Global Electric Bus Market Analysis, Drivers, Restraints, Opportunities, Threats, Trends, Applications, and Growth Forecast to 2028
“Global Electric Bus Market Analysis Trends, Applications, Analysis, Growth, and Forecast to 2028” is a recent report generated by MarketResearch.biz. The global electric bus market report has been segmented on the basis of battery type, vehicle type, and region.
Global Electric Bus Market: Overview
Electric bus is a terminology given to buses that are use electricity on board or operate on electricity. There are three types of electric buses battery electric bus (BEB), hybrid electric bus (HEB), and plug-in hybrid electric bus (PHEB).
The battery electric bus (BEB) operates through batteries. The hybrid electric bus (HEB) is a combination of combustion engine propulsion system and electric motor or propulsion system. These type of buses are also known as hybrid diesel-electric buses. The plug-in hybrid electric bus (PHEB) uses electric power source to charge the combustion engine which recharges the battery.
Global Electric Bus Market: Dynamics
Rising awareness regarding hazardous pollutants that are emitted by vehicles during fuel combustion is a key factor expected to boost growth of the global electric bus market. Also, this factor is expected to propel the growth of electric bus market owing to various benefits such as low operating cost and reduced fuel consumption rate. In addition, rising concern associated with greenhouse gas (GHG) emission is another factor that is expected to drive the adoption of these vehicles among transportation agencies.
Increasing number of alternatives and energy sources are being preferred by various governments organizations due to unstable fuel prices and depleting crude oil reserves worldwide that are adversely affecting the transportation department. This is another factor expected to fuel growth of the target market over the forecast period.
However, high initial cost associated with electric bus is a major factor that could restraint growth of the global electric bus market.
Global Electric Bus Market: Segment Analysis
The global electric bus market is segmented on the basis of battery type, vehicle type, and region. Among the vehicle type segments, the battery electric bus (BEB) segment is expected to contribute significant revenue share in the global electric bus market. The growth of battery electric bus segment is attributed to low levels of carbon emissions and declining battery prices.
Global Electric Bus Market: Region Analysis
The electric bus market in Asia Pacific is expected to anticipate highest CAGR. The growth of Asia Pacific electric bus market is primarily due to higher production of electric automobiles and rising carbon-emission concerns in the region.
The market in North America is expected to register second highest CAGR in the global market owing to growing adoption of electric bus among transport authorities in countries in the region.
The market in Europe is projected to register significant growth in the global market in terms of revenue, owing to increasing adoption of e-mobility by transportation sector and growing transition of electric public transport by European zero emission vehicles in this region.
The market in Latin America is expected to account for lucrative growth in terms of revenue followed by market in Middle East & Africa.
Global Electric Bus Market Segmentation:
Segmentation by Battery Type:
- Lithium Iron Phosphate (LFP)
- Lithium Nickel Manganese Cobalt Oxide (NMC)
Segmentation by Vehicle Type:
- Battery Electric Bus (BEB)
- Hybrid Electric Bus (HEB)
- Plug-In Hybrid Electric Bus (PHEB)
Segmentation by Region:
- North America
- Asia Pacific
- Latin America
- Middle East & Africa
Attribute Report Details Market Size Ask For Market Size Growth Rate Ask For Growth Rate Key Companies Ask For Companies Report Coverage Revenue analysis, Competitive landscape, Key company analysis, Market Trends, Key segments, Distribution Channel, Market Dynamics, COVID-19 Impact Analysis and more… Historical Data Period 2015-2020 Base Year 2022 Forecast Period 2022-2031 Region Scope North America, Europe, Asia-Pacific, South America, Middle East & Africa Country Scope United States, Canada and Mexico, Germany, France, UK, Russia and Italy, China, Japan, Korea, India and Southeast Asia, Brazil, Argentina, Colombia etc.Saudi Arabia, UAE, Egypt, Nigeria and South Africa Revenue in US$ Mn
- AB Volvo
- Daimler AG
- Proterra, Inc.
- Ashok Leyland Ltd.
- Tata Motors Limited
- Byd Company Limited
- Solaris Bus & Coach S.A.
- Zhengzhou Yutong Group Co. Ltd.
- Zhongtong Bus & Holding Co. Ltd.
- King Long United Automotive Industry Co. Ltd.
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