Dublin, May 12, 2023 (GLOBE NEWSWIRE) -- The "Electric Bus Market by Propulsion Type, Length, Range, Battery Capacity, Power Output: Global Opportunity Analysis and Industry Forecast, 2021-2031" report has been added to ResearchAndMarkets.com's offering.
The Electric Bus Market is expected to experience a significant growth rate of 29.5% from 2022 to 2031 owing to the rising number of low-emission buses globally.
This report provides a quantitative analysis of the market segments, current trends, estimations, and dynamics of the electric bus market analysis from 2021 to 2031 to identify the prevailing electric bus market opportunities.
Electric buses are driven by an electric motor powered by on-board batteries. As these buses run completely on the battery itself, they require re-charging once drained, unlike refueling in the case of ICE buses. E-buses are more efficient than ICE buses in power delivery, torque, and maintenance and are pollution free. Therefore, electric buses are considered the future of public transport systems.
The electric bus market is driven by factors such as an increase in demand for fuel-efficient, high-performance, & low-emission buses, stringent government rules and regulations toward vehicle emission, and reduction in battery prices. However, high manufacturing costs and low fuel economy & serviceability restrict the market growth. Moreover, technological advancements and proactive government initiatives create lucrative growth opportunities for the market.
In addition, electric buses are noise-free, have zero emission, and are an efficient mode of transportation with a lower maintenance cost, which in turn, makes them the preferred choice for fleet owners. In addition, factor such as increasing government initiatives for the promotion of electrification is expected to drive market growth during the forecast year. For instance, in July 2021, the National Transport Authority of Ireland signed a contract with Alexander Dennis Limited and BYD UK for 200 BYD ADL Enviro200EV zero-emission battery-electric buses.
The global e-bus market is segmented on the basis of propulsion type, length, range, battery capacity, power output, and region.
By propulsion type, the market is segmented into battery electric vehicle, plug-in hybrid electric vehicle and fuel cell electric vehicle. Further, by length, the market is segmented into less than 9 meters, 9-14 meters, and above 14 meters.
By range, the market is segmented into 150 miles, 150 To 300 miles and above 300 miles. Moreover, the market is segmented based on battery capacity into less than 50 kWh, 50-250 kWh and above 250 kWh.
By power output, the market is split into up to 250kW and above 250 kW.
On the basis of region, the market is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
On the basis of propulsion type, the battery electric vehicle was the highest revenue contributor to the market due to gaining immense traction in the electric bus market owing to their advantages such as changing perception toward the adoption of electric buses in developing as well as developed countries propel the demand of the segment.
Also, in most battery electric vehicles, the bus is also capable to recharge its batteries through a process known as regenerative braking, which uses the vehicle's electric motor to assist in slowing the vehicle and to recover some energy that is normally converted to heat by the brakes which further provide growth opportunities for the electric bus market.
Market Dynamics
Drivers
- Increase in Demand for Fuel-Efficient, High-Performance, and Low Emission Buses
- Reduction in Cost of Electric Vehicle Batteries
- Increase in Government Initiatives for the Promotion of E-Mobility
Restraints
- High Cost of Investment and Complication in Operating Advanced Systems
- Lack of Charging Infrastructure
Opportunities
- Technological Advancements
- Environmental Benefits
- Greater Availability of Credit and Financing Options
Key Market Insights
- By propulsion, the battery electric vehicle segment was the highest revenue contributor to the market and is estimated to dominate the market during the forecast period.
- By length type, the 9-14 meters segment was the highest revenue contributor to the market in 2021 and is estimated to capture the highest revenue during the forecast period.
- By range, the 150 To 300 miles segment dominated the global market in 2021, and distributed area network is estimated to capture the highest market share during the forecast period.
- By battery capacity, the 50-250 kWh segment dominated the global market in 2021 and is estimated to dominate the market share during the forecast period.
- By power output, the up to 250 kW segment dominated the global market in 2021 and is estimated to dominate the market share during the forecast period.
- By region, Asia-Pacific was the highest revenue contributor, accounting for the largest market share in 2021, and is estimated to grow with a significant CAGR during the forecast period.
Key Benefits For Stakeholders
- The market research is offered along with information related to key drivers, restraints, and opportunities.
- Porter's five forces analysis highlights the potency of buyers and suppliers to enable stakeholders make profit-oriented business decisions and strengthen their supplier-buyer network.
- In-depth analysis of the electric bus market segmentation assists to determine the prevailing market opportunities.
- Major countries in each region are mapped according to their revenue contribution to the global market.
- Market player positioning facilitates benchmarking and provides a clear understanding of the present position of the market players.
- The report includes the analysis of the regional as well as global electric bus market trends, key players, market segments, application areas, and market growth strategies.
Key Market Players
- AB Volvo
- BYD Company Ltd
- VDL Groep BV
- Anhui Ankai Automobile Co.,Ltd
- YUTONG
- Proterra
- CAF, Construcciones y Auxiliar de Ferrocarriles, S.A.
- Daimler AG
- NFI Group Inc.
- Zhongtog Bus Holding
Key Topics Covered:
CHAPTER 1: INTRODUCTION
CHAPTER 2: EXECUTIVE SUMMARY
CHAPTER 3: MARKET OVERVIEW
CHAPTER 4: ELECTRIC BUS MARKET, BY PROPULSION TYPE
CHAPTER 5: ELECTRIC BUS MARKET, BY LENGTH
CHAPTER 6: ELECTRIC BUS MARKET, BY RANGE
CHAPTER 7: ELECTRIC BUS MARKET, BY BATTERY CAPACITY
CHAPTER 8: ELECTRIC BUS MARKET, BY POWER OUTPUT
CHAPTER 9: ELECTRIC BUS MARKET, BY REGION
CHAPTER 10: COMPETITIVE LANDSCAPE
CHAPTER 11: COMPANY PROFILES
Companies Mentioned
- AB Volvo
- BYD Company Ltd
- VDL Groep BV
- Anhui Ankai Automobile Co.,Ltd
- YUTONG
- Proterra
- CAF, Construcciones y Auxiliar de Ferrocarriles, S.A.
- Daimler AG
- NFI Group Inc.
- Zhongtog Bus Holding
For more information about this report visit https://www.researchandmarkets.com/r/nmzt3y
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