Business Strategy, Sales Volume, and Revenue Analysis.
Electric Mid- and Large (9-14m) Bus Market: Key Players
- AB Volvo
- BYD
- CAF
- VDL Groep
- Yutong
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Key Highlights
- An increase in air contamination and greenhouse gas discharge from conventional diesel buses has initiated a move towards spotless conveyance options, thus pushing the market towards expansion.
- The electric mid- and large (9-14m) bus market segmentation is primarily based on propulsion, application, and region.
- Asia Pacific dominated the market in 2023
Electric Mid- and Large (9-14m) Bus Market Developments
- Growth Drivers:
Government stimulus: The global escalation in the usage of electric mid- and large buses is engaged in acquiring impetus pushed by elements such as government stimulus such as procured subsidies, execution of carbon neutral zones, dwindling battery costs, stringent discharge directives, and tax dispensation. The growing acquisition of electric transit buses has imposed the spadework for a global supply chain for buses with optional powertrain arrangements. The electric mid- and large (9-14m) bus market size is expanding as the growing requirement to initiate discharge, particularly in thickly populated urban regions, will push the appeal for electric mid- and large buses intercity conveyance.
Decreasing costs: As per the International Energy Agency (IEA), a notable escalation in the worldwide fabrication of batteries customized for electric mid- and large buses, highlighting a 100kWh potential for Battery Electric Vehicles (BEV) augmenting from 25,000 to 100,000 units yearly, has the probability to notably lessen battery pack production prices by 13% almost one third lesser than the prevalent rate of USD 300/kWh. It is important to reinforce that battery disbursements are complexly connected to their potential. The electric mid- and large (9-14m) bus market sales are soaring in spite of the outset escalated costs of high potential batteries. Continuing curtailment has rendered them more economically viable for end users.
- Industry Trends:
Progressive technologies: Progression in charging techniques involving speedy charging and ultra-fast charging are augmenting the functional scope of electric mid- and large buses. The merger of these elements is pushing robust propulsion towards encapsulation of electric mid- and large buses, stationing them as an important factor in a move towards viable urban transportation. With continuing technological improvisations and dependable government reinforcement electric mid- and large buses are confident of presuming a growingly governing role in the future topography of public transportation.
Integration of electric buses: The integration of electric buses helps municipalities in obtaining their contamination reduction targets. The influence would be even more notable in electric spawning in thickly populated countries such as China and India, which are simultaneously relocated to green sources. The National Electric Mobility Mission Plan (NEMMP) 2020 of the Indian government intends to encourage the making and usage of electric vehicles in the country. In March 2021, London handled a caravan of 9,068 buses containing 3,884 hybrid buses, 485 electric buses, and two hydrogen buses. Propositions were arranged to escalate the aggregate of electric buses to 9,200 by 2037.
- Restraints:
Battery security: Electric vehicle batteries engaged in electric mid- and large buses encounter thorough testing to sanction security. Important elements resulting in EV batteries fires circumscribe factors such as fierce rains, temperature disparities, and overcharging. As an answer to security worries, manufacturers globally, including those in Japan, China, the US, and the European Union, are needed to provide a first place to the constant observation of battery security, well-being, and display.
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Segmentation Overview
- Lithium Ion Phosphate (LFP) Batteries Segment Witnessed a Steep Rise
Based on propulsion, the Lithium-ion phosphate (LFP) batteries segment witnessed a steep rise. This is because batteries have several benefits, such as being flimsy, economical, and manifesting escalated thermal strength with enhanced release and charge efficacy as juxtaposed to NMC batteries. The electric mid- and large (9-14m) bus market demand is on the rise as LFP batteries have a prolonged lifespan, need the slightest continuity, and offer maximized safety attributes. Taking into account these advantages, LFP batteries are broadly engaged in escalated display electric mid- and large buses, conveying an escalated current rate, sanctioning an excessive voltage posturing potential, and possessing a prolonged cycle life.
- The City/Transit Bus Segment Dominated the Market
Based on application, the city/transit bus segment dominated the market. They have a sizeable inclination in Asia Pacific, Europe, and North America for city/transit impetus. The electric mid- and large (9-14m) bus market trends include the interest in these buses founded on their relevance for urban areas, presenting a comparatively bigger seating capacity and simplified portability through tapered city streets effectively traversing city traffic. Further, the battery scope provided in these buses demonstrates sufficient for most urban transit avenues, and their potential for proportionately speedy charging makes them feasible for everyday functioning by public transport bodies.
Electric Mid- and Large (9-14m) Bus Market: Report Dynamics & Scope
| Report Attribute | Details |
| Revenue forecast in 2032 | USD 38,920.0 Million |
| Market size value in 2024 | USD 10,717.2 Million |
| Expected CAGR Growth | 17.5% from 2024 – 2032 |
| Base Year | 2023 |
| Forecast Year | 2024 – 2032 |
| Top Market Players | AB Volvo, BYD, CAF, VDL Groep, Yutong, among others |
| Segments Covered | By Propulsion, By Application, By Region |
| Customization Options | Customized purchase options are available to meet any research needs. Explore customized purchase options |
Browse Press Release: Electric Mid- and Large (9-14m) Bus Market Size Worth $ 38.920.0 Million By 2032 | CAGR: 17.5%
Regional Insights
Asia Pacific: This region held the largest electric mid- and large (9-14m) bus market share due to the escalating significance of decreasing urban contamination and lessening dependence on fossil fuels together with escalating government enterprise encouraging clean public conveyance. Commanding both the Chinese and the global market for electric mid- and large buses are notable players such as Yutong, BYD, Ankai, and Zhongtong. These Chinese firms have obtained distinction by advancing and providing electric mid- and large buses at economical costs, profiting from the obtainability of elements at lesser rates.
Browse the Detail Report “Electric Mid- and Large (9-14m) Bus Market Share, Size, Trends, Industry Analysis Report, By Propulsion (FCEV, Diesel/Gasoline/CNG-LNG, HEV/PHEV, BEV, LFP); By Application; By Region; Segment Forecast, 2024 - 2032” with in-depth TOC: https://www.polarismarketresearch.com/industry-analysis/electric-mid-and-large-9-14m-bus-market
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Key Questions Addressed in the Report:
- What is the CAGR expected to be recorded for the electric mid- and large (9-14m) bus market?
Ans: The CAGR expected to be recorded for the market is 17.5%.
- What is the current and estimated market value of the market?
Ans: The current market value is USD 9,163.64 million, and the expected market value is USD 38,920.00 million.
- Which are the major players operating in the industry?
Ans: Some of the major players operating in the industry are AB Volvo, BYD and CAF
- Which segments are covered by the report?
Ans: The segments covered in the report are propulsion, application, and region
Polaris Market Research has segmented the Electric Mid- and Large (9-14m) Bus market report based on propulsion, application, and region:
By Propulsion Outlook
- FCEV
- Diesel/Gasoline/CNG-LNG
- HEV/PHEV
- BEV
- LFP
By Application Outlook
- Coaches
- City/Transit Bus
- School Bus
- Midi Bus
By Region Outlook
- North America (U.S., Canada)
- Europe (France, Germany, UK, Italy, Netherlands, Spain, Russia)
- Asia Pacific (Japan, China, India, Malaysia, Indonesia. South Korea)
- Latin America (Brazil, Mexico, Argentina)
- Middle East & Africa (Saudi Arabia, UAE, Israel, South Africa)
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