[Trending] Global Electric Bus Market Size/Share Worth USD 50.14 Billion by 2030, Growing at a 11.95% CAGR: Zion Market Research
The global electric bus market size is projected to reach USD 50.14 billion by 2030 from its value of USD 20.31 billion in 2022, at a CAGR of 11.95% during the forecast period, as highlighted in a report published by Zion Market Research.
New York, NY, Sept. 29, 2023 (GLOBE NEWSWIRE) — Zion Market Research has published a new research report titled “Electric Bus Market By End-User (Private And Public), By Battery Type (Lithium Iron Phosphate And Lithium Nickel Manganese Cobalt Oxide), By Application (Intracity And Intercity), And By Region – Global And Regional Industry Overview, Market Intelligence, Comprehensive Analysis, Historical Data, And Forecasts 2023 – 2030” in its research database.
“According to the latest research study, the global electric bus market size was valued at nearly USD 20.31 billion in 2022. The market is expected to grow at a CAGR of 11.95% and is anticipated to reach USD 50.14 billion by 2030.”
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Electric Bus Market Overview:
A bus is a vehicle with a larger seating capacity than a car, in which the propulsion system and other accessory settings are fuelled by an emission-free electricity source. The primary distinction between an electric bus and a conventional bus is that the latter is propelled by an internal combustion engine. In contrast, an electric bus is charged by connecting it into an electric grid at a power station. The battery system of the bus contains the energy required to power the electric engine. Because the engines have fewer parts than internal combustion engines, these modes of transportation require less maintenance than fuel-powered buses.
Electric buses are regarded as sustainable solutions to the rising pollution rate because not only are they environmentally friendly, but they have also been proven to be more cost-effective, particularly in the current unprecedented times of fuel supply chain disruptions. However, the market for electric buses faces certain restrictions and limitations that must be addressed if market participants are to achieve improved results during the forecast period.
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|Report Attribute||Report Details|
|Market Size in 2022||USD 20.31 Billion|
|Market Forecast in 2030||USD 50.14 Billion|
|Growth Rate||CAGR of 11.95%|
|Forecast Years||2023- 2030|
|Key Companies Covered||Solaris, BYD, Volvo Buses, Zhongtong Bus, Irizar, Proterra, Alexander Dennis Limited, Yutong, Nova Bus, New Flyer, Blue Bird Corporation, VDL Bus & Coach, Temsa, Ebusco, Gillig., and others.|
|Segments Covered||By End-User, By Battery Type, By Application, and By Region|
|Regions Covered||North America, Europe, Asia Pacific, Latin America, and the Middle East &, Africa|
|Customization Scope||Avail customized purchase options to meet your exact research needs.|
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Key Insights from Primary Research
- The electric bus market is projected to grow at a significant rate due to the growing number of countries envisioning carbon neutrality
- Based on end-user segmentation, the public was predicted to show maximum market share in the year 2022
- Based on application segmentation, intercity was the leading segment in 2022
- On the basis of region, Asia-Pacific was the leading revenue generator in 2022
Electric Bus Market: Growth Drivers
- Growing number of countries envisioning carbon neutrality to create higher demand
The global electric bus market is anticipated to expand as an growing number of nations and world leaders articulate goals for carbon neutrality. The term refers to carbon emissions that are offset or neutralized by removing or absorbing equal quantities of carbon dioxide from the environment through a variety of means, such as transitioning to sustainable transportation solutions such as electric buses.
- Worsening traffic rate to encourage more people toward public transport creating a window for electric buses
The incidence of traffic congestion has reached new heights in recent years. Global traffic has increased as a consequence of an increase in the number of individuals who choose private automobiles over public transportation systems such as buses. In 2021, residents of Mumbai, India lost 121 hours per year to traffic congestion and the congestion rate was 53%. These statistics apply to all of the world’s main urban centers.
Electric Bus Market: Restraints
- Questionable bus performance in severe weather conditions could restrict market conditions
According to a report published in 2020 by the Center for Transportation and the Environment (CTE), a non-profit organization promoting sustainable transportation technologies, electric buses have a tendency to have a shorter range in frigid weather than hydrogen fuel cell buses. The investigation found that the range of electric buses decreased by 37.8%. Similar concerns have been voiced frequently, particularly in colder countries where temperatures can drop to extremely low levels, thereby impacting the growth of the global electric bus market.
