Electric Bus Market Share to Reach $37.5 Billion by 2030: Size, Trends, and Growth Analysis Report
The Electric Bus Market Share is projected to experience substantial growth, reaching a value of $37.5 billion by 2030. This increase is fueled by global trends toward eco-friendly and sustainable public transportation solutions, with many countries adopting strict emission reduction policies. Governments and municipalities worldwide are investing heavily in electric bus infrastructure to reduce carbon footprints and improve air quality, which is significantly driving the adoption of electric buses. Additionally, technological advancements in battery efficiency and charging infrastructure have made electric buses increasingly practical and economically viable, contributing to their growing share in the broader bus market.
The Electric Bus Market Share is particularly strong
in regions such as Europe, North America, and parts of Asia, where demand for
zero-emission public transport is accelerating. In addition to environmental
benefits, electric buses provide lower operational costs over time due to reduced
fuel expenses and maintenance requirements, making them an attractive option
for transit agencies. The market is expected to witness an influx of new
models, especially from established automotive manufacturers and emerging
players, further enhancing market competitiveness.
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The electric school bus
segment by application is projected to be the second fastest-growing segment
during the forecast period.
Electric school buses are
becoming increasingly popular with the 2nd fastest growing market driven by
incentives and policies promoting zero-emission vehicles in school districts
and communities concerned with air quality and environmental impact. North America
is estimated to be the fastest and largest market for electric school buses.As
many states in US provide grants and incentives to encourage the use of
electric school buses, the US is leading the world in their implementation. For
instance, the Los Angeles Unified School District (LAUSD) recently made the
largest order for electric school buses ever placed by Blue Bird Corporation,
ordering 180 units. In January 2024, Lion Electric Company started delivering
the LionD, a new all-electric school bus that can accommodate 83 students, in
California.Lion Electric was awarded USD 38 million for 97 buses and the
associated charging infrastructure under the EPA's Clean School Bus Program.
Through the EPA's Clean School Bus Rebate Program, over 2,300 electric buses
have been funded in all 50 states and territories, totaling more than UAS 900
million. Such incentives within the area are what are promoting growth in the
market for electric school buses, for example, the Clean School Bus Rebate
Program of the EPA and incentives in California.
The above 400 kWh battery
capacity segment is projected to be the fastest-growing market for electric
buses from 2024 to 2030.
Above 400 kWh battery capacity
electric buses are estimated to grow at the fastest CAGR during the forecast
period. This range is usually offered in electric buses for intercity or
long-distance commutes. Developments in battery technologies and the reduction
in prices of batteries have positively impacted the growth of above 400 kWh
batteries. Severe weather has a negative impact on battery performance,
requiring larger capacities to maintain efficiency and range. Buses having
larger battery capacities can travel more without recharging often, which is
important in regions with tough weather and limited charging infrastructure.
Long-range electric buses with large capacity batteries are particularly useful
in locations with unreliable infrastructure for charging. It is expected that
government financing and incentives for electric public transportation projects
will favour buses that have larger battery capacities in order to maximise the
efficiency and effectiveness of these vehicles. The market is anticipated to
expand due to falling battery costs and continuous improvements in battery
components.
Asia Pacific is estimated to
be the largest market for electric buses.
The Asia Pacific region is
projected to account for the largest share of the electric bus market during
the forecast period. According to IEA, China has become a global leader in the
electric bus market, producing almost 60% of all electric buses globally in
year 2023. Although this share has decreased from nearly 90% in 2020,
China will continue to dominate the market. The decline is due to a drop in
demand for both electric and ICE buses and increased sales in other parts of
Asia Pacific, Europe, and North America. China is still at the top of the
market because of its wide network of original equipment manufacturers (OEMs)
that specialise in electric vehicles (EVs) and its established battery and
other EV component supply chain. Companies such as BYD, Yutong, and Zhongtong
have played a pivotal role in propelling innovation and augmenting production
levels within the electric bus industry. These OEMs benefit from China’s
strategic push for electric mobility, which includes incentives, subsidies, and
strict emission regulations that are speeding up adoption in urban areas. The
introduction of the 'PM-eBus Sewa' initiative in India, aiming to implement
10,000 electric buses in urban areas through a public-private partnership (PPP)
approach, has enhanced the nation's green transportation efforts. India aims to
increase the number of electric buses to forty percent by 2030, with the help
of programs like FAME I and II, which have approved 5,595 e-buses for public
transportation. South Korea, Japan, and Singapore are also making plans to
enhance their public and private bus fleets by incorporating electric vehicles.
Companies such as Ashok Leyland, Mitsubishi Fuso Truck and Bus Corporation, JBM
Group, Tata Motors, and Mitsubishi Fuso Truck and Bus Corporation are
introducing electric bus models in an effort to cut emissions and rely less on
fossil fuels. The market's expansion is further driven by huge expenditures in
research and development and also in charging infrastructure. The Asia Pacific
region remains at the forefront of sustainable urban transportation solutions
because of its large production and sales volumes, along with ongoing
technological innovations aimed at enhancing performance and
cost-effectiveness.
Key Market Players:
The report profiles key players
such as BYD Company Ltd. (China), Yutong Co., Ltd. (China), VDL Groep
(Netherlands), AB Volvo (Sweden) and CAF (Solaris Bus & Coach sp. z o.o.)
(Spain). These companies adopted new product development, and supply contract
strategies to gain traction in the terminal tractor market.
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