Global Electric Bus Market Size (2022-2030) Share, Industry Trends, Growth, Challenges, and Forecast: Custom Market Insights

The Global Electric Bus Market size was estimated at USD 29 billion in 2021 and is expected to hit around USD 107 billion by 2030, poised to grow at a compound annual growth rate (CAGR) of 22% from 2022 to 2030.

The report examines the Electric Bus market's drivers and restraints and their impact analysis. Also, the report mentions global opportunities prevailing in the Electric Bus market.

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The Electric Bus Market: Overview

Electric buses, often known as e-buses, are vehicles that run on electricity rather than a conventional internal combustion engine (ICE). The E-bus is propelled instead by an internal electric motor that is powered by one or more internal batteries. Being pollution-free, electric buses are better for the environment. They are also less expensive than standard gasoline/diesel buses.

The Electric Bus Market: Growth Drivers

• Rising demand for zero-emission vehicles

The primary industry responsible for greenhouse gas (GHG) emissions into the atmosphere is transportation. According to the United Nations Environment Program, the transportation sector, which significantly contributes to local and urban air pollution, is responsible for around one-fourth of all energy-related greenhouse gas (GHG) emissions (UNEP).

According to the US Environmental Protection Agency, buses created 1.1% of total GHG emissions from the transportation sector in 2019. (EPA). Moreover, automobile emissions are alone to blame for 29% of the ozone-depleting chemicals that harm the ecosystem and cause air pollution. As a result, many governments throughout the world have begun putting electric buses into service to increase the sustainability and fuel efficiency of urban public transit.

• Government support for converting public transit to electricity

To further the goal of reducing greenhouse gas (GHG) emissions and improving the quality of the air in cities, governments all over the world have provided sizeable financial incentives to encourage shared mobility and environmentally friendly transportation. Governments all over the world have created enticing schemes and programs to encourage the usage of electric buses.

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The usage of electric buses in cities has been promoted by governments in industrialized countries through the opening of a bidding process. For instance, as of March 2021, 3,884 hybrid buses, 485 electric buses, and two hydrogen buses were operating out of a total bus fleet of 9,068 in London. There are plans to raise this number to 9,200 electric buses by 2037.

The Electric Bus Market: Key Insights

• Our research analyst's analysis indicates that the market for electric buses would expand annually at a CAGR of about 22% over the forecast period (2022-2030).
• The market for electric buses was estimated to be worth roughly USD 29 billion in 2021, and it is anticipated that it will be worth USD 107 billion by 2030. The market is expected to grow significantly over the coming years as a result of a number of driving factors.
• The Electric Bus market research provides a thorough analysis of the current market along with estimates for the years 2020-2030 to help identify opportunities to capitalize on the current industry.
• The analysis provides information on the key market drivers, obstacles, opportunities, and results.
• The SWOT analysis and Porter's Five Forces model are discussed in further detail in the paper.

Press Release For Electric Bus Market: https://www.custommarketinsights.com/press-releases/electric-bus-market-share/

The Electric Bus Market: Regional Landscape

The Asia-Pacific region is predicted to have a sizable market share throughout the projected period due to increasing domestic demand supported by national sales targets, favorable laws, helpful subsidies, and local air quality targets. China, one of the market's leading players, produces 98% of the electric buses used worldwide. Over the predicted period, it is expected that China will continue to hold the top spot.

The Electric Bus Market: Prominent Players

AB Volvo
Shenzhen Wuzhoulong Motors Co. Ltd
Ebusco
King Long United Automotive Industry Co. Ltd
BYD Company Ltd
Daimler AG
Proterra Inc
CAF Group (Solaris Bus & Coach)
NFI Group
Van Hool NV

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The Electric Bus Market: Segments

By Battery

Lithium Nickel Manganese Cobalt Oxide
Lithium Iron Phosphate

By Vehicle Type

Battery Electric Vehicle
Fuel Cell Electric Vehicle
Plug-in Hybrid Electric Vehicle

By End-use

Private
Public

By Application

Intercity
Intracity

The Electric Bus Market: Regions

North America

The U.S.
Canada
Mexico

Europe

France
The UK
Spain
Germany
Italy
Rest of Europe

Asia Pacific

China
Japan
India
Australia
South Korea
Rest of Asia Pacific

The Middle East & Africa

Saudi Arabia
UAE
Egypt
Kuwait
South Africa
Rest of the Middle East & Africa

Latin America

Brazil
Argentina
Rest of Latin America

Check Out Some of Our Other Reports:

Global Automotive HVAC Market: https://www.custommarketinsights.com/report/automotive-hvac-market/
Global Electric Vehicle Actuator Market: https://www.custommarketinsights.com/report/electric-vehicle-actuator-market/
Global Electric Vehicle Supply Equipment Market: https://www.custommarketinsights.com/report/electric-vehicle-supply-equipment-market/
Global Hybrid Vehicle Market: https://www.custommarketinsights.com/report/hybrid-vehicle-market/
Global Smart Electric Drive Market: https://www.custommarketinsights.com/report/smart-electric-drive-market/

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This release was published on openPR.