Electric Bus Market Size Worth $105.8 Bn, Globally, by 2028 at 20.2% CAGR - Exclusive Report by The Insight Partners
New York, March17, 2022(GLOBE NEWSWIRE) -- The Insight Partners published latest research study on “Electric Bus Market Forecast to 2028 - COVID-19 Impact and Global Analysis By Vehicle Type (Battery Electric Bus, Hybrid electric Bus, Plug-in Hybrid Electric Bus); Hybrid Powertrain (Series Parallel Hybrid, Parallel Hybrid, Series Hybrid); Battery (Lithium iron phosphate (LFP), Lithium Nickel Manganese Cobalt Oxide (NMC)); End User (Public, Private) and Geography”, the global electric bus market growth is driven by the emergence of autonomous and semi-autonomous transportation systems, rising production of low-cost lithium ion-phosphate batteries. The battery electric bus segment expected to account for 95.3% of the total market by 2028. The parallel hybrid segment expected to garner 63.6% share by 2028.
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|Market Size Value in||US$ 29.17 billion in 2021|
|Market Size Value by||US$ 105.8 billion by 2028|
|Growth rate||CAGR of 20.2% from 2021 to 2028.|
|Forecast Period||2021- 2028|
|No. of Pages||240|
|No. of Charts & Figures||89|
|Historical data available||Yes|
|Segments covered||Vehicle Type, End User and Geography|
|Regional scope||North America; Europe; Asia Pacific; Latin America; MEA|
|Country scope||US, UK, Canada, Germany, France, Italy, Australia, Russia, China, Japan, South Korea, Saudi Arabia, Brazil, Argentina|
|Report coverage||Revenue forecast, company ranking, competitive landscape, growth factors, and trends|
Electric Bus Market: Competitive Landscape and Key DevelopmentsKing Long United Automotive Industry Co. Ltd; AB Volvo; Shenzhen Wuzhoulong Motors Co., Ltd; BYD Company Limited; Daimler; AGAlexander Dennis Limited; EBUSCO; Proterra Solaris Bus & Coach S.A; and NFI Group Incare among the key players profiled in the global electric bus market. In addition,several other important market players were studied and analyzed during the course of this market research study to get a holistic view of the global market and its ecosystem.
In 2021, Volvo Buses offered a solid electric bus product portfolio platform for globally sustainable and efficient public transportation. Volvo Buses is expanding its electromobility as they have launched new Volvo BZL Electric chassis, which helps in reducing energy consumption and sustaining motor and battery health.
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According to the World Health Organization (WHO), air pollution has been a significant cause of death. Because combustion vehicle causes air pollution gases such as carbon dioxide, nitrogen, and depletion of ozone impacts public health and the environment, it may have a dangerous effect on the environment. Thus, governments worldwide are investing heavily in infrastructure development to reduce ozone-depleting compounds and air pollution levels by enacting strict government regulations on automobile emissions. The market is expanding as a result of these standards. Electric buses are eco-friendly as they do not emit any harmful pollutants. Further, electric buses are efficient and provide clean urban transportation, giving a viable alternative to maintaining clean air in metropolitan areas. As a result, countries such as the US and China are progressively accepting E-transport systems. The Swiss government, for example, wants to expand electric vehicle penetration to 15% by 2022. The country has a Green Deal for Electric Transportation from 2016 to 2020, whose primary goal is to eliminate vehicle emissions by 2025, which will help the electric bus sector grow.
In addition, the Federal Transit Administration (FTA) of the US Department of Transportation has announced financing of US$ 130 million for Low or No Emissions in June 2020. In 2019, France, for instance, established a goal of 100% zero-emission vehicles by 2040. The country enacted a law banning the sale of ICE vehicles by 2040 as part of the Paris Climate Agreement. In addition, the European Commission (EC) has proposed that 1.3 million publicly accessible chargers be installed by 2030 to help electric vehicles (EVs) gain market share. Further, China is planning to encourage electric mobility, with over half a million electric buses already in service. Guangzhou, Shenzhen, and Xi'an are three Chinese cities with entirely electrified public transportation networks. Moreover, to assist, finance, and mobilize the development of India's hybrid and electric vehicle market, the Faster Adoption and Manufacturing Scheme, or FAME II, was created. By 2030, the Republic of Korea wants Jeju Island to be carbon-free. Further, under the Republic of Korea's Greater 2030 initiative to reduce greenhouse gas emissions, the government has created electric vehicle infrastructure and granted incentives to EV customers through 2020 to encourage smart transportation. Thus, governments worldwide are enforcing strict pollution standards and directives, thereby accelerating the use of electric buses.
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Autonomous and semi-autonomous transportation systems have emerged due to advancements in instrumentation, actuation, and sensing technologies. Light detection and ranging (LiDAR), odometer, a global positioning system (GPS), and computer-aided vision are all characteristics that let autonomous buses perceive their environment. Autonomous driving has gained popularity in the electric bus industry over the years due to the technology's better efficiency (more predictable transit times) and lower prices (including fuel, labor, and maintenance costs). Original equipment manufacturers (OEMs) such as Navya SAS, AB Volvo, Easy Mile SAS, and SB Drive embrace autonomous driving and work on creating autonomous bus shuttles because of the benefits described above. For instance, the first full-sized self-driving urban electric bus, for example, has arrived in Europe. Cities will soon be home to the electric, self-driving bus. It has already come in some areas of the planet. Málaga, in southern Spain, is one of the most recent towns to conduct a live trial of autonomous buses. China approved new legislation in January allowing autonomous cars to be tested on public roadways. Meanwhile, a Chinese technology corporation, Huawei, has built a four-kilometer test track for self-driving buses. The test track, located in the eastern city of Wuxi, is equipped with sensors and cameras that connect directly with the automobiles. Furthermore, Norway is one of the world's electric vehicle pioneers, with electric vehicles accounting for more than half of all new automobiles sales by 2020. A year-long trial with a fleet of autonomous minibusses has begun in the capital city of Oslo. Thus, emergence of autonomous and semi-autonomous transportation systems will drive the electric bus market.
Electric Bus Market: Vehicle Type OverviewBased on vehicle type, the electric bus market is segmented into battery electric bus, hybrid electric bus, and plug-in hybrid electric bus. The battery electric bus segment led the electric bus market with a share of 93.5% in 2020. It is expected to account for 95.3% of the total market by 2028.
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Electric Bus Market: Hybrid Powertrain OverviewBased on hybrid powertrain, the electric bus market is segmented into series parallel hybrid, parallel hybrid, and series hybrid. The parallel hybrid segment led the electric bus market with a share of 64.3% in 2020. Further, it is expected to garner 63.6% share by 2028.
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