Surpassing the global valuation of US$30 Bn in 2021, electric bus market is all set for momentous growth in the near future. The study would uncover the key insights into market progress during the stipulated timeframe.
Increasing Use of Battery Electric Bus to Fuel Growth of Electric Bus Market
Electric buses for a sustainable future (sustainable mobility system) to play an increasingly important role in the energy transition. Both in cities and elsewhere, transport is a major polluter, and for this reason creating cleaner, more sustainable systems is vital. Electric buses are a key part of that process. The benefits are also economic, and not just environmental. Although diesel buses continue to be the most common type utilised worldwide, battery-electric buses are also becoming increasingly popular. This is expected to drive the growth of electric bus market. Furthermore, since other pollutants have already deteriorated the air quality in these locations, these buses tend to be employed chiefly in cities with higher population densities.
Ascending Adoption by Public Transport Sector Elevates Electric Bus Market Prospects
The Safer Affordable Fuel-Efficient (SAFE) cars rule, which would go into effect from 2021 to 2026, was recommended for implementation in the US by the EPA, and NHTSA. The regulation may establish minimum requirements for greenhouse gas emissions and company average fuel economy for both passenger and commercial vehicles. OEMs must sell a certain amount of clean and zero emission vehicles under the Zero-emission Vehicles Program (hybrid, electric, and fuel cell-powered commercial and passenger vehicles). By 2030, the ZEV plan wants 12 million ZEVs (including buses) on the nation's roads. By 2030, 30 percent of all car sales in India are expected to be electric. The government committed US$ 1.4 Bn through 2022 to phase two of the FAME (Faster Adoption and Manufacturing of Hybrid & Electric Vehicles) Initiative as a part of this strategy. Through subsidising 7090 electric buses throughout India, this phase concentrated on the electrification of shared and public transportation.
The use of electric buses for public transport has been strongly encouraged by transit agencies in many nations. Due to their ongoing e-bus purchase orders, Asia Pacific, and North America are predicted to exhibit significant adoption rates for battery-electric buses during the projected period, in turn fueling the electric bus market. For example, The Bangalore Metropolitan Transport Corporation (BMTC), the country's largest bus company, has ambitious ambitions for battery-powered vehicles. The Karnataka state government wants to convert all 6,500 of BMTC's buses to zero emission cars by 2030, and it intends to buy as many as 1,800 of them in the upcoming several years.
Electric Bus Market Continues to See Prominence of 9-14 Meter Segment in Terms of Bus Length
The 9-14 meter segment of the electric bus market is anticipated to be the largest market according to bus length. Since there are so many electric passenger buses in the public transportation fleet, this segment currently dominates the electric bus segment. Electric buses 9-14 meter in length make up most public transportation fleets, especially in China, which has about 99 percent of China’s electric bus market. Many of the top OEMs on the market, including BYD, Proterra, and Yutong, have been offering electric buses in this length range. With lengths ranging from 9-14 meters and a range of 155 to 190 miles, BYD provides the K8 and