Rising Revenue on Wheels: Electric Bus Market Outlook
Key Ideas
  • The electric bus market is set to almost double its value from USD 15.8 Billion in 2023 to USD 38.7 Billion by 2030, driven by global initiatives for zero-emission public transportation.
  • Increasing adoption of electric buses is supported by technological advancements improving battery life and energy efficiency, alongside government incentives and grants worldwide.
  • Key trends in the market include the deployment of high-capacity batteries, growth of hydrogen fuel cell technology, and advancements in charging infrastructure and fast-charging technology.
  • Regions like Asia-Pacific, Europe, and North America are leading the electric bus market expansion, with China at the forefront, followed by proactive initiatives in Europe and federal support in North America.
The electric bus market is experiencing significant growth globally, with a forecasted CAGR of 16.3% from 2024 to 2030. Governments and transit authorities worldwide are prioritizing zero-emission transportation to combat pollution and reduce greenhouse gas emissions. Electric buses, powered by electric motors and battery packs, are becoming popular alternatives to traditional combustion engine buses. The market is expected to expand notably by 2030, with China leading the way in adoption, followed by Europe and North America. The article highlights various drivers propelling the electric bus market, such as the need for sustainable transportation solutions, public health awareness, and supportive government policies. Technological advancements in battery capacity and energy efficiency are driving the shift towards electric buses. Notable trends include the use of high-capacity batteries, growth in hydrogen fuel cell technology, and advancements in charging infrastructure. Promising opportunities in the market lie in improving air quality and reducing noise pollution in urban centers. Regions like Asia-Pacific, North America, and Europe are investing significantly in electrifying public transport, with countries like China and India showing high growth potential. The development of robust charging networks and advanced battery technologies is enhancing vehicle range and reducing recharging time. The Asia-Pacific region, led by China, dominates the electric bus market, with proactive measures towards clean public transportation. Europe and North America are also rapidly expanding their electric bus fleets, supported by federal initiatives. The market offers various segmentation analyses based on propulsion type, components, range, power output, battery capacity, application, battery type, and level of autonomy. The largest manufacturers in the global electric bus market include companies like BYD Company Ltd., Yutong, New Flyer Industries Inc., and Proterra Inc. The article also provides insights into past market size, competitive landscape, market dynamics, segmentation analysis, and profiles of key players in the industry.
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