Press release
Electric Bus Market 2023 Latest Research, Top Impacting Factors, Growth Strategies and Forecast to 2032
According to a recent study by strategic consulting and market research firm Report Ocean, the global electric bus market was valued at USD 37.0 billion in 2021. It is estimated to reach USD 71.2 billion by the end of 2028, growing at a CAGR of 10.5%. The rising fuel prices and the need for sustainable resources have prompted governments worldwide to encourage the use of electric buses over traditional fuel-based buses. Significant investments in public transport infrastructure and the promotion of zero-emission transportation are driving the demand for electric buses. However, the higher cost of electric buses compared to traditional buses remains a major restraint for market growth.
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The global electric bus market is segmented by battery type, including lithium-nickel-manganese-cobalt oxide, lithium-iron-phosphate, and others. The lithium-iron-phosphate segment holds the largest market share due to its durability, longer lifespan, low maintenance, and higher safety. It is also lighter in weight, exerting less pressure on the vehicle body. The excellent thermal and chemical stability of lithium-iron-phosphate batteries makes them favorable for market growth, especially in electric buses.
Based on the length of the bus, the market is segmented into 14 meters. Electric buses with a length of 9-14 meters have the largest market share due to the increased demand for passenger buses in public transportation. Manufacturers are focusing on this length range and launching electric buses within this range, as they offer long-distance capabilities of 125 to 155 miles.
In terms of components, the battery segment holds the largest market share. Battery-powered electric buses are widely used in public transport, and their efficiency is influenced by usage, temperature, and distance traveled. Frequent battery replacements drive the growth of this segment.
The government segment is the largest end-user in the global electric bus market. Governments worldwide are investing in public transportation and decarbonization efforts, providing lucrative growth opportunities for electric buses. For example, the Berlin public transport company recently ordered 90 more electric buses with significant investments in charging infrastructure.
Key players in the global electric bus market include Proterra, BYD Company, AB Volvo, Zhengzhou Yutong Bus Co. Ltd., Goldstone Infratech Ltd., Ashok Leyland, NFI Group, Lion Electric Company, GreenPower Motor Co., JBM Auto Ltd., Arrival, Blue Bird Corporation, ArcLight Clean Transition, Daimler AG, Anhui Ankai Automobile Co. Ltd, King Long United Automotive, New Flyer Industries, VDL GROEP BV, Construcciones y Auxiliar de Ferrocarriles, S.A., and other prominent players. The market is highly competitive, dominated by multinational industry players. However, new entrants find opportunities in the emerging electric bus market. Key players offer diverse product portfolios, invest in new product launches, expand production capacity, improve distribution channels, and adopt competitive strategies such as partnerships, mergers, and acquisitions.
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Market Overview
Market Estimates & Forecast by Value, 2018-2028
Market Share & Forecast, by Segment
By Type
Battery Electric Bus
Plug-In Hybrid Electric Bus
Fuel Cell Electric Bus
By Battery Capacity
Up To 400 Kwh
Above 400 Kwh
By Vehicle Range
Up To 250 KW
Above 250 KW
By Battery Type
Lithium-Nickel-Manganese-Cobalt Oxide
Lithium-Iron-Phosphate
Others
By Length of Bus
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We are the best market research reports provider in the industry. Report Ocean believes in providing quality reports to clients to meet the top line and bottom line goals which will boost your market share in today's competitive environment. Report Ocean is a 'one-stop solution' for individuals, organizations, and industries that are looking for innovative market research reports.
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