Electric Bus Market Size to Reach USD 171.4 Billion by 2032 growing at 14.6% CAGR - Exclusive Report by Acumen Research and Consulting
The global Electric Bus Market size occupied USD 44.3 Billion in 2022 and is projected to achieve a size of around USD 171.4 Billion by 2032 rising with a CAGR of 14.6% during the forecasted years, as reported by Acumen Research & Consulting
Electric buses are experiencing a remarkable surge in popularity worldwide as an eco-friendly alternative in public transportation. Unlike traditional buses that rely on internal combustion engines, electric buses produce no emissions, making them environmentally friendly. Moreover, their low maintenance costs make them an economical choice compared to diesel buses. In fact, the electric bus segment accounts for over 80% of the electric commercial vehicles industry. The market's promising growth opportunities are driven by advancements in technology and government initiatives aimed at promoting the adoption of electric buses globally. To further reduce the impact of climate change, various governments and private companies are actively initiating and investing in efforts to electrify the remaining public transport fleets. This pivotal shift towards electric public transport systems holds the key to mitigating the effects of climate change.
Electric Bus Market Statistics
- Global electric bus market revenue accounted for USD 44.3 billion in 2022, with a 14.6% CAGR from 2023 to 2032
- Asia-Pacific electric bus market share occupied around 80% in 2022
- Europe electric bus market growth is projected to attain over 15% CAGR from 2023 to 2032
- By vehicle type, the battery electric bus sub-segment grabbed over 66% share in 2022
- Among battery capacity, the above 400 kWh occupied over USD 25.6 billion in revenue in 2022
- Fast-charging infrastructure expansion is a new electric bus market trend that fuels the industry demand
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Electric Bus Market Dynamics
Vehicle emissions are responsible for approximately 29% of ozone-depleting substances, leading to detrimental air pollution. As the largest contributor to greenhouse gas emissions, the transport sector has prompted many countries to set ambitious goals, compelling bus manufacturers to embrace electric solutions. For example, Germany aims to achieve a 65% reduction in carbon emissions by 2030, while the Netherlands is already on its way, with over 25% of electric public buses and a plan to make its entire public transport system emission-free by 2030, further driving the electric bus market's growth.
Electric bus batteries are rigorously tested for safety before deployment, ensuring their reliability. Notably, the US National Fire Protection Association reported that most electric vehicle fires between 2013 and 2017 originated from battery power systems, attributed to fluctuations in temperature and overcharging. Advanced battery management systems are crucial to maintain optimal working temperatures and safeguard against such incidents, although their development necessitates considerable time and financial investment, which impacts the vehicle's initial cost.
Conventional fuels like diesel, petrol, and gasoline release harmful gases like CO2, CO, NOx, and hydrocarbons, significantly contributing to global warming and climate change. In stark contrast, fuel cell electric vehicles utilize hydrogen as fuel, producing only water and heat as byproducts. This environmentally friendly characteristic of fuel cell vehicles makes them free from harmful gas emissions, including greenhouse gases (GHGs) and particulate matter.
Electric Bus Market Segmentation
The global market has been categorized into vehicle type, battery capacity, range, end-user, and region.
- By type segment includes plug-in hybrid electric bus, battery electric bus, and fuel cell electric bus
- By battery capacity is categorized into capacity less than 200 kWh, and above 400 kWh
- The bus range segment categorized into less than 200 miles, and more than 200 miles
- By end-user segment industry includes defense fleet operators, and government
- By region, the market is classified into Asia-Pacific, Latin America, North America, Europe, and the MEA
Electric Bus Market Share
According to the electric bus market forecast, the battery electric bus type segment is projected to hold the largest market share between 2023 and 2032.
In terms of battery capacity, less than 200 kWh dominated the market in 2022 and is expected to maintain its leading position in the future.
The electric bus industry analysis indicates that the less than 200 miles bus range is experiencing substantial revenue growth during the projected period from 2023 to 2032.
Regarding end-users, the fleet operators sector has consistently been the highest revenue-generating segment in recent years and is expected to continue its strong performance.
Electric Bus Market Regional Outlook
North America has been a crucial contributor to the Electric Bus industry, holding a large market share in recent years. The region's market supremacy can be attributed to increased government expenditure in the military, defense, and security industries. According to the Asia-Pacific region, a 14% market growth is projected through 2032. This growth can be attributed to the region's focus on developing new infrastructure and increasing urbanization, with the government investing in development. The rise in demand for transportation vehicles across all regions is another important factor driving the increasing demand for electric buses. These reasons will contribute to the growth of the electric bus market.
Electric Bus Market Players
Some prominent electric bus companies covered in the industry include AB Volvo, Daimler Truck AG, Ashok Leyland Limited, Hyundai Motor Company, Nissan Motor Corporation, Man SE, Proterra, Zhengzhou Yutong Bus Co., Ltd., and TATA Motors Limited.
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Mr. Frank Wilson
Acumen Research and Consulting
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