Introduction of the Electric Bus Market Report

An electric bus is powered by electricity, which is stored on board or can be fed continuously from an external source. The buses mostly store the electricity in on-board batteries; however, when the electricity is not stored on board, it is directly supplied by the outside power source. 99% of the battery electric buses in the world have been deployed in China. This type of bus is often used as city buses as it has a limited range.

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Market Dynamic

Key Drivers and Emerging Trends

The global electric bus market is projected to witness strong demand during the forecast period. The growing emphasis of major economies on promoting electrification of mass transit solutions and increasing government support are the two major drivers that are contributing to the growth of the market during the forecast period. As per the United Nations Environment Program (UNEP) report, city buses are one of the major causes of a large amount of black carbon emission in the transportation sector. Thus, the UNEP is offering technical and policy support to more than 20 cities in Asia, Africa, and Latin America, with an aim to develop and map low-emission transportation routes for the public by adding electric buses on the road. Furthermore, the UNEP, International Clean Transportation Council (ICCT), and regional partners have offered technical support to identify and eliminate obstacles and encourage the adoption and designing of clean buses. Hence, the rising government support and initiatives is another factor that will create new growth opportunities for the electric bus market.

Vehicle emissions are liable for contributing 29% of ozone-depleting substances that bring air pollution and are harmful to the atmosphere. The accelerating consumption of unrefined petroleum, followed by increasing fuel costs, has surged the demand for vehicles that are less harmful to nature and use electric energy to run. As a result, there has been a drastic increase in the demand for electric buses as they are light in weight and more productive as compared to conventional modes of transport. In addition to this, the strong demand for hydrogen fuel cell buses due to their prolonged life, speedy refueling pace, and route flexibility is opening new doors for market growth. According to the World Health Organization (WHO), there has been an increase in the number of deaths as a result of air contamination. The vehicular discharge not only impacts the general well-being but also has a hazardous effect on the environment. The government of numerous countries is introducing stringent norms over vehicle emissions. These guidelines have helped in decreasing the overall carbon emission caused by public transport, thus driving the market growth.

According to the electric bus market reports, the COVID-19 pandemic has negatively impacted the automotive industry, which has led to a fall in demand for electric vehicles, especially in 2020. With strict lockdown, social distancing, and limited staff to operate the production line, the global automotive sector has witnessed a slowdown. Moreover, the increasing concerns related to the spread of the coronavirus have led to people being fearful about using public transportation. All these factors are likely to hamper the market growth in 2020; however, the market is projected to bounce back in 2021, while growing at a significant rate from 2021 onwards.

Restraint in the Electric Bus Market

On the other hand, the high cost of battery buses is a major factor that is likely to hinder the market’s growth over the coming years. The initial cost of these buses is higher as compared to conventional buses.

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Seating Capacity – Segment Analysis

Based on the Seating capacity, the 31-40 seater segment is predicted to dominate the global electric bus market during the forecast period. The increasing number of electric passenger buses, having 31-40 seats, mostly for the public transport fleet, is a major driver that is responsible for the segment growth. Furthermore, the growing production of electric buses with 31-40 seats, particularly by the leading players such as BYD, Yutong, and Porteera, is further energizing the segment growth.

Consumer Segment – Segment Analysis

On the basis of the consumer, the government segment is anticipated to grow at a faster CAGR during the forecast period. This is mainly due to the increasing focus of government from different countries on using electric buses as a mode of public transportation. In 2020, the government of India announced to introduce 2,000 new electric buses in the capital by the end of 2021, with an aim to reduce the pollution in Delhi.

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Regional – Segment Analysis:

Based on the region, Asia-pacific is projected to lead the global electric bus market during the forecast period. The Asian electric bus market include some of the fastest developing and developed economies of the world. The dominance of the Chinese market and the strong presence of leading OEMs such as BYD, Zhongtong, Ankai, and Yutong, have led to the significant growth of the market in this region. Furthermore, the favorable regulations for electric buses, availability of electric and electronics at a cheaper price range, and the expansion of the charging infrastructure are further increasing the demand of the Asia-pacific electric bus market by region.

Top Market Players

The leading electric bus manufacturers are BYD Motors Inc., Yutong, Proterra, VDS Bus & Coach BV, AB Volvo, Daimler AG, New Flyer Industries Canada ULC, CAF, Ebusco, and ETW International Inc., among others. 

