According to a market report, published by Sheer Analytics and Insights, The global electric bus market was valued at $46.1 billion in 2021 and it is expected to reach $400.1 billion at a CAGR of 19.2% between 2022 and 2032. An electric bus is a type of bus that can be propelled by using electric motors as opposed to an internal combustion engine.
The factors supporting the market growth are lower maintenance of electric buses, rising awareness of controlling carbon emissions, and increasing local companies’ footprints globally. Many Chinese companies such as BYD and Foton, have increased their footprints in Latin America and Europe at a much faster pace in the past two years. BYD is also planning to open a new electric bus unit in Thailand for catering to other Asian markets. In addition to this Ashok Leyland, and Tata Motors of India had done multi treaties with many governments at local as well as global levels supporting the growth of the market.
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At present days, the fuel price is rising every year and the issue pertaining to carbon emissions too. Hence, the electric bus demand has shown a great spike after COVID. In many developed nations, the usage of electric buses is driving the growth of the market due to the increasing need for public transportation. Multiple manufacturing companies are focusing on creating new electrical buses to reduce carbon and other dangerous emissions. With the government's help, these companies are producing innovative production of electric buses.
This is one of the major factors which are also driven the growth of the market over the past few years. Hydrogen fuel cell buses are becoming popular across several developed nations which is another factor driving the growth of the market. In Europe, and North America, thousands of hydrogen electric buses are expected to be launched in the upcoming years.
Some of the present developments in the electric buses market:
In August 2022, Switch Mobility, the UK subsidiary of Ashok Leyland, and Indian transport company, Chalo entered strategic cooperation for deploying 5,000 electric buses across India in the coming 3 years
- In August 2022, Foton got a new order supplying 1,022 electric buses, worth 1.6b RMB (about €230m) from Chile
- In August 2022, the Delhi government launched 97 electric buses and aims to add 1,800 more buses by 2023
- In June 2022, Switch mobility launched a new electrical bus range. This launch is the next-generation electric bus platform in India. This bus can cover up to 500 km range. It also has a Wi-Fi facility, reclining seats, and more.
- Switch mobility is expected to launch e-LCV in early 2023, with 12m e-bus deliveries to begin this June.
- MAN Truck and Bus has announced to launch of its electric bus chassis for the global market. Therefore, these new launches are expected to fuel the growth of the market during the forecast period from 2022 to 2032.
According to the study, key players dominating the global electric bus market are Ankai (China), AB Volvo (Sweden), BYD Auto (China), BAIC Group (China), CNH Industrial (U.K), CAF (U.K), Ebusco (Netherlands), Ford Motor Company (U.K), Foton Motor Group (China), Hinduja Group (U.K), King Long (China), Mercedez-Benz Group (Germany), NFI Group (Canada), Porsche SE (Germany), Proterra (U.S), Shenzhen Wuzhoulong Motors (China), VDL Groep (Netherlands), Yutong (China), Zhongtong Bus (China), and Tata Motors (India) among others.
The Global Electric Bus Market Has Been Segmented Into:
The Global Electric Bus Market – by Type:
- Battery Electric Bus
- Plug-In Hybrid Electric Bus
- Fuel Cell Electric Bus
The Global Electric Bus Market – by Range Type:
- Less Than 200 Miles
- More Than 200 Miles
The Global Electric Bus Market – by Power Capacity:
- Up to 400 kWh
- Above 400 kWh
The Global Electric Bus Market – by Regions:
- North America
- The U.S.
- Canada
- Mexico
- Europe
- U.K.
- France
- Germany
- Italy
- Rest of Europe
- Asia Pacific
- India
- China
- Japan
- Australia
- Rest of Asia Pacific
- LAMEA
- Middle East
- Saudi Arabia
- UAE
- Others
- Latin America
- Brazil
- Chile
- Others
- Africa
- South Africa
- Egypt
- Others
Browse the full report at https://www.sheeranalyticsandinsights.com/market-report-research/electric-bus-market-21
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