The global electric bus market is expected to grow from $26.68 billion in 2021 to $29.7 billion in 2022 at a compound annual growth rate (CAGR) of 11.3%. The electric bus market is expected to grow to $47.31 billion in 2026 at a CAGR of 12.3%.
The main types of electric buses are battery electric vehicles, plug-in hybrid electric vehicles, and fuel cell electric vehicles. Battery electric vehicles are entirely electric vehicles with rechargeable batteries that do not have a gasoline engine. The battery pack, which is recharged from the grid, provides all of the vehicle’s energy.
The various batteries used are lithium-nickel-manganese-cobalt-oxide, lithium-iron-phosphate, and others. The vehicle ranges are less than 200 miles and above 200 miles depending on the capacity in terms of the distance of the vehicle. The battery capacity of electric buses is up to 400 kWh and above 400 kWh depending upon the capacity of the battery used. The electric bus can be used for intercity and intracity applications.
The Asia Pacific was the largest region in the electric bus market in 2021 and is expected to be the fastest-growing region in the forecast period. The regions covered in the electric bus market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa.
The electric bus market research report is one of a series of new reports that provide electric bus market statistics, including electric bus industry global market size, regional shares, competitors with an electric bus market share, detailed electric bus market segments, market trends and opportunities, and any further data you may need to thrive in the electric bus industry. This electric bus market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenarios of the industry.
Various proactive government initiatives to encourage the use of e-buses, create lucrative growth options for the market. Governments around the world have launched initiatives to make urban public transportation more sustainable and fuel-efficient through the use of electric buses.
For instance, in December 2021, the NITI Aayog (National Institution for Transforming India), the policy think tank of the Government of India, launched e-Sawaari, India Electric Bus Coalition, in collaboration with Convergence Energy Service Limited (CESL) and the World Resources Institute, India (WRI India), and with the support of the Transformative Urban Mobility Initiative (TUMI).
The coalition was formed to share knowledge and lessons learned from the adoption of e-buses in India among various stakeholders, including the central and state governments, city-level government agencies, financing institutions, transit service providers, ancillary service providers, and original equipment manufacturers (OEMs). Therefore, government initiatives will boost electric bus services which in turn is likely to drive the growth of the electric bus market going forward.
Technology advancement is a key trend in the electric bus market. Companies manufacturing electric buses are investing in technology to maximize passenger load carrying capacity and running time of electric buses to make the whole operation economically viable as well as sustainable for the future.
The countries covered in the electric bus market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, the UK, and the USA.