WILMINGTON, DE / ACCESSWIRE / September 20, 2022 / Transparency Market Research Inc. - The rising popularity of electric buses as a sustainable solution for public transportation in various developing as well as developed economies drives the growth within the global electric bus market. Players in the market are focused on increasing their production capacities in order to meet the growing demands from governments across the world. According to a latest research report, the global electric bus market is anticipated to reach 448.920 thousand units at the end of 2031.
Rising trend of vehicle electrification, as well as growing investments and promotional campaigns by governments of developing economies also help in the expansion of the market. Furthermore, this trend is also supported by the increasing prices of fossil fuels. Additionally, increasing efforts of leading players to undertake research and development for advances in electric vehicle technologies is also boosting growth within the market.
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Electric Bus Market - Key Findings of the Report
- Rising Popularity of Battery Powered Vehicles: Rising usage of lithium -ion phosphate batteries in electric buses, owing to their low price, is creating new cash grab opportunities in the global electric bus market. Furthermore, the increasing popularity of battery powered vehicles, owing to their characteristics such as high speed, thermal stability, safety, low emissions, is also bolstering the market growth.
- Increasing Regulations regarding Vehicle Emission Standards: Various nations across the world have implemented stringent regulations and standards pertaining to vehicular emissions. These regulations are resulting in increased demand for low emission transportation solutions, such as electric buses. This trend, in turn, is positively impacting the demand within the electric bus market.
Electric Bus Market - Growth Drivers
- Growing focus on public transport electrification, as well as increase in the adoption of hydrogen fuel cell buses bolsters development of the global electric bus market
- Increasing prices of fossil fuels and declining prices of EV batteries propel the demand in the global electric bus market
- Rising awareness about benefits of using electric buses across the globe aid in the market expansion
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Electric Bus Market - Key Players
Some of the key manufacturers and participants operating in the global electric bus market are Yutong, Proterra Inc., Zhongtong Bus Holding CO., Ltd., EBUSCO BV, King Long, AB Volvo, TATA Motors, BYD Company Ltd., New Flyer Industries Inc., Solaris Bus & Coach SA, Shenzhen Wuzhoulong Motors Co., Ltd., Alexander Dennis, FAW Group, Daimler AG, and Ashok Leyland, among others. Key strategies employed by the leading companies in the global electric bus market for expanding their reach are the establishment of new production facilities to meet the growing demand, and mergers and acquisitions. Certain players in the global electric bus market are also focused on designing and manufacturing environmental friendly and sustainable electric buses.
Electric Bus Market: Regional Growth Dynamics
Asia Pacific is anticipated to emerge as the largest region in the global electric bus market in coming years. This can be attributed to the presence of various developing and developed economies, presence of a number of key original equipment manufacturers and automotive manufacturers in the region, and emergence of China as a major automotive manufacturing hub. China houses several key manufacturers in the global electric bus market, such as Yutong, Ankai, BYD, and Zhontong.
Furthermore, some other notable drivers responsible for the growth of Asia Pacific electric bus market include the presence of favorable government regulations and support for using electric buses, low prices of various electronic and electric components necessary for EVs in the region, and growing charging infrastructure in the region. In addition to this, the growth in this regional market is also driven by the aim of certain smart cities in the economies to completely electrify their public transport fleets.
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Electric Bus Market: Segmentation
Electric Bus Market, by Level of Autonomy
- Manual
- Semi-Automatic
- Autonomous
Electric Bus Market, by Propulsion
- Battery Electric
- Fuel Cell Electric
- Hybrid Electric
Electric Bus Market, by Bus Length
- 10-12 METER
- 12-15 Meter
- Above 15 Meter
Electric Bus Market, by Power Output
- Up to 300 KW
- 300-400 KW
- Above 400 KW
Electric Bus Market, by Battery Type
- Lithium Ion- Phosphate Battery
- Lithium Ion Nickel Cobalt Oxide (NMC)
- Lithium Titanate Oxide (LTO)
- Others
Electric Bus Market, by Range
- Up to 250 KM
- 255-300 KM
- Above 300 KM
Electric Bus Market, by Application
- Intercity
- Intracity
Electric Bus Market, by Region
- North America
- Europe
- Asia Pacific
- Middle East & Africa
- Latin America
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