“Increasing focus of countries on electrification of their public transport fleets and increasing awareness toward ecofriendly vehicles are the significant growth drivers which have led the global electric bus market”
The global electric bus market size is projected to grow from 137 thousand units in 2019 to reach 935 thousand units by 2027, at a CAGR of 27.2%. The advancements in battery pack technologies and electric powertrains are some of the major factors driving the growth of the electric bus and coach market. Many countries are focusing on electrification of their mass transit solutions, especially buses and coaches. Factors such as rise in pollution and environmental hazards, stringent government regulations, and stiff competition have compelled automotive OEMs to make fuel-efficient and environment-friendly buses.
“Large volumes of electric buses used in public transport is likely to propel the growth of the 9-14m segment during the forecast period”
In the electric bus market, by length of bus, the 9–14 m segment is projected to be the largest market during the forecast period in terms of volume. The 9–14 m segment is dominating the electric bus segment due to the large volumes of electric passenger buses used in public transport fleet. Most of the public transport fleets, especially in China, which accounts for almost 99% of the market have electric buses that are 9–14 m in length. Also, many of the leading OEMs such as BYD, Proterra, and Yutong have been providing electric buses in the 9–14 m length range. Countries that are planning to replace existing public fleets with electric ones are considering electric buses of the same lengths as well.
“Asia Pacific is expected to be the largest market during the forecast period”
The Asia Pacific region is the largest electric bus market in the world. It comprises some of the fastest developing and developed economies in the world. The growth in the region can be attributed to the dominance of the Chinese market and the presence of leading OEMs in the country as well, resulting in exponential growth of the Asia Pacific electric bus and coach market. The favorable regulations for electric buses, availability of electric and electronics components, and rapidly growing charging infrastructure are projected to boost the electric bus market in the region.
“Middle East & Africa bus market is expected to register the fastest growth during the forecast period”
The Middle East & Africa, which includes Egypt, South Africa, and UAE, is projected to be the fastest growing market during the forecast period. The increasing demand for electric mass transit solutions, renowned OEMs expanding in the region, and government support are factors driving the Middle East & Africa electric bus market. For instance, in November 2019, Egypt’s Arab Organisation for Industrialisation (AOI) started its first smart electric bus in the country with the help of Shanghai Wanxiang Group, China. Also, in May 2019, Foton Motor signed an agreement with Egypt’s Military Production Ministry to manufacture more than 2,000 electric buses in the country over the next four years. Middle East & Africa has become a key region for OEMs to explore, as major countries in the Middle East & Africa, such as Egypt, Africa, and UAE, have high demand for public transport due to the increasing number of tourists visiting these countries. Thus, governments are planning to replace the existing public transport with more efficient and emission-free public transport because of emission concerns.
In-depth interviews were conducted with CEOs, marketing directors, other innovation and technology directors, and executives from various key organizations operating in this market.
- By Company Type: Tier I - 40%, Tier II - 42%, and Tier III - 18%
- By Designation: C Level - 57%, D Level - 29%, and Others - 14%
- By Region: North America - 39%, Europe - 33%, and Asia Pacific - 28%
The electric bus market comprises major manufacturers such as BYD (China), Yutong (China), Proterra (US), VDL Groep (Netherlands), and AB Volvo (Sweden).
The market study covers the electric bus market across segments. It aims at estimating the market size and future growth potential of this market across different segments such as by propulsion type, application, consumer segment, range, length of bus, component, battery capacity, power output, and region. The study also includes an in-depth competitive analysis of the key players in the market, along with their company profiles, key observations related to product and business offerings, recent developments, and key market strategies.
Key Benefits of Buying the Report:
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