The electric bus market is surging due to growing
environmental concerns and government initiatives promoting clean
transportation. Stricter emission standards and incentives
for electric vehicles are driving demand, with advancements in
battery range and fast charging infrastructure improving
practicality. The Asia Pacific
region is expected to be a major market, while the US (13% CAGR)
and the UK (14.2% CAGR) are anticipated to see significant
growth.
NEWARK, Del., May 13, 2024 /PRNewswire/ -- The electric bus
market forecast is predicted to be valued at US$ 21.3 billion by 2024. The market
valuation is estimated to be US$ 68.5
billion by 2034, projected at a CAGR of
12.4%.
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insights and trends:
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The global electric bus industry is experiencing rapid growth
driven by several dynamic factors. The rising demand for electric
bus market is due to non-polluting and fuel-efficient buses,
coupled with initiatives from major countries, which are propelling
the adoption of electric buses.
Governments worldwide are seeking alternatives to transform
their existing conventional bus fleets with eco-friendly electric
buses, spurred by environmental concerns and the need to combat air
pollution.
With a surge in environmental awareness and the urgency to
address climate change, regulators are implementing strict emission
standards and offering incentives to encourage the adoption of
electric vehicles, including buses.
Initiatives by automobile manufacturers to invest in the
development of hydrogen fuel cell-powered electric buses are
propelling demand. Hydrogen fuel cells offer a promising
alternative to traditional battery-powered electric buses,
providing longer ranges and faster refueling times, addressing
concerns about range anxiety and operational efficiency.
Technological advancements are playing a crucial role in shaping
the electric bus industry's growth trajectory. Innovations such as
increasing the range of mobility and the deployment of fast
charging infrastructure are enhancing the practicality and
viability of electric buses.
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Key Takeaways from the Market Study
- Based on the propulsion type, the BEV segment is accounted to
hold a market share of 60.2% in 2024.
- The United States is expected
to register at a CAGR of 13% by 2034.
- The United Kingdom registers
significant growth, projected at a CAGR of 14.2% by 2034.
- Based on battery type, the LFP segment is accounted to hold a
market share of 55.5% in 2024.
"The rise in emphasis on environmental
sustainability and the urgent need to reduce greenhouse gas
emissions where the heightened focus on sustainability is
propelling transit agencies and municipalities to invest in
electrified public transportation fleets by fueling the growth of
the electric bus market," says Nikhil Kaitwade (Associate
Vice President at Future Market Insights, Inc.).
Competitive Landscape
The global electric bus ecosystem features a competitive
landscape characterized by established manufacturers like BYD,
Proterra, and Yutong dominating the industry. The players leverage
extensive experience, robust manufacturing capabilities, and
established industrial presence to maintain their leadership
positions.
Innovative startups such as Arrival and Rivian are disrupting
the sector with innovative designs, advanced technologies, and
agile business models, challenging traditional players and driving
innovation in the rapidly evolving electric bus industry.
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Some of the key developments are
In 2023, Daimler Truck AG unveiled its ambitious roadmap for
electrifying its entire bus portfolio by 2030, signaling a firm
commitment to sustainability and driving the transition towards
emissions-free mobility solutions.
In 2023, Zhengzhou Yutong Bus Co., Ltd. launched a
groundbreaking electric bus model equipped with cutting-edge
autonomous driving technology, paving the way for safer, more
efficient public transportation systems in smart cities of the
future.
Purchase now and gain full access to
the Electric Bus Industry report, featuring comprehensive Market
Forecast, Company Share Analysis, Competition Intelligence, DROT
Analysis, Market Dynamics and Challenges, and Strategic Growth
Initiatives.
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More Valuable Insights Available
Future Market Insights offers an unbiased global electric bus
market analysis, providing historical data from 2019 to 2023 and
forecast statistics from 2024 to 2034
To understand market opportunities, the electric bus industry is
segmented based on Propulsion Type (BEV, FCEV), Battery Type (NMC,
LFP, NCA), Consumer (private, government), Range (upto 200 miles,
above 200 miles), Power Output (Upto 250kW, above 250kW), and
Region (North America,
Latin America, Western Europe, Eastern Europe, South Asia and Pacific, East Asia, Middle
East and Africa)
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The automotive team at Future Market Insights offers expert
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About the Author:
Nikhil Kaitwade (Associate Vice President at Future Market
Insights, Inc.) has over a decade of experience in market research
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Equipment, Oil & Gas, and Service industries.
His core competency circles around developing research
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models for pricing analysis, competition mapping, and market
feasibility analysis. His expertise also extends wide and beyond
analysis, advising clients on identifying growth potential in
established and niche market segments, investment/divestment
decisions, and market entry decision-making.
Nikhil holds an MBA degree in Marketing and IT and a Graduate in
Mechanical Engineering. Nikhil has authored several publications
and quoted in journals like EMS Now, EPR Magazine, and EE
Times.
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