WILMINGTON, DE /ACCESSWIRE/September 20, 2022 / Transparency Market Research Inc. – The growing popularity of electric buses as a sustainable solution for public transport in various developing and developed economies is driving the growth of the global electric bus market. Market players are focusing on increasing their production capacities to meet the growing demands of governments across the world. According to a latest research report, the global electric bus market is expected to reach 448,920,000 units by the end of 2031.
The rising trend of vehicle electrification, along with growing investments and promotional campaigns by governments in developing economies are also contributing to the expansion of the market. Moreover, this trend is also supported by rising fossil fuel prices. Moreover, the increasing efforts of major players to undertake research and development of advancements in electric vehicle technologies are also driving the growth of the market.
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Electric Bus Market – Key Findings of the Report
- Growing Popularity of Battery Powered Vehicles: The increasing use of lithium-ion phosphate batteries in electric buses, owing to their low price, is creating new opportunities for cash grabbing in the global electric bus market. Additionally, the growing popularity of battery-powered vehicles due to their features such as high speed, thermal stability, safety, and low emissions is also enhancing the market growth.
- Increased regulations regarding vehicle emissions standards: Various countries around the world have implemented strict regulations and standards regarding vehicle emissions. These regulations are driving increased demand for low-emission transport solutions, such as electric buses. This trend, in turn, has a positive impact on demand in the electric bus market.
Electric Bus Market – Growth Drivers
- Growing focus on electrification of public transportation, along with increasing adoption of hydrogen fuel cell buses, is driving the development of the global electric bus market
- Rising Fossil Fuel Prices and Falling Electric Vehicle Battery Prices Drive Demand in Global Electric Bus Market
- Rising awareness of the benefits of using electric buses across the globe is helping the market expand
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Electric Bus Market – Key Players
Some of the major manufacturers and participants operating in the global electric bus market are Yutong, Proterra Inc., Zhongtong Bus Holding CO., Ltd., EBUSCO BV, King Long, AB Volvo, TATA Motors, BYD Company Ltd., New Flyer Industries . Inc., Solaris Bus & Coach SA, Shenzhen Wuzhoulong Motors Co., Ltd., Alexander Dennis, FAW Group, Daimler AG and Ashok Leyland, among others. The key strategies employed by the leading companies in the global electric bus market to expand their reach are the establishment of new production facilities to meet the growing demand, as well as mergers and acquisitions. Some players in the global electric bus market are also focusing on designing and manufacturing environment-friendly and sustainable electric buses.
Electric bus market: regional growth momentum
Asia-Pacific is expected to become the largest region in the global electric bus market in the coming years. This can be attributed to the presence of various developing and developed economies, the presence of a number of key OEMs and automakers in the region, and the emergence of China as a as a major automotive manufacturing hub. China is home to several key manufacturers in the global electric bus market, such as Yutong, Ankai, BYD, and Zhontong.
In addition, some other notable drivers responsible for the growth of the Asia-Pacific electric bus market include presence of favorable government regulations and support for the use of electric buses, low prices of various electronic and electrical components required for vehicles electricity in the region and the growth of charging infrastructure in the region. Moreover, the growth of this regional market is also driven by the desire of some smart cities in the economies to completely electrify their public transport fleets.
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Electric bus market: segmentation
Electric bus market, by level of autonomy
Electric Bus Market, By Propulsion
- Electric Battery
- Fuel Cell Electric
- Hybrid Electric
Electric Bus Market, By Bus Length
- 10-12 METERS
- 12-15 meters
- Above 15 meters
Electric Bus Market, By Power Output
- Up to 300KW
- Above 400 KW
Electric Bus Market, By Battery Type
- Lithium ion phosphate battery
- Lithium Ion Nickel Cobalt Oxide (NMC)
- Lithium titanate oxide (LTO)
Electric bus market, by range
- Up to 250KM
- Above 300 km
Electric Bus Market, By Application
Electric Bus Market, By Region
- North America
- Asia Pacific
- Middle East and Africa
- Latin America
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