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

The Electric Bus Market was at US$ 29 Billion in 2021 and is growing to approx US$ 107 Billion by 2030, with a CAGR growth of 22% between 2022 and 2030.

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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Electric Bus Market: Overview

An electric bus uses electric motors instead of internal combustion engines to go forward. Electric buses have two options for power supply: they can either store the necessary energy onboard or receive continual external power. The majority of buses that hold electricity are battery electric buses (which this page primarily discusses), where the electric motor receives power from an onboard battery pack. Although there are examples of other storage types, such as the bus, which uses flywheel energy storage, these buses are rare. Electricity is obtained through interaction with external power sources when not stored on board.

Electric Bus Market: Growth Driver

The transportation sector primarily causes the emissions of greenhouse gases (GHG) into the atmosphere. The transportation industry, which is a significant contributor to urban and regional air pollution, is responsible for around one-fourth of all energy-related greenhouse gas (GHG) emissions, according to the United Nations Environment Program (UNEP). In 2019, 1.1% of all GHG emissions from the transportation industry were produced by buses, according to the US Environmental Protection Agency (EPA). In addition, 29% of ozone-depleting chemicals, which harm the environment and make air pollution, are entirely due to vehicle emissions. As a result, many governments worldwide have started implementing electric buses to improve urban public transportation’s sustainability and fuel efficiency.

Electric Bus Market: Key Insights

A) As per the analysis shared by our research analyst, the Electric Bus market is estimated to grow annually at a CAGR of around 22% over the forecast period (2022-2030).
B) In terms of revenue, the Electric Bus market was valued at around USD 29 Billion in 2021 and is projected to reach USD 107 Billion by 2030. Due to a variety of driving factors, the market is predicted to rise at a significant rate.
C) The global Electric Bus market is categorized into the battery, vehicle type, application, and end-use. By end-use, in 2021, the public segment’s revenue share was greater than 80%.
D)The significant market share is linked to the rising demand for transportation services and governments’ implementation of numerous GHG emissions to reduce reliance on fossil fuels and minimize air and noise pollution.
E) By application, in 2021, the intracity segment dominated the market and controlled more than 85.0% of the revenue. The increase in people traveling to work, school, and universities worldwide is responsible for the need for intracity e-buses and the increased demand for public transportation.

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Electric Bus Market: Regional Landscape

In 2021, Asia Pacific accounted for the most significant revenue share, with more than 85.0%. The development can be ascribed to the presence of nations like China, India, and Japan and the rising desire for environmentally friendly transportation. Leading manufacturing businesses are headquartered in China, a significant player in the market. For instance, more than 421,000 e-buses, or approximately 99% of the global fleet, were in China in March 2021. Furthermore, the expansion of the charging infrastructure, environmental concerns, and tight government regulations are driving the overall business growth in this region.

Electric Bus Market: Key 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

The Electric Bus Market is segmented as follows:

By Battery

Lithium Nickel Manganese Cobalt Oxide
Lithium Iron Phosphate

By Vehicle Type

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

By End-use

Private
Public

By Application

Intercity
Intracity

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WRITTEN BY

Xherald

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