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Electric Bus Market Size, Industry Analysis By Type (BEV, PHEV & FCEV), By Application (Intercity & Intra-City), By Consumer Segment(Private, Government) By Bus Type(Less Than 9 M, 9-14 M, Above 14 M) By Vehicle Range(Less Than 200 Miles, Above 200 Miles) By Battery Capacity(Up-To 400 Kwh, Above 400 Kwh) By Battery Type(Lithium- Nickle-Manganese-Cobalt-Oxide, Lithium-Iron-Phosphate) By Component(Motor, Battery, Fuel Cell Stack, Battery Management System) By Level Of Autonomy(Semi-Autonomous, Autonomous) & Region - Forecast

  • PUBLISHED ON
  • 2024-02-08
  • NO OF PAGES
  • 267
  • CATEGORY
  • Automotive & Transportation

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 9–14 m segment is projected to be the largest market during the forecast in terms of volume. The 9–14 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 9–14 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

1.    Global Electric Bus Market Introduction and Market Overview

1.1.  Objectives of the Study

1.2.  Electric Bus Market  Definition & Description

1.3.  Global Electric Bus Market Scope and Market Estimation

1.3.1.     Global Electric Bus Market Size, Revenue (US$ Mn), Market CAGR (%), Market forecast (2023-2033)

1.3.2.     Global Electric Bus Market Revenue Share (%) and Growth Rate (Y-o-Y) from 2019-2033

1.4.  Market Segmentation

1.4.1.     Type of Global Electric Bus Market

1.4.2.     Consumer Segment of Global Electric Bus Market

1.4.3.     Application of Global Electric Bus Market

1.4.4.     Bus Type of Global Electric Bus Market

1.4.5.     Vehicle Range of Global Electric Bus Market

1.4.6.     Battery Capacity of Global Electric Bus Market

1.4.7.     Battery Type of Global Electric Bus Market

1.4.8.     Component of Global Electric Bus Market

1.4.9.     Setting Capacity of Global Electric Bus Market

1.4.10.  Level Of Autonomy of Global Electric Bus Market

1.4.11.  Region of Global Electric Bus Market

 

2.    Executive Summary

2.1.  Global Electric Bus Market Industry Trends under COVID-19 Outbreak

2.1.1.     Global COVID-19 Status Overview

2.1.2.     Influence of COVID-19 Outbreak on Global Electric Bus Market Industry Development

2.2.  Market Dynamics

2.2.1.     Drivers

2.2.2.     Limitations

2.2.3.     Opportunities

2.2.4.     Impact Analysis of Drivers and Restraints

2.3.  Pricing Trends Analysis & Average Selling Prices (ASPs)

2.4.  Key Mergers & Acquisitions, Expansions, JVs, Funding / VCs, etc.

2.5.  Porter’s Five Forces Analysis

2.5.1.     Bargaining Power of Suppliers

2.5.2.     Bargaining Power of Buyers

2.5.3.     Threat of Substitutes

2.5.4.     Threat of New Entrants

2.5.5.     Competitive Rivalry

2.6.  Value Chain / Ecosystem Analysis

2.7.  PEST Analysis

2.8.  Russia-Ukraine War Impacts Analysis

2.9.  Economic Downturn Analysis

2.10. Market Investment Opportunity Analysis (Top Investment Pockets), By Segments & By Region

 

3.    Global Electric Bus Market  Estimates & Historical Trend Analysis (2020 - 2022)

 

4.    Global Electric Bus Market  Estimates & Forecast Trend Analysis, by Product Type

4.1.  Global Electric Bus Market Revenue (US$ Mn) Estimates and Forecasts, by Product Type, 2023 to 2033

4.1.1.     BEV

4.1.2.     PHEV

4.1.3.     FCEV

 

5.    Global Electric Bus Market  Estimates & Forecast Trend Analysis, By Segment

5.1.  Global Electric Bus Market Revenue (US$ Mn) Estimates and Forecasts, By Segment, 2023 to 2033

5.1.1.     Private

5.1.2.     Government

 

