PUBLISHER: 360iResearch | PRODUCT CODE: 1465975
PUBLISHER: 360iResearch | PRODUCT CODE: 1465975
[190 Pages Report] The Electric Bus Market size was estimated at USD 34.35 billion in 2023 and expected to reach USD 38.78 billion in 2024, at a CAGR 14.65% to reach USD 89.47 billion by 2030.
An electric bus operates on electricity, contrasting with traditional buses that run on diesel & other fossil fuels. Electric buses utilize electric motors for propulsion and are powered primarily through a battery & an external power source that charges the battery. These vehicles are a key component in the transition to more sustainable public transport systems, aiming to lower greenhouse gas emissions, operating costs, and air quality in urban areas. Increasing demand for emission-free and energy-efficient mass transit solutions, along with government support for the electrification of public transport systems, boosts the deployment of electric buses. However, the limited availability of necessary infrastructure slows the market expansion globally. In addition, concerns associated with battery capacity and operations create a huge impact on electric bus utilization. Furthermore, technological advancements in electric bus design and development, with the improvements in charging infrastructure across economies, pose significant opportunities for market growth.
KEY MARKET STATISTICS | |
---|---|
Base Year [2023] | USD 34.35 billion |
Estimated Year [2024] | USD 38.78 billion |
Forecast Year [2030] | USD 89.47 billion |
CAGR (%) | 14.65% |
Range: Growing adoption of electric buses with a range of over 200 miles due to its extended operation
Electric buses with a range of over 200 miles cater to operators who require electric buses for long-distance routes, typically between cities & across larger metropolitan areas where charging infrastructure may be sparse. The need for high-range buses stems from the necessity to minimize charging times during operational hours, thus maximizing service efficiency and reducing downtime. Electric buses with a range of up to 200 miles are ideally suited for urban and suburban routes, where buses operate for shorter distances but face frequent start-stop cycles. The focus here is on the optimization of energy consumption and ensuring accessibility to charging stations within the city. These buses are preferred for their lower initial cost and operational flexibility.
Application: Smart city infrastructure development boost the adoption of intracity electric buses
Intercity electric buses are designed for travel between different cities, generally covering longer distances with fewer stops. These buses are equipped with larger battery capacities to sustain longer journeys without the need for frequent recharging. Customers opting for intercity electric buses highly prioritize range and comfort. Intracity electric buses operate within cities and are designed to navigate urban environments. These buses typically have more frequent stops and shorter routes compared to their intercity counterparts. For intracity applications, the focus shifts towards efficiency and maneuverability.
Bus Type: Rising demand for electric school buses for promoting sustainability and environmental responsibility among young generations
Double-decker buses represent a segment characterized by high-capacity passenger vehicles, often used in urban and touristic environments. These buses stand out for their ability to accommodate many passengers without significantly increasing road congestion. Electric double-decker buses, in particular, offer a sustainable solution by reducing carbon emissions and noise pollution, making them increasingly favored in cities aiming to reduce their environmental footprint while managing high-density public transit routes. The electric bus market's school bus segment focuses on educational institutions' transport needs. Electric school buses present an environmentally friendly alternative to traditional diesel-powered vehicles. Adoption of electric school buses also aligns with broader educational goals of promoting sustainability and environmental responsibility among young generations. Additionally, electric buses' lower operational and maintenance costs can result in long-term savings for school districts. Shuttle buses, designed for short-distance travel such as between airports and hotels, within corporate campuses, or around suburban areas. The adoption of electric shuttle buses further advances the objectives of reducing traffic congestion and minimizes environmental impact in these highly trafficked areas. As the technology behind electric vehicles continues to evolve, so too does the feasibility and appeal of electric shuttle buses for commercial, institutional, and governmental entities looking to enhance their transport services while honoring their commitment to sustainability.
