Electric Bus Market

Market Synopsis

The Global electric bus Market is valued at USD 20.16 Billion in the year 2022 and is projected to reach a value of USD 49.91 Billion by the year 2030. The Global Market is projected to grow exhibiting a Compound Annual Growth Rate (CAGR) of 12.00% over the forecast period.

An electric bus, also known as an e-bus, is a bus that does not use a traditional ICE engine for propulsion and is entirely electric. The E-bus is propelled by an on-board electric motor that is powered by on-board batteries or a set of batteries. electric buses are considered environmentally friendly because they emit no pollutants. They are also more cost effective than traditional gasoline/diesel buses. Factors driving the electric bus Market include an increase in demand for fuel-efficient, high-performance, and low-emission buses, stringent government rules and regulations regarding vehicle emissions, and a decrease in battery prices.

However, high manufacturing costs, as well as low fuel economy and serviceability, limit market growth. Furthermore, technical improvements and strong government measures to promote the adoption of -buses provide the industry with potential growth opportunities. Because gasoline is a fossil fuel, it is not a renewable source of energy and will be depleted in the future. To support sustainable growth, it is vital to develop and utilize alternative fuel sources. This entails the use of electric buses, which do not use gasoline and are more cost effective than conventional buses. These factors increase the demand for advanced fuel-efficient technologies, resulting in an increase in the demand for electrically powered buses for travel.

Market Segmentation:

The electric bus Market is segmented on the basis of Propulsion type, Consumer segment, Application, Length of bus type, Vehicle range, Battery capacity, Power output, Battery type, Component (qualitative), Seating capacity and Level of autonomy. On the basis of Propulsion type, the market is segmented into BEV, PHEV and FCEV. On the basis of Consumer segment, the market is segmented into Private and Government. On the basis of Application, the market is segmented into Intercity and Intracity. On the basis of Length of bus type, the market is segmented into less than 9 m, 9−14 m and Above 1 4m. On the basis of Vehicle range, the market is segmented into less than 200 miles and Above 200 miles. On the basis of Battery capacity, the market is segmented into Upto 400 kWh and Above 400 kWh. On the basis of Power output, the market is segmented into Upto 250 kW and Above 250 kW. On the basis of Battery type, the market is segmented into Lithium- Nickel- Manganese- Cobalt-Oxide, Lithium- Iron- Phosphate and Others. On the basis of Component (qualitative), the market is segmented into Motor, Battery, Fuel Cell Stack, Battery Management System, Battery Cooling System and EV Connectors. On the basis of Seating capacity, the market is segmented into Up to 40 seats, 40-70 seats and Above 70 seats. On the basis of Level of autonomy, the market is segmented into Semi-autonomous and Autonomous.

Based on Propulsion Type

On the basis of Propulsion type, the market is segmented into BEV, PHEV and FCEV. In 2021, the battery-electric vehicle (BEV) segment dominated the market. The high-capacity battery sets onboard battery- electric buses store electricity. These buses are designed to take advantage of the benefits of those batteries in order to power the electrical motor and all onboard electronics. The fuel cell electric vehicle segment is also expected to grow exponentially during the forecast period because hydrogen fuel cell buses last longer and have faster refueling capabilities than standard e-buses. During the forecast period, the plug-in hybrid electric vehicle segment is expected to grow steadily.

Based on Bus Type

On the basis of Length of bus type, the market is segmented into less than 9 m, 9−14 m and Above 1 4m. During the projection period, the 9–14 m segment of the electric bus Market is likely to be the largest in terms of volume. Because of the large number of electric passenger buses used in public transportation fleets, the 9–14 m segment dominates the electric bus segment. Countries considering replacing existing public fleets with electric buses of the same length, which is typically 9–14 m, are considering electric buses of the same length. This would increase the future adoption of e-buses in this segment.

Asia Pacific Region to Stand Firm on its Leading Position in the electric bus Market

Asia Pacific is projected to acquire the largest market share during the year 2021 with a share of 37.90%. Due to high demand for electric buses in countries such as China, Japan, South Korea, and India, the market in Asia Pacific is expected to grow the fastest. Furthermore, in order to reduce vehicle emissions, China has introduced a large number of electric buses. The Asia Pacific electric bus Market is being driven by the need to reduce urban pollution and reliance on fossil fuels, as well as growing national government initiatives toward clean public transportation. The Chinese government has made significant investments in converting the conventional public transportation fleet to electric. As a result, the country controls the market. Because of the high adoption rate of electric buses in China, Asia Pacific leads the electric bus Market.