6.    Global Electric Bus Market  Estimates & Forecast Trend Analysis, By Application

6.1.  Global Electric Bus Market Revenue (US$ Mn) Estimates and Forecasts, By Application, 2023 to 2033

6.1.1.     Intercity

6.1.2.     Intracity

 

7.    Global Electric Bus Market  Estimates & Forecast Trend Analysis, By Bus Type

7.1.  Global Electric Bus Market Revenue (US$ Mn) Estimates and Forecasts, By Bus Type, 2023 to 2033

7.1.1.     Less than 9 m

7.1.2.     9-14 m

7.1.3.     Above 14 m

 

8.    Global Electric Bus Market  Estimates & Forecast Trend Analysis, By Vehicle Range

8.1.  Global Electric Bus Market Revenue (US$ Mn) Estimates and Forecasts, By Vehicle Range, 2023 to 2033

8.1.1.     Less than 200 miles

8.1.2.     Above 200 miles

 

9.    Global Electric Bus Market  Estimates & Forecast Trend Analysis, By Battery Capacity

9.1.  Global Electric Bus Market Revenue (US$ Mn) Estimates and Forecasts, By Battery Capacity, 2023 to 2033

9.1.1.     Up to 400 kWh

9.1.2.     Above 400 kWh

 

10.  Global Electric Bus Market  Estimates & Forecast Trend Analysis, By Battery Type

10.1.              Global Electric Bus Market Revenue (US$ Mn) Estimates and Forecasts, By Battery Type, 2023 to 2033

10.1.1.  Lithium- Nickle-Manganese-Cobalt-oxide

10.1.2.  Lithium-Iron-Phosphate

10.1.3.  Others

 

11.  Global Electric Bus Market  Estimates & Forecast Trend Analysis, By Component

11.1.              Global Electric Bus Market Revenue (US$ Mn) Estimates and Forecasts, By Component, 2023 to 2033

11.1.1.  Motor

11.1.2.  Battery

11.1.3.  Fuel Cell Stack

11.1.4.  Battery Management System

11.1.5.  Battery Cooling System

11.1.6.  EV Connectors

 

12.  Global Electric Bus Market  Estimates & Forecast Trend Analysis, By Seating Capacity

12.1.              Global Electric Bus Market Revenue (US$ Mn) Estimates and Forecasts, By Seating Capacity, 2023 to 2033

12.1.1.  Up to 40 Seats

12.1.2.  40-70 Seats

12.1.3.  Above 70 Seats

 

13.  Global Electric Bus Market  Estimates & Forecast Trend Analysis, By Level Of Autonomy

13.1.              Global Electric Bus Market Revenue (US$ Mn) Estimates and Forecasts, By Level Of Autonomy, 2023 to 2033

13.1.1.  Semi-autonomous

13.1.2.  Autonomous

 

 

14.  Global Electric Bus Market  Estimates & Forecast Trend Analysis, by Region

14.1.              Global Electric Bus Market Revenue (US$ Mn) Estimates and Forecasts, by Region, 2023 to 2033

14.1.1.  North America

14.1.2.  Europe

14.1.3.  Asia Pacific

14.1.4.  Middle East & Africa

14.1.5.  South America

 

15.  North America  Electric Bus Market: Estimates & Forecast Trend Analysis

15.1.    North America Electric Bus Market Assessments & Key Findings

15.1.1.  North America Electric Bus Market Introduction

15.1.2.  North America Electric Bus Market Size Estimates and Forecast (US$ Million) (2023 to 2033)

15.1.2.1.  Based On Type

15.1.2.2.  Based On Consumer Segment

15.1.2.3.  Based On Application

15.1.2.4.  Based On Bus Type

15.1.2.5.  Based On Vehicle Range

15.1.2.6.  Based On Battery Capacity

15.1.2.7.  Based On Battery Type

15.1.2.8.  Based On Component

15.1.2.9.  Based On Seating Capacity

15.1.2.10.    Based On Level Of Autonomy

15.1.2.11.    By Country

15.1.2.11.1.        The U.S.

15.1.2.11.2.        Canada

15.1.2.11.3.        Mexico

 

