Electric Bus Market (By Propulsion: BEV, PHEV, FCEV; By Consumer Segment: Private, Government; By Application: Intercity, Intracity; By Length of Bus Type: less than 9 m, 9−14 m, Above 1 4m; By Vehicle Range: less than 200 miles, Above 200 miles; By Battery Capacity; By Power Output; By Battery Type; By Component; By Seating Capacity; By Level of Autonomy) - Global Industry Analysis, Size, Share, Growth, Trends, Regional Outlook, and Forecast 2022 – 2030


The global electric bus market size was valued at US$ 17.41 billion in 2021 and is expected to surpass around US$ 50.99 billion by 2030, growing at a compound annual growth rate (CAGR) of 12.7% from 2022 to 2030.

Electric Bus Market Size 2022 to 2030

Growth Factors

The electric bus is a vehicle that do not require internal combustion engine. The electric buses are considered as environmentally friendly. The electric bus does not emit any kind of toxic gases in the environment. As a result, the growing environmental concerns are driving the growth of the global electric bus market. In addition, the electric bus also helps in saving of fuel and gasoline. The use of electric bus benefits end user in each and every way. The surge in government initiatives is also driving the expansion of the electric bus market. The government of established and emerging nations is mainly investing in the development of electric bus. The electric bus also helps end users to save time of their passengers. Due to ongoing trend of clean energy, the major countries have started using electric bus on a large scale. The electric bus is also helping government in reduction of noise pollution levels. Moreover, the utilization of solar powered electric bus charging stations is creating growth prospects for the electric bus market expansion.

The highly populated regions require good vehicles for public transportation. The electric bus is changing the face of public transportation in a different way. The electric bus helps in reduction of pollution which is helping in the reduction of global warming. The utilization of electric buses has helped government in saving costs. The launch of self-driving electric bus is boosting the growth and development of the global electric bus market. One of the prominent factors that drive the growth of the global electric bus market is technological developments. The new and advanced features deployed in the electric bus are creating lucrative opportunities for the growth of the electric bus market. The electric buses are largely used in the developed regions. Additionally, the electric bus manufacturers are adding additional features to the bus such as additional seating capacity and lane keep assist system. The lane keep assist technology will help drivers to drive efficiently by reducing the chances of accidents. The electric bus is also helping in the reduction of road accidents. Thus, all of these factors are propelling the growth of the global electric bus market.

Globally, there has been a significant increase in the electrification of public transportation. This has resulted into low maintenance expenses for using electric buses. In addition, the government is significantly investing in the development of charging infrastructure in all developed regions. Moreover, the research and development expenditure in battery technology is also increasing. The electric bus is considered as environmentally friendly option all over the globe. In the developing regions such as Latin America and Asia-Pacific, there is surge in demand for environmentally friendly transportation and mobility solutions. Furthermore, the transportation companies are shifting their focus to sustainable energy. Thus, this has created significant demand for electric bus since few years. As a result, all of these aforementioned factors are driving the expansion and development of the global electric bus market over the projected period.

Report Scope of the Electric Bus Market

Report Coverage Details
Market Size by 2030 USD 50.99 Billion
Growth Rate from 2022 to 2030

CAGR of 12.7%

Largest Market Asia Pacific
Fastest Growing Region North America
Base Year 2021
Forecast Period 2022 to 2030
Segments Covered Propulsion, Consumer Segment, Application, Length of Bus Type, Vehicle Range, Battery Capacity, Power Output, Battery Type, Component, Seating Capacity, Level of Autonomy, Geography
Companies Mentioned Tata Motors, Daimler AG, Geely Automobiles Holdings Ltd., Man SE, Scania, AB Volvo, Workhorse, BYD Company Ltd., Dongfeng Motor Company, Paccar Inc.

 

Propulsion Insights

The battery electric bus segment dominated the electric bus market in 2021. The electric bus that runs on batteries is known as battery electric bus. The battery electric bus is an ideal option for no emission or zero emission vehicles. As compared to traditional buses, the battery electric buses are very efficient in nature. The battery electric bus enables drivers to drive fast as compared to fuel or gasoline-based buses. The charging of battery electric buses is quite easy and cost effective then diesel or petrol-based buses. The electric bus manufacturers are deploying supercapacitors in the battery electric bus. This factor is driving the growth of the segment during the forecast period.

The hybrid electric bus segment is fastest growing segment of the electric bus market in 2021. The hybrid electric bus includes electric propulsion and internal combustion engine propulsion system. The hybrid electric bus helps in the reduction of the greenhouse gases emissions and air pollution levels. The growing government efforts to curb the carbon emissions and for the safety of environment are contributing towards the growth of the segment. Furthermore, the growing technological advancements and adoption of advanced technologies is creating growth prospects for the segment. All of these aforementioned factors are propelling the growth and development of the global electric bus market over the projected period.