Key Developments:

• • In 2019, BYD Motors Inc., announced to enter into a joint venture with Toyata, with an objective to increase the research & development of the battery electric vehicles. Through this joint venture, the companies will manufacture customer-centric mobility solutions by merging “the strengthens of the two organizations”.
  • In 2019, AB Volvo launched its new electric articulated bus, which has the capacity to carry up to 150 passengers and has 80% less energy consumption as compared to the other corresponding diesel buses.

Segments covered in the Report:

The global Electric Bus market has been segmented on the basis of Propulsion Type, Consumer Segment, application, and key regions. Based on Propulsion Type, the market is segmented into BEV, PHEV and FCEV. Based on Consumer Segment, the market is segmented into Private Fleet Operators and Government. Based on application, the market is segmented into Intercity and Intracity. Based on Seating Capacity, the market is segmented into Up to 30-Seater, 31-40 Seater and Above 40. 

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Key questions answered in this research report:

• • At what pace is global Electric Bus market growing? What will be the growth trend in the future?
  • What are the key drivers and restraints in Electric Bus market? What will be the impact of drivers and restraints in the future?
  • What are the regional revenues and forecast breakdowns? Which are the major regional revenue pockets for growth in the global Electric Bus market?
  • Which length of bus generated maximum revenues in 2019 and identify the most promising length of bus during the forecast period?
  • What are the various consumer segments of global Electric Bus market and how they are poised to grow?
  • What companies are the major participants in this market and their business strategies, how does the competitive landscape look like?

Report Coverage	Details
Market Base Year	2019
Market Forecast Period	2020-2027
Market Revenues Currency	USD Million
Base Year & Forecast Units	Revenues (USD Million)
Market Segment	By Propulsion Type, By Consumer Segment, By Application, By Seating Capacity, By Region
Regional Coverage	Asia Pacific, Europe, North America, and RoW
Companies Profiled	BYD Motors Inc., Yutong, Proterra, VDS Bus & Coach BV, AB Volvo, Daimler AG, New Flyer Industries Canada ULC, CAF, Ebusco, and ETW International Inc., among others; a total of 10 companies covered.
25% Free Customization Available	We will customize this report up to 25% as a free customization to address our client’s specific requirements

Market Segmentation

Global Electric Bus Market by Propulsion Type

• • BEV
  • PHEV
  • FCEV

Global Electric Bus Market by Consumer Segment

• • Private Fleet Operator
  • Government

Global Electric Bus Market by Application

• • Intercity
  • Intracity

Global Electric Bus Market by Seating Capacity

• • Up to 30 Seater
  • 31-40 Seater
  • Above 40

Global Electric Bus Market by Region

• • North America Electric Bus Market (Option 1: As a part of the free 25% customization)
    • North America Market by Propulsion Type
    • North America Market by Consumer Segment
    • North America Market by Application
    • North America Market by Seating Capacity
    • US Market All-Up
    • Canada Market All-Up
  • Europe Electric Bus Market (Option 2: As a part of the free 25% customization)
    • Europe Market by Propulsion Type
    • Europe Market by Consumer Segment
    • Europe Market by Application
    • Europe Market by Seating Capacity
    • UK Market All-Up
    • Germany Market All-Up
    • France Market All-Up
    • Spain Market All-Up
    • Rest of Europe Market All-Up
  • Asia-Pacific Electric Bus Market (Option 3: As a part of the free 25% customization)
    • Asia-Pacific Market by Propulsion Type
    • Asia-Pacific Market by Consumer Segment
    • Asia-Pacific Market by Application
    • Asia-Pacific Market by Seating Capacity
    • China Market All-Up
    • India Market All-Up
    • Japan Market All-Up
    • Rest of APAC Market All-Up
  • RoW Electric Bus Market (Option 4: As a part of the free 25% customization)
    • RoW Electric Bus Market by Propulsion Type
    • RoW Market by Consumer Segment
    • RoW Market by Application
    • RoW Market by Seating Capacity
    • Brazil Market All-Up
    • South Africa Market All-Up
    • Saudi Arabia Market All-Up
    • UAE Market All-Up
    • Rest of world (remaining countries of the LAMEA region) Market All-Up

Major Players Operating in the Electric Bus (Option 5: As a part of the Free 25% Customization – Profiles of 5 Additional Companies of your Choice)

• • BYD Motors Inc.
  • Yutong
  • Proterra
  • VDS Bus & Coach BV
  • AB Volvo
  • Daimler AG
  • New Flyer Industries Canada ULC
  • CAF
  • Ebusco
  • ETW International Inc.