Regional Insights
In the American region, encompassing the United States & Canada, the increasing need for sustainable urban transit solutions has led to significant investments in electric buses. Consumer behavior indicates a strong preference for eco-friendly and efficient public transport systems. The government's emphasis on clean energy and sustainable transport has fostered an environment ripe for the adoption of electric bus technologies. European Union countries are at the forefront of the adoption of electric buses, driven by strict emission regulations and substantial investments in electric mobility. The European Commission's Green Deal aims to drastically reduce transport emissions, propelling the demand for electric buses. Consumer behavior in Europe shows a strong inclination towards environmental sustainability and support for green transportation solutions. The Middle East and Africa are slowly adopting electric buses, with initiatives in countries such as the UAE and South Africa. The market is driven by the need to diversify energy sources and improve air quality in urban areas. In the APAC region, China, Japan, & India dominate the global electric bus market, with the largest fleet of electric buses. The government's aggressive policies to cut down pollution and investment in electric bus production and infrastructure have significantly influenced consumer adoption.
FPNV Positioning Matrix
The FPNV Positioning Matrix is pivotal in evaluating the Electric Bus Market. It offers a comprehensive assessment of vendors, examining key metrics related to Business Strategy and Product Satisfaction. This in-depth analysis empowers users to make well-informed decisions aligned with their requirements. Based on the evaluation, the vendors are then categorized into four distinct quadrants representing varying levels of success: Forefront (F), Pathfinder (P), Niche (N), or Vital (V).
Market Share Analysis
The Market Share Analysis is a comprehensive tool that provides an insightful and in-depth examination of the current state of vendors in the Electric Bus Market. By meticulously comparing and analyzing vendor contributions in terms of overall revenue, customer base, and other key metrics, we can offer companies a greater understanding of their performance and the challenges they face when competing for market share. Additionally, this analysis provides valuable insights into the competitive nature of the sector, including factors such as accumulation, fragmentation dominance, and amalgamation traits observed over the base year period studied. With this expanded level of detail, vendors can make more informed decisions and devise effective strategies to gain a competitive edge in the market.
Key Company Profiles
The report delves into recent significant developments in the Electric Bus Market, highlighting leading vendors and their innovative profiles. These include AB Volvo, Alexander Dennis Limited, Ashok Leyland Limited, Blue Bird Corporation, BYD Company Limited, Chariot Motors, EBUSCO B.V., Eicher Motors Ltd., Eurabus GmbH, Irizar Group, Isuzu Motors Limited, JBM Group, Karsan Otomotiv San. ve Tic. A.S., Mahindra & Mahindra Limited, Mercedes-Benz Group AG, Olectra Greentech Ltd., Quantron AG, Rissala Electric Motors Pvt. Ltd, Solaris Bus & Coach sp. z o.o, Tata Motors Limited, The Lion Electric Company, TRATON SE, VDL Groep B.V., WrightBus by Bamford Bus Company Holdings Limited, Xiamen King Long International Trading Co.,Ltd., and Zhengzhou Yutong Bus Co. Ltd..
Market Segmentation & Coverage
1. Market Penetration: It presents comprehensive information on the market provided by key players.
2. Market Development: It delves deep into lucrative emerging markets and analyzes the penetration across mature market segments.
3. Market Diversification: It provides detailed information on new product launches, untapped geographic regions, recent developments, and investments.
4. Competitive Assessment & Intelligence: It conducts an exhaustive assessment of market shares, strategies, products, certifications, regulatory approvals, patent landscape, and manufacturing capabilities of the leading players.
5. Product Development & Innovation: It offers intelligent insights on future technologies, R&D activities, and breakthrough product developments.
1. What is the market size and forecast of the Electric Bus Market?
2. Which products, segments, applications, and areas should one consider investing in over the forecast period in the Electric Bus Market?
3. What are the technology trends and regulatory frameworks in the Electric Bus Market?
4. What is the market share of the leading vendors in the Electric Bus Market?
5. Which modes and strategic moves are suitable for entering the Electric Bus Market?