Region Insights

Asia-Pacific dominated the electric bus market in 2021 with highest revenue share. The China dominates the electric bus market in Asia-Pacific region. The Asia-Pacific region comprises of large number of market players operating in electric bus market. The electric bus market is growing in developing and developed countries such as China, Japan, South Korea, and India. In addition, the Asia-Pacific region has vast number of original equipment manufacturers (OEMs). Furthermore, the factors such as favorable government regulations regarding electric buses and the expansion of the electric vehicle infrastructure are propelling the growth of the electric bus market in the Asia-Pacific region during the forecast period.

Electric Bus Market Share, By Region, 2021 (%)

North America is expected to develop at the fastest rate during the forecast period, due to increasing research and development investments in the development of electric buses. The major market players of the region are collaborating with government to increase their market share in the region. This is also helping them to increase their geographical presence in developed and developing nations. In addition, the growing number of infrastructural development projects is also driving the expansion the electric bus market in the region.

Key Developments

  • Volvo buses began offering its usable energy commitment as a commercial solution in July 2021, ensuring electric bus accessibility and reliability. This means that Volvo buses guarantees the operation’s capacity for a set quantity of energy for the duration of the agreement.
  • Alexander Dennis Ltd and BYD UK declared a deal with the National Transport Authority of Ireland for the supply of up to 200 zero emission battery electric buses that is manufactured by BYD UK in July 2021.
  • Meritor and Daimler announced a partnership in December 2021 to supply powertrain for electric buses. The agreement is expected to start in January 2024.
  • Arrival, a commercial electric vehicle firm, declared in July 2021 that it would build an electric bus for Anaheim utilizing its artificial intelligence enabled production facility in California.
  • Olectra Greentech Ltd. stated in November 2021 that it would invest in a fully automated production facility in India with a capacity of 10,000 electric bus models per year.  

Some of the prominent players in the global electric bus market include:

  • Tata Motors
  • Daimler AG
  • Geely Automobiles Holdings Ltd.
  • Man SE
  • Scania
  • AB Volvo
  • Workhorse
  • BYD Company Ltd.
  • Dongfeng Motor Company
  • Paccar Inc.

Segments Covered in the Report

By Propulsion

  • Battery Electric bus
  • Hybrid Electric bus
  • Plug-in Hybrid Electric bus
  • Fuel Cell Electric bus

By Consumer Segment

  • Private
  • Government

By Application

  • Intercity
  • Intracity

By Length of Bus Type

  • less than 9 m
  • 9−14 m
  • Above 1 4m

By Vehicle Range

  • Less than 200 miles
  • Above 200 miles

By Battery Capacity

  • Upto 400 kWh
  • Above 400 kWh

By Power Output

  • Upto 250 kW
  • Above 250 kW

By Battery Type

  • Lithium- Nickel- Manganese- Cobalt-Oxide
  • Lithium- Iron- Phosphate
  • Others

By Component

  • Motor
  • Battery
  • Fuel Cell Stack
  • Battery Management System
  • Battery Cooling System
  • EV Connectors

By Seating Capacity

  • Up to 40 seats
  • 40-70 seats
  • Above 70 seats

By Level of Autonomy

  • Semi-autonomous
  • Autonomous

By Geography

  • North America
    • U.S.
    • Canada
  • Europe
    • U.K.
    • Germany
    • France
  • Asia-Pacific
    • China
    • India
    • Japan
    • South Korea
    • Malaysia
    • Philippines
  • Latin America
    • Brazil
    • Rest of Latin America
  • Middle East & Africa (MEA)
    • GCC
    • North Africa
    • South Africa
    • Rest of the Middle East & Africa

Frequently Asked Questions

What is the current size of electric bus market?
According to Precedence Research, the global electric bus market size was reached at US$ 17.41 billion in 2021 and is anticipated to rake around US$ 50.99 billion by 2030.
The global electric bus market is expected to grow at a CAGR of 12.7% from 2022 to 2030.
The major players operating in the electric bus market are Tata Motors, Daimler AG, Geely Automobiles Holdings Ltd., Man SE, Scania, AB Volvo, Workhorse, BYD Company Ltd., Dongfeng Motor Company, and Paccar Inc.
The government is spending heavily in the development of charging infrastructure across the board. In addition, transportation corporations are refocusing their efforts on renewable energy sources. As a result, since a few years, there has been a high demand for electric buses. Thus, these factors are driving the growth of the global electric bus market.
Asia-Pacific dominated the electric bus market in 2021 with highest revenue share and will lead during the forecast period.

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