The Electric Bus market is set to achieve a value of USD 1,06,638 million by 2030, registering a surge of 12.90% over the forecast period (2022-2030) due to the driving forces of environmental regulations and policies, technological advancements, cost savings, public opinion, and urbanization. Governments across the globe are taking measures to reduce greenhouse gas emissions, propelling the adoption of electric buses. For instance, the European Union has established a goal of cutting greenhouse gas emissions by 40% by 2030, which is pushing for the implementation of electric buses.
According to the latest global research findings of SkyQuest, electric buses are outperforming diesel buses in terms of lower operating costs. SkyQuest's study discovered that electric buses could decrease operating expenses by up to 50% compared to diesel buses. Transit agencies are adopting electric buses due to these cost savings. The report also disclosed that the typical cost of lithium-ion batteries used in EVs dropped by 89% between 2010 and 2020. Battery prices are expected to continue to fall, with the cost per kilowatt-hour (kWh) decreasing from $137 in 2020 to $58 by 2030, according to the report's estimates.
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The electric bus market plays a significant role in addressing climate change, reducing greenhouse gas emissions, and improving air quality. Electric buses offer lower operating costs, and a quieter and more comfortable passenger ride. With the increasing global focus on sustainable transportation, the electric bus market is expected to witness significant growth in the near future.
Prominent Players in Electric Bus Market
- BYD Auto Co., Ltd.
- Proterra Inc.
- Yutong Bus Co., Ltd.
- Zhengzhou Yutong Bus Co., Ltd.
- AB Volvo
- New Flyer Industries Inc.
- Daimler AG
- Alexander Dennis Limited
- Scania AB
- Solaris Bus & Coach S.A.
- Tata Motors Limited
- Zhongtong Bus Holding Co., Ltd.
- Xiamen King Long United Automotive Industry Co., Ltd.
- Zhengzhou Nissan Automobile Co., Ltd.
- Anhui Ankai Automobile Co., Ltd.
- Blue Bird Corporation
- Ebusco B.V.
- Van Hool N.V.
- Wrights Group Limited
- Bolloré SE
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Powertrain Segment to Drive Higher Sales Due to the Increasing Demand For Efficient and Reliable Powertrain Systems
The Powertrain segment has emerged as a significant contributor to the rapid development of the Electric Bus market in 2021 and is expected to continue from 2022 to 2030, driven by the increasing demand for efficient and reliable powertrain systems in electric buses, as well as a growing focus on reducing greenhouse gas emissions and improving air quality, according to a recent analysis.
North America is poised to become a dominant player in the Electric Bus market from 2022 to 2030, according to SkyQuest's projection of a 22.82% CAGR during the forecast period. The expansion in the region can be attributed to the increasing demand for zero-emission vehicles and government initiatives promoting electric bus adoption. The Federal Transit Administration's Low or No Emission Program, for example, provides funding to transit agencies for purchasing zero-emission buses, including electric buses. Moreover, states such as California and New York have set ambitious goals for transitioning their public transportation fleets to zero-emission buses.
Battery Electric Buses (BEB) Segment to Exhibit Strong Growth Due to Increasing Demand for Eco-friendly Transportation Solutions
The Battery Electric Buses (BEB) segment has dominated the Electric Bus market in 2021 and is predicted to maintain its lead from 2022 to 2030, driven by increasing demand for eco-friendly transportation solutions and favorable government initiatives to promote battery electric buses' adoption. SkyQuest's report forecasts that the BEB market will grow from 386,000 units in 2020 to 1.3 million units in 2030, with a compound annual growth rate (CAGR) of 16%, citing the declining costs of batteries and the rising demand for sustainable urban transportation as the driving factors.
The Asia Pacific region has also emerged as a significant force in the Electric Bus market and is expected to maintain its leading position by 2030, according to SkyQuest's forecast, with a projected CAGR of 6.97% during the forecast period. The growth in this region is attributable to the high demand for sustainable transportation solutions, increasing urbanization, and favorable government initiatives promoting electric bus adoption. The South Korean government's announcement of a USD 19.5 billion investment plan in the electric vehicle industry, including the development of electric buses and charging infrastructure, is expected to further accelerate the growth of the electric bus market in the region.
A comprehensive analysis of the major players in the Electric Bus market has been recently conducted in a report. The report encompasses various aspects, including collaborations, mergers, innovative business policies, and strategies, providing valuable insights into key trends and breakthroughs in the market. Furthermore, the report scrutinizes the market share of the top segments and presents a detailed geographic analysis. Lastly, the report highlights the major players in the industry and their endeavors to develop innovative solutions to cater to the growing demand.
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Key Developments in Electric Bus Market
- MAN, a manufacturer of buses, aims to contribute to sustainable mobility across the globe by developing an electric bus for international markets, building on the success of its Lion's City E, which already operates in many European countries. The company plans to deliver the first prototypes of the eBus chassis in 2023, with series production starting in 2024. At the initial stage, the eBus chassis will be offered as a two-axle intercity bus.
- Kinetic, an Australasian bus operator, has successfully acquired the UK-based Go-Ahead Group under a joint venture with Globalvia, enabling the company to expand into global markets. Go-Ahead operates a fleet of over 6,000 buses across the UK, Ireland, Sweden, and Singapore, and also provides rail services in the UK, Norway, and Germany. The company is one of the largest operators of electric buses in London and is set to begin operating its first hydrogen buses around London's Gatwick Airport. With this acquisition, Kinetic will more than double its existing fleet and establish itself as a global, multi-modal owner and operator.
Key Questions Answered in Electric Bus Market Report
- What specific growth drivers are projected to impact the market during the forecast period?
- Can you list the top companies in the market and explain how they have achieved their positions of influence?
- In what ways do regional trends and patterns differ within the global market, and how might these differences shape the market's future growth?
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SkyQuest Technology is a leading growth consulting firm providing market intelligence, commercialization, and technology services. It has 450+ happy clients globally.
John Ravenporton is a writer for many popular online publications. John is now our chief editor at DailyTechFeed. John specializes in Crypto, Software, Computer and Tech related articles.