Electric Bus Market Size, Share, Growth, and Industry Analysis, By Type (Intercity bus/Coach, City bus/transit bus, and Commercial Van), By Downstream Industry (Private coach shuttles, Private campus shuttles, and Local Services shuttles.) and Regional Forecast to 2032

Updated On: 02 September 2024

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ELECTRIC BUS MARKET REPORT OVERVIEW

The Global Electric Bus Market Size was USD 1.84 billion in 2023 and the market is projected to touch USD 14.06 billion by 2032, exhibiting a CAGR of 22.55% during the forecast period.

An electric-powered bus may be defined as a bus that uses electric electricity both saved in a battery or in external wires which include a trolley. Electric buses no longer produce any emissions from the tailpipe unlike the traditional diesel or fuel buses making electric buses to be environmentally pleasant. They are designed to lessen automobiles’ exhaust fumes, make contributions to preventing international warming, and supply a less noisy and extra comfortable ride to the passengers.

The market for electric-powered buses is quickly increasing due to rising environmental worries, government requirements, and breakthroughs in battery technology. Cities and transportation businesses all through the arena are switching to electric buses to meet sustainability desires and reduce running expenses. The market is also prompted using incentives and subsidies, technological improvements, and the call for power-efficient transportation answers. Major marketplace gamers consist of BYD, Proterra, and GreenPower Motor Company, which are constantly developing to improve electric-powered bus overall performance and pricing.

COVID-19 Impact: The Pandemic Decreased the Market Growth Due to Travel Restrictions

The Global COVID-19 pandemic has been unprecedented and staggering, with the market experiencing lower-than-anticipated demand across all regions compared to pre-pandemic levels. The sudden market growth reflected by the rise in CAGR is attributable to market growth and demand returning to pre-pandemic levels.

The COVID-19 pandemic had an excessive effect on the electrical bus enterprise, disrupting supply chains, delaying production, and slowing increase. Lockdowns and tour restrictions lowered public transit utilization, resulting in a lower need for brand-spanking new buses. However, the pandemic emphasized the need for sustainable and resilient public transportation networks, prompting increasing authorities to help and funding in electrical bus infrastructure as part of inexperienced restoration techniques. This shift in attention is projected to hasten the adoption of electric buses ultimately.

LATEST TRENDS

"Increasing Adoption of Zero-Emission Lead to Market Growth"

The maximum recent improvement inside the enterprise is the increasing use of 0-emission buses, which is driven by government legal guidelines and environmental worries. Cities and municipalities all through the sector are making good-sized investments in electric buses to limit air pollutants and greenhouse gasoline emissions. Advances in battery technology are also occurring in longer levels and shorter fee intervals, making electrical buses greater viable for everyday utilization. Furthermore, there's a rising emphasis on the improvement of charging infrastructure and the usage of renewable electricity assets to strengthen electric automobiles, which will increase their enchantment and feasibility for public and personal transit networks.

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MARKET SEGMENTATION

By Type

Based on type the global market can be categorized into Intercity bus/Coach, City bus/transit bus, and Commercial Van.

• "Intercity Bus/Coach:" These buses are meant to travel longer distances between cities or villages. They usually offer more comfortable seating, luggage room, and facilities designed for long-distance travel.
• "City Bus/Transit Bus:" These electrical buses serve as public transportation in cities. They are intended for frequent stops, high passenger turnover, and shorter trips through urban areas. They frequently have low floors for easier boarding and disembarking, and they promote efficiency and capacity.
• "Commercial Van": These electric vehicles are utilized for commercial purposes like deliveries, shuttle services, and other company transportation requirements. They are smaller than buses and designed for various commercial purposes requiring maneuverability and cargo room.

By Downstream Industry

Based on Downstream Industry the market is classified into Private coach shuttles, Private campus shuttles, and Local Services shuttles.

• "Private Coach Shuttles": These are long-distance buses used to transport groups of passengers on tours, charters, or interstate trips.
• "Private Campus Shuttles:" These shuttles operate on private property, such as university campuses, corporate parks, or residential complexes, to provide convenient and frequent transportation.
• "Local Services Shuttles": These buses provide transportation within a specific geographic area, frequently meeting public transit demands for city or suburban routes.