Browse the full “Electric Bus Market By End-User (Private And Public), By Battery Type (Lithium Iron Phosphate And Lithium Nickel Manganese Cobalt Oxide), By Application (Intracity And Intercity), And By Region – Global And Regional Industry Overview, Market Intelligence, Comprehensive Analysis, Historical Data, And Forecasts 2023 – 2030” Report at https://www.zionmarketresearch.com/report/electric-bus-market
Electric Bus Market: Segmentation
The global electric bus market is segmented based on end-user, battery type, application, and region.
Based on end-user, the global market segments are private and public. In 2022, the public segment generated the most revenue, accounting for more than 85.1% of the total share. The primary growth drivers were expanding government initiatives to construct cleaner, more efficient, and more comfortable public transportation systems and expanding international collaboration for the supply of electric buses and the development of charging infrastructure. During the forecast period, the private sector may expand at a rate of approximately 20.45% annually.
Based on battery type, the electric bus industry segments are lithium iron phosphate and lithium nickel manganese cobalt oxide.
Based on application, the electric bus industry divisions are intracity and intercity. The highest revenue-generation segment in 2022 was intercity which held dominance over 90.02% of the final revenue. Intercity electric bus infrastructure is relatively easier to build since it requires limited investment.
- Asia-Pacific to deliver the best results during the upcoming period
Asia-Pacific will dominate the global electric bus market during the forecast period. It generated approximately 80.2% of global revenue in 2022. China, Japan, South Korea, and India are the most powerful economies in the region. China is one of the largest consumers and producers of electric buses in the globe. China has approximately 600,000 electric buses on the road at the present moment due to its increased investments in the electric vehicle sector.
India, on the other hand, has signed multiple agreements with domestic automobile manufacturers and international actors to develop a public transport ecosystem that is more efficient and environmentally friendly.
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The report contains qualitative and quantitative research on the global Electric Bus market, as well as detailed insights and development strategies employed by the leading competitors.
Some of the main players in the global Electric Bus market include;
- Volvo Buses
- Zhongtong Bus
- Alexander Dennis Limited
- Nova Bus
- New Flyer
- Blue Bird Corporation
- VDL Bus & Coach
The global Electric Bus market is segmented as follows:
By Battery Type
- Lithium Iron Phosphate
- Lithium Nickel Manganese Cobalt Oxide
- North America
- The U.S.
- The UK
- Rest of Europe
- Asia Pacific
- Southeast Asia
- Rest of Southeast Asia
- The Middle East & Africa
- South Africa
- Rest of the Middle East & Africa
- Latin America
- Rest of Latin America
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Key Questions Answered in This Report:
What is an electric bus?
An electric bus is a movable vehicle, with higher seating capacity as compared to cars, in which the propulsion system and other accessory settings are powered using a zero-emission electricity source.
Which key factors will influence electric bus market growth over 2023-2030?
The global electric bus market is projected to grow owing to the increasing number of countries and world leaders laying out visions that relate to achieving carbon neutrality.
What will be the value of the electric bus market during 2023-2030?
According to study, the global electric bus market size was worth around USD 20.31 billion in 2022 and is predicted to grow to around USD 50.14 billion by 2030.
Which region will contribute notably towards the electric bus market value?
The global electric bus market will be led by Asia-Pacific during the forecast period. In 2022, it generated around 80.2% of the global revenue.
What can be expected from the global electric bus market report?
The report explores crucial aspects of the electric bus market including a detailed discussion of existing growth factors and restraints while also browsing future growth opportunities and challenges that impact the market.
- Full in-depth analysis of the parent market
- Important changes in market dynamics
- Segmentation details of the market
- Former, on-going, and projected market analysis in terms of volume and value
- Assessment of niche industry developments
- Market share analysis
- Key strategies of major players
- Emerging segments and regional markets
- Testimonials to companies in order to fortify their foothold in the market
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