Rapid Growth Forecasted in Global Electric Mid- And Large (9-14m) Bus Market
Key Ideas
- The electric mid- and large (9-14m) bus market is projected to grow from $7.66 billion in 2023 to $8.84 billion in 2024 at a CAGR of 15.4%, driven by environmental concerns and public transport demand.
- Expected growth to $15.83 billion in 2028 with a CAGR of 15.7%, fueled by drivetrain efficiency, government support, and climate change mitigation.
- Major trend projections include battery technology advancements, smart feature integration, and expansion of charging infrastructure to meet market demands.
- Rising demand for public transportation is a key driver, with companies exploring innovative solutions like hydrogen-powered fuel cell electric vehicles (FCEVs) for zero-emission transport.
The global electric mid- and large (9-14m) bus market is set for significant growth according to a comprehensive report by The Business Research Company. The market size is expected to expand from $7.66 billion in 2023 to $8.84 billion in 2024, showcasing a compound annual growth rate (CAGR) of 15.4%. This growth is attributed to factors such as environmental concerns, government policies, urbanization, and the rising demand for public transport. Further growth projections indicate a substantial increase to $15.83 billion by 2028 at a CAGR of 15.7%, driven by factors like drivetrain efficiency, government incentives, climate change mitigation efforts, and public demand for clean transport. Anticipated trends in the forecast period include advancements in battery technology, integration of smart features, and expansion of charging infrastructure to cater to the market needs.
The article highlights the crucial role of mid- and large-sized buses in enhancing public transportation systems' efficiency, capacity, and sustainability. With the increasing demand for public transport globally, companies are focusing on innovation, including the development of hydrogen-powered fuel cell electric vehicles (FCEVs) as a zero-emission alternative. Noteworthy collaborations such as the launch of the IVECO BUS E-WAY H2 by Iveco Group N.V. and Hyundai Motor Company demonstrate the industry's commitment to sustainable transport solutions. This 12-meter-long hydrogen-powered bus features a hybrid-mid power concept for optimal efficiency and durability, with a driving range of 450 km under typical conditions.
The report emphasizes the benefits for stakeholders, including comprehensive market insights, informed decision-making support, competitive advantage through competitor analysis, tailored solutions, and a global perspective on industry trends. Major players in the market driving innovation and growth include BYD Company Ltd., Daimler Truck AG, Tata Motors, AB Volvo, and more. As the electric bus market continues to evolve, the focus on sustainability, technological advancements, and meeting public transport demands remains paramount for industry stakeholders.
Topics
Public Transit
Innovation
Sustainability
Technology Advancements
Market Analysis
Public Transportation
Urbanization
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