DRIVING FACTORS

"Environmental Regulations and Emission Standards Lead to an Increase in Market Demand"

To weather air pollutants and decrease greenhouse gas emissions, governments around the arena are putting in location more strict environmental policies and emission requirements. This regulatory strain is a number one riding pressure in the back of the electrical bus region, as electric-powered buses emit no tailpipe emissions, making them a higher choice than traditional diesel-powered buses. Subsidies, tax breaks, and offers for electric vehicle adoption help to bolster the market with the aid of making electric buses extra economically viable for public and industrial transportation operators.

"Technological Advancements and Cost Efficiency Accelerate Market Growth"

Continuous tendencies in battery era and electric drivetrains have substantially greater electric buses' performance, range, and durability. These technological advancements have led to a decrease normal price of ownership, as electric-powered buses require much less gasoline and renovation than diesel buses. Furthermore, advances in charging infrastructure and energy management structures have made the deployment of electric bus fleets greater possible and efficient, prompting greater transit organizations and private operators to replace electric buses.

RESTRAINING FACTORS

"High Cost Slows Down the Market Growth"

The main challenge for the Electric Bus Market growth is the initially high costs related to the purchase of electric buses and the construction of corresponding facilities. Battery technology is generally costly, and therefore electric buses are substantially more expensive than diesel buses. In addition, the construction of charging facilities requires a lot of capital costs, which encompasses purchasing high-current chargers and upgrades to the electrical networks. These financial limitations can limit transit agencies and private operators, especially the ones that have limited sources of funds, even though the electric buses bring about long-term financial savings and bottom-line policies to the environment.

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ELECTRIC BUS MARKET REGIONAL INSIGHTS

The market is primarily segregated into Europe, Latin America, Asia Pacific, North America, and Middle East & Africa.

"Asia Pacific to Dominate the Market due to Strong Environmental Legislation"

The Asia-Pacific vicinity dominates the Electric Bus Market share for lots of reasons, which include sturdy authorities' help for inexperienced transportation initiatives, great investments in public transportation infrastructure, and the presence of essential electrical bus producers in international locations consisting of China and Japan. China, especially, has been a trailblazer with its stringent guidelines aimed toward lowering urban air pollutants and encouraging electric vehicle adoption, resulting in a good-sized variety of electrical buses on the roads. Furthermore, favorable regulations and incentives have boosted innovation and production capacities, cementing Asia-Pacific's dominant function in the worldwide electrical bus industry.

KEY INDUSTRY PLAYERS

"Key Industry Players Shaping the Market through Innovation and Market Expansion"

Some important electric bus makers are also noteworthy for their creativity and the wide range of models and brands they provide. These companies are the leaders in the industry with the advancement in electric propulsion systems, sustainable development processes, and large R&D spending. These come in various types and are affordable to many of the downstream businesses such as private coach shuttles, private campus shuttles, and local services shuttles. They counter globally regarding better coordination with the public and the commercial sectors; simultaneously, they focus on reducing emissions and enhancing the accessibility of public transportation.

"List of Market Players Profiled"

• IC Bus (U.S.)
• Complete Coach Works (U.S.)
• Thomas Built Buss Inc. (U.S.)
• Ebus (U.S.)
• Lightning Systems(U.S.)
• Gillig(U.S.)
• Specialty Vehicle Manufacturing Corp. (U.S.)
• GreenPower Motor Company(Canada)
• Nova Bus (Canada)
• Proterra (U.S.)

INDUSTRIAL DEVELOPMENT

"June 2024": JBM Electric Vehicles Private Limited, a subsidiary of JBM Auto Limited ("JBM"), has reached an agreement with MUON India Private Limited, a company in the Macquarie Group.

REPORT COVERAGE

The study encompasses a comprehensive SWOT analysis and provides insights into future developments within the market. It examines various factors that contribute to the growth of the market, exploring a wide range of market categories and potential applications that may impact its trajectory in the coming years. The analysis takes into account both current trends and historical turning points, providing a holistic understanding of the market's components and identifying potential areas for growth.

The research report delves into market segmentation, utilizing both qualitative and quantitative research methods to provide a thorough analysis. It also evaluates the impact of financial and strategic perspectives on the market. Furthermore, the report presents national and regional assessments, considering the dominant forces of supply and demand that influence the market growth. The competitive landscape is meticulously detailed, including market shares of significant competitors. The report incorporates novel research methodologies and player strategies tailored for the anticipated timeframe. Overall, it offers valuable and comprehensive insights into the market dynamics in a formal and easily understandable manner.