Our
Clients
: Aug, 2020
: 100
:
Global Electric Bus Market Analysis by Type, Consumer, application, Bus Type, Vehicle Range, Battery Capacity, Battery Type, Component, Seating Capacity, Level Of Autonomy, Region and segments forecast till 2033
Market Overview
Electric Bus Market valued at USD 44,000 million in 2022 is expected to reach a value of USD 94,320 million in 2033, growing at a CAGR of 10%.
Report Scope
Report Attributes | Description |
Market Size in 2022 | USD 44,000 Million |
Market Forecast in 2033 | USD 94,320 Million |
CAGR % 2023-2033 | 10% |
Base Year | 2022 |
Historic Data | 2020-2021 |
Forecast Period | 2023-2033 |
Report USP | Production, Consumption, company share, company heatmap, company production capacity, growth factors and more |
Segments Covered | Type, Consumer, application, Bus Type, Vehicle Range, Battery Capacity, Battery Type, Component, Seating Capacity, Level Of Autonomy |
Regional Scope | North America, Europe, APAC, South America and Middle East and Africa |
Country Scope | U.S.; Canada; U.K.; Germany; France; Italy; Spain; Benelux; Nordic Countries; Russia; China; India; Japan; South Korea; Australia; Indonesia; Thailand; Mexico; Brazil; Argentina; Saudi Arabia; UAE; Egypt; South Africa; Nigeria |
Key Companies | AB Volvo, Ankai Bus, BYD Company Ltd., Construcciones y Auxiliar de Ferrocarriles, S.A., Daimler AG, NFI Group Inc., Proterra, VDL GROEP BV, Yutong Group, Zhongtong Bus Holdings Co., Ltd. |
An electric bus or e-bus is a bus that does not have a traditional ICE engine for its propulsion and is completely electric. E-bus is driven by an onboard electric motor that receives power from onboard batteries or a set of batteries. Electric buses are considered as eco-friendly as they do not produce any pollutants and are also economical when compared with traditional gasoline or diesel buses. With the advent of the COVID-19 pandemic across the globe, the electric bus market has been affected as the e-bus manufacturing units have been shut down due to the imposed lockdown in major countries across the globe.
Also, the unavailability of skilled labor has affected market growth. Electric buses emit zero or low emissions as compared to conventional buses that are powered by diesel or gasoline engines, supporting the industry trend. A significant focus of various countries on the promotion of electric transit solutions will improve the market statistics. The electric bus market is thrived by factors such as an increase in demand for fuel-efficient, high-performance, and low-emission buses, strict government rules & regulations towards vehicle emission, and reduction in battery prices. However, high manufacturing costs and low fuel economy & serviceability restrict the market growth.
Also, technological advancements and proactive government initiatives for the adoption of e-buses create lucrative growth opportunities for the market. Rapid urbanization, rising oil prices, rising air pollution, government efforts, and lowering battery prices all contributed to the worldwide electric bus market's growth. However, high development costs, limited battery capacity, and the rising popularity of natural gas-fuelled buses are projected to limit market expansion.
Gasoline being a fossil fuel is not a renewable source of energy, and is expected to be exhausted in the future. To back-up sustainable development, it is important to develop and use substitutional sources of fuel. This involves the use of electric buses, which do not use gas and are more economical than conventional buses. An electric bus converts over 50% of the electrical energy from the grid to power at the wheels, whereas the gas-powered bus only manages to convert about 17%21% of the energy stored in gasoline.
The conventional gas-powered vehicle makes use of an internal combustion engine to enkindle power. In an ideal scenario, the combustion system fully incinerates the fuel and only creates carbon dioxide and water as waste, however, the combustion system generates various greenhouse gases, leading to environmental pollution. On the contrary, an electric bus uses an electric motor powered by a continuous supply of current and does not create any pollutants.
Type Insights
The Battery Electric Vehicle (BEV) type electric bus segment is a rapidly growing sector in the transportation industry. These buses are powered by electric motors that run on battery packs, eliminating the need for traditional fossil fuels. BEV electric buses are not only eco-friendly, but they also provide a quieter, smoother ride, and require less maintenance compared to traditional diesel-powered buses.
Consumer Insights
The private consumer electric bus segment refers to the market for electric buses intended for personal use, such as by individuals, families, or small groups, as opposed to larger buses used by public transportation services. This segment is emerging as a promising area for the electric vehicle industry, as electric buses offer a cleaner, quieter, and more efficient alternative to traditional diesel or gasoline-powered buses.
Application Insights
The intercity electric bus segment refers to the market for electric buses that are designed for long-distance travel between cities. These buses typically have larger battery packs and longer driving ranges than electric buses designed for urban or suburban routes. In recent years, the intercity electric bus segment has been gaining traction as more governments and transportation companies look to reduce emissions and improve air quality on long-haul bus routes. Some manufacturers have also developed intercity electric buses that can be charged quickly using high-powered charging stations, allowing them to be used on routes that require frequent stops and shorter charging times.
Bus Type Insights
The 914 m segment is projected to be the largest market during the forecast in terms of volume. The 914 m segment is dominating the electric bus segment due to the large volumes of electric passenger buses used in the public transport fleet. Most of the public transport fleets, especially in China, which accounts for almost 99% of the market, have electric buses that are 914 m in length.
Vehicle Range Insights
The electric bus segment for distances less than 200 miles is becoming increasingly popular. Electric buses are particularly well-suited for this distance range because they can provide cost savings and environmental benefits, especially in urban areas. With advancements in battery technology and charging infrastructure, electric buses are now more practical than ever before for shorter routes.
Battery Capacity Insights
The up to 400 kWh electric bus segment refers to a category of electric buses that have battery capacities of up to 400 kilowatt-hours (kWh). These buses are designed to provide long-range capabilities and can travel up to hundreds of kilometers on a single charge. They are typically used for public transportation in urban and suburban areas, as well as for intercity travel. The up to 400 kWh electric bus segment is part of the larger electric bus market, which is expected to continue growing in the coming years as governments and transit agencies seek to reduce emissions and transition to cleaner, more sustainable transportation options.
Battery Type Insights
The Lithium-Nickel-Manganese-Cobalt-Oxide (NMC) battery type is a popular choice for electric buses due to its high energy density, good power performance, and long cycle life.
Component Insights
Motor component is anticipated to witness a significant growth as the electric motor is the heart of an electric bus. It uses electricity from the battery pack to create motion, turning the wheels of the bus.
Seating Capacity Insights
The growth of up to 40 seat capacity electric buses has been increasing in recent years due to several factors. One of the main drivers is the increasing demand for sustainable transportation options that are both environmentally friendly and cost-effective.
Level Of Autonomy Insights
The growth of semi-autonomous electric buses is a trend that is gaining momentum in the public transportation industry. Semi-autonomous buses are vehicles that are capable of performing certain tasks, such as driving in a straight line, stopping and starting, and maintaining a safe distance from other vehicles, with minimal human input.
Regional Insights
The market for the global electric bus is further segmented into five major countries; North America, Europe, Asia-pacific, and LAMEA.The electric bus market in the Asia Pacific is driven by the need to reduce urban pollution and dependency on fossil fuels coupled with growing initiatives by national governments toward clean public transportation.Chinese companies such as BYD, Yutong, Ankai, and Zhongtong are dominating the Chinese as well as global electric bus markets. These players have managed to develop and provide a wide range of electric bus models at lower prices due to the availability of parts and components at cheaper rates.
Competitive Analysis
AB Volvo, Ankai Bus, BYD Company Ltd., Construcciones y Auxiliar de Ferrocarriles, S.A., Daimler AG, NFI Group Inc., Proterra, VDL GROEP BV, Yutong Group, Zhongtong Bus Holdings Co., Ltd.
Global Electric Bus Market- Segmental Analysis
Based On Type:
BEV
PHEV
FCEV
Based On Consumer Segment:
Private
Government
Based On Application:
Intercity
Intracity
Based On Bus Type:
Less than 9 m
9-14 m
Above 14 m
Based On Vehicle Range:
Less than 200 miles
Above 200 miles
Based On Battery Capacity:
Up to 400 kWh
Above 400 kWh
Based On Battery Type:
Lithium- Nickle-Manganese-Cobalt-oxide
Lithium-Iron-Phosphate
Others
Based On Component:
Motor
Battery
Fuel Cell Stack
Battery Management System
Battery Cooling System
EV Connectors
Based On Seating Capacity:
Up to 40 Seats
40-70 Seats
Above 70 Seats
Based On Level Of Autonomy:
Semi-autonomous
Autonomous
Why to buy this Report?
The report provides quantitative and qualitative aspect for Global Electric Bus Market in terms of value and volume, along with supporting market trends, challenges, restraints.
The report provides an in depth analysis from both production and consumption point of view at the regional and country level. Key Factors considered within the report scope are Production capacity by countries/regions, average price, consumption ratio, revenue earned and gross margin.
The report provides competitive analysis of around 30-50 companies operated in Global Electric Bus Market, these companies are bifurcated into niche players, the leaders and major contenders. The companies are analyzed in terms of following factors such as:
Business Model
Production Capacity, Revenue, Sales, Gross Margin
Key Business Strategy
SWOT Analysis
In terms of competitive landscape, the report provides distinctive factors that would help the Card Type in taking a key decision within the business:
Company Share Analysis from 2020-2022
Company Analysis by Revenue and Sales
Company Production Capacity, Gross Margin
Company Share Analysis by Card Type/Card Type
Company Share Analysis by Product/Specification