16.  Europe  Electric Bus Market: Estimates & Forecast Trend Analysis

16.1. Europe Electric Bus Market Assessments & Key Findings

16.1.1.  Europe Electric Bus Market Introduction

16.1.2.  Europe Electric Bus Market Size Estimates and Forecast (US$ Million) (2023 to 2033)

16.1.2.1.  Based On Type

16.1.2.2.  Based On Consumer Segment

16.1.2.3.  Based On Application

16.1.2.4.  Based On Bus Type

16.1.2.5.  Based On Vehicle Range

16.1.2.6.  Based On Battery Capacity

16.1.2.7.  Based On Battery Type

16.1.2.8.  Based On Component

16.1.2.9.  Based On Seating Capacity

16.1.2.10.    Based On Level Of Autonomy

16.1.2.11.    By Country

16.1.2.11.1.        Germany

16.1.2.11.2.        U.K.

16.1.2.11.3.        France

16.1.2.11.4.        Italy

16.1.2.11.5.        Spain

16.1.2.11.6.        Russia

16.1.2.11.7.        Rest of Europe

 

17.  Asia Pacific  Electric Bus Market: Estimates & Forecast Trend Analysis

17.1. Asia Pacific Market Assessments & Key Findings

17.1.1.  Asia Pacific Electric Bus Market Introduction

17.1.2.  Asia Pacific Electric Bus Market Size Estimates and Forecast (US$ Million) (2023 to 2033)

17.1.2.1.  Based On Type

17.1.2.2.  Based On Consumer Segment

17.1.2.3.  Based On Application

17.1.2.4.  Based On Bus Type

17.1.2.5.  Based On Vehicle Range

17.1.2.6.  Based On Battery Capacity

17.1.2.7.  Based On Battery Type

17.1.2.8.  Based On Component

17.1.2.9.  Based On Seating Capacity

17.1.2.10.    Based On Level Of Autonomy

17.1.2.11.    By Country

17.1.2.11.1.        China

17.1.2.11.2.        Japan

17.1.2.11.3.        India

17.1.2.11.4.        Australia

17.1.2.11.5.        South Korea

17.1.2.11.6.        ASEAN

17.1.2.11.7.        Rest of Asia Pacific

 

18.  Middle East & Africa  Electric Bus Market: Estimates & Forecast Trend Analysis

18.1. Middle East & Africa Market Assessments & Key Findings

18.1.1.  Middle East & Africa  Electric Bus Market Introduction

18.1.2.  Middle East & Africa  Electric Bus Market Size Estimates and Forecast (US$ Million)  (2023 to 2033)

18.1.2.1.  Based On Type

18.1.2.2.  Based On Consumer Segment

18.1.2.3.  Based On Application

18.1.2.4.  Based On Bus Type

18.1.2.5.  Based On Vehicle Range

18.1.2.6.  Based On Battery Capacity

18.1.2.7.  Based On Battery Type

18.1.2.8.  Based On Component

18.1.2.9.  Based On Seating Capacity

18.1.2.10.    Based On Level Of Autonomy

18.1.2.11.    By Country

18.1.2.11.1.          U.A.E.

18.1.2.11.2.          Saudi Arabia

18.1.2.11.3.          Egypt

18.1.2.11.4.          South Africa

18.1.2.11.5.          Rest of Middle East & Africa

 

19.  South America  Electric Bus Market: Estimates & Forecast Trend Analysis

19.1. South America Market Assessments & Key Findings

19.1.1.  South America Electric Bus Market Introduction

19.1.2.  South America Electric Bus Market Size Estimates and Forecast (US$ Million) (2023 to 2033)

19.1.2.1.  Based On Type

19.1.2.2.  Based On Consumer Segment

19.1.2.3.  Based On Application

19.1.2.4.  Based On Bus Type

19.1.2.5.  Based On Vehicle Range

19.1.2.6.  Based On Battery Capacity

19.1.2.7.  Based On Battery Type

19.1.2.8.  Based On Component

19.1.2.9.  Based On Seating Capacity

19.1.2.10.    Based On Level Of Autonomy

19.1.2.11.    By Country

19.1.2.11.1.        Brazil

19.1.2.11.2.        Argentina

19.1.2.11.3.        Colombia

19.1.2.11.4.        Rest of South America

 

