Pune, India, July 18, 2022 (GLOBE NEWSWIRE) -- The global electric bus market is set to gain impetus from the surging fuel costs and higher usage of unrefined petroleum. These have further propelled the adoption of electricity to develop environmentally friendly buses. In April 2021, for instance, the Cherokee Nation introduced its first eco-friendly electric buses for transporting tribal citizens and employees to tribal health centres and workplaces. This information is given by Fortune Business Insights™ in a report, titled, “Electric Bus Market, 2021-2028.” As per the report, the electric bus market size was 170 thousand units in 2020. It is projected to grow from 192 thousand units in 2021 to 544 thousand units in 2028 at a CAGR of 16.0% in the forecast period.
Key Players Focus on Unveiling State-of-the-art Buses to Fulfill Demand of People
The market contains various prominent e-bus manufacturers that are currently striving to maintain their leading positions. Most of them are focusing on launching novel buses to cater to the high demand from people. A few others are joining hands with government bodies to introduce their buses. Below is a notable industry development:
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Report Scope & Segmentation:
| Report Coverage | Details |
| Forecast Period | 2022-2029 |
| Forecast Period 2021 to 2028 CAGR | 16.0% |
| 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 | Based on the type, the market is segmented into battery electric bus, plug-in hybrid bus, and fuel cell bus. |
| Growth Drivers | Quick Charging Capability of Hydrogen Fuel Cell Buses to Favor Growth |
| Asia Pacific to Lead Backed by Rising Development of Public Transportation Zones |
Market Drivers-
Quick Charging Capability of Hydrogen Fuel Cell Buses to Favor Growth
The rising usage of hydrogen fuel cell buses across the globe is expected to drive the electric bus market growth in the near future. These buses feature a combination of the powertrain with controlled technology, batteries, and a fuel cell system. Unlike conventional buses, these have a longer lifespan. They can also be refueled very quickly and can run on flexible routes. In February 2021, for instance, the National Thermal Power Corporation Limited declared its plan to begin a premium hydrogen fuel bus service in India. It will be used only for intercity commuting between Delhi and Jaipur. At present, researchers are conducting extensive studies to test the feasibility of fuel cell buses.
However, electric buses are expensive and hence, governments, transit agencies, large fleet operators, and administrative departments of certain countries may not be able to deploy these. It may hamper growth.
Declining Usage of Public Transportation to Obstruct Growth amid COVID-19 Pandemic
The automotive industry was severely impacted owing to the outbreak of the COVID-19 pandemic worldwide. Manufacturing and transportation activities were stopped temporarily to prevent the spread of the coronavirus. This has resulted in the declining demand for electric buses as government agencies implemented travel bans. Also, people are getting scared to make use of public transportation amid the pandemic.
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Highlights of the Report-
The report involved four notable activities in projecting the current market size. Exhaustive secondary research was conducted to gather data about the parent industry. Our next step included primary research to authenticate these sizing, assumptions, and findings with numerous industry experts. We have also used bottom-up and top-down approaches to calculate the size of the electric bus industry.
Regional Segmentation-
Asia Pacific to Lead Backed by Rising Development of Public Transportation Zones
Geographically, in 2020, Asia Pacific earned 167 thousand units in terms of revenue. It is anticipated to remain in the dominant position throughout the forthcoming years. This growth is attributable to the major contributions of China. The country’s government is constantly taking initiatives to build public transportation zones for ebus. In Europe, the market is set to grow exponentially on account of the stringent emission norms implemented by regulatory authorities. It is set to be the second-largest region in this market. Lastly, North America would show healthy growth because of the strict emission standards put forward by the U.S.
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Competitive Landscape-
- October 2019: Volvo Buses unveiled its latest electric bus named Volvo 7900 Electric Articulated that can transport up to 150 passengers. It consumes 80% lower energy, unlike diesel buses. It was showcased at Busworld. The company also aims to provide driver training, battery maintenance, repairs, and servicing in its new package.
List of Players Operating in the Electric Bus Market are as follows:
- BYD Co., Ltd
- Proterra, Inc.
- AB Volvo
- New Flyer Industries
- Daimler AG
- Scania AB
- Iveco
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Electric Bus Market Segmentation:
By Propulsion Type:
- Battery Electric Vehicle
- Plug-in Hybrid Electric Vehicle
- Fuel Cell Electric Vehicle
By Range Type:
- Less than 200 Miles
- More than 200 Miles
By Battery Capacity:
- Up to 400 kWh
- Above 400 kWh
Table of Content:
1. Introduction
1.1. Research Scope
1.2. Market Segmentation
1.3. Research Methodology
1.4. Definitions and Assumptions
2. Executive Summary
3. Market Dynamics
3.1. Market Drivers
3.2. Market Restraints
3.3. Market Opportunities
4. Key Insights
4.1. Key Industry Developments - Merger, Acquisitions, and Partnerships
4.2. Porter’s Five Forces Analysis
4.3. SWOT Analysis
4.4. Technological Developments
4.5. Value Chain Analysis
4.6. Impact of COVID-19 on Electric Bus Market
5. Global Electric Bus Market Analysis, Insights and Forecast, 2017-2028
5.1. Key Findings / Summary
Continued…
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