Accelerating Growth of Electric Mid- and Large Bus Market
Key Ideas
  • Increasing public transportation demand due to demographic shifts, environmental concerns, and economic factors is driving the growth of the electric mid- and large bus market.
  • The market is projected to reach $18.28 billion by 2029, with a CAGR of 15.6%, fueled by factors like electric drivetrain efficiency, government support, climate change mitigation, and public demand for clean transport.
  • Key trends in the market include advancements in battery technology, integration of smart features, expanding charging infrastructure, and the adoption of hydrogen-powered fuel cell electric vehicles.
  • North America leads the market in 2024, with Asia-Pacific expected to be the fastest-growing region in the coming years.
The electric mid- and large bus market is experiencing significant growth driven by the increasing demand for public transportation, influenced by demographic shifts, environmental concerns, and economic factors. Electric buses play a vital role in modernizing public transit systems, offering benefits such as reduced emissions and operational efficiency. The market saw a boost in bus ridership in the U.S. in 2022, a trend expected to continue, further enhancing the demand for electric buses. The market is set to expand rapidly, with a projected value of $18.28 billion by 2029 and a compound annual growth rate (CAGR) of 15.6%. This growth is attributed to factors like electric drivetrain efficiency, government incentives, climate change mitigation efforts, public preference for clean transportation, and advancements in autonomous technologies. Trends in the market include innovations in battery technology, smart features integration, expanding charging infrastructure, and the development of hydrogen-powered fuel cell electric vehicles. Key market segments include propulsion methods like Fuel Cell Electric Vehicle (FCEV), Diesel, Gasoline, etc., seating capacity, level of autonomy, application, and end-use. Companies are also focusing on subsegments such as different types of battery electric buses and lithium iron phosphate-powered buses for various transportation needs. Regionally, North America held the largest share of the market in 2024, with Asia-Pacific anticipated to witness the most significant growth in the upcoming years. Major players driving growth in the market include BYD Company Ltd., Daimler Truck AG, Tata Motors, and AB Volvo among others. The market report covers detailed insights on market size forecasts, segmentation, key players' overview, and growth trends, offering a comprehensive understanding of the electric mid- and large bus market.
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