20.  Competition Landscape

20.1. Global Electric Bus Market Competition Matrix & Benchmarking, by Leading Players / Innovators / Emerging Players / New Entrants

20.2. Global Electric Bus Market Concentration & Company Market Shares (%) Analysis, 2022

 

21.  Company Profiles

21.1.    AB Volvo

21.1.1.    Company Overview & Key Stats

21.1.2.    Financial Performance & KPIs

21.1.3.    Product Portfolio

21.1.4.    Business Strategy & Recent Developments

* Similar details would be provided for all the players mentioned below 

21.2.    Ankai Bus

21.3.    BYD Company Ltd.

21.4.    Construcciones y Auxiliar de Ferrocarriles

21.5.    Daimler AG

21.6.    NFI Group Inc.

21.7.    Proterra

21.8.    VDL GROEP BV

21.9.    Yutong Group

21.10. Zhongtong Bus Holdings Co.

21.11. Others**

 

22.  Research Methodology

22.1. External Transportations / Databases

22.2. Internal Proprietary Database

22.3. Primary Research

22.4. Secondary Research

22.5. Assumptions

22.6. Limitations

22.7. Report FAQs

 

23.  Research Findings & Conclusion

 

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We Market Research senior executive is assigned to each consulting engagement and works closely with the project team to deliver as per the clients expectations.

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To mitigate risks that can impact project success, we deploy the follow project delivery best practices:
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Case Study- Automotive Sector

One of the key manufacturers of automotive had plans to invest in electric utility vehicles. The electric cars and associated markets being a of evolving nature, the automotive client approached We Market Research for a detailed insight on the market forecasts. The client specifically asked for competitive analysis, regulatory framework, regional prospects studied under the influence of drivers, challenges, opportunities, and pricing in terms of revenue and sales (million units).

Solution

The overall study was executed in three stages, intending to help the client meet its objective of precisely understanding the entire market before deciding on an investment. At first, secondary research was conducted considering political, economic, social, and technological parameters to get a gist of the various aspects of the market. This stage of the study concluded with the derivation of drivers, opportunities, and challenges. It also laid substantial emphasis on understanding and collecting data not only on a global scale but also on the regional and country levels. Data Extraction through Primary Research

The second stage involved primary research in which several market players and automotive parts suppliers were contacted to study their viewpoint concerning the development of their market and production capacity, clientele, and product line. This stage concluded in a brief understanding of the competitive ecosystem and also glanced through the strategies and pricing of the companies profiled.

Market Estimates and Forecast

In the final stage of the study, market forecasts for the electric utility were derived using multiple market engineering approaches. This data helped the client to get an overview of the market and accelerate the process of investment.

Case Study- ICT Sector

Business process outsourcing, being one of the lucrative markets from both supply- and demand- side, has appealed to various companies. One of the prominent corporations based out of Japan approached us with their requirements regarding the scope of the procurement outsourcing market for around 50 countries. Additionally, the client also sought key players operating in the market and their revenue breakdown in terms of region and application.


Business Solution

An exhaustive market study was conducted based on primary and secondary research that involved factors such as labor costs in various countries, skilled and technical labors, manufacturing scenario, and their respective contributions in the global GDP. A comparative study of the market was conducted from both supply- and demand side, with the supply-side comprising of notable companies, such as GEP, Accenture, and others, that provide these services. On the other hand, large manufacturing companies from them demand-side were considered that opt for these services.


Conclusion

The report aided the client in understanding the market trends, including country-level business scenarios, consumer behavior, and trends in 50 countries. The report also provided financial insights of crucial players and detailed market estimations and forecasts till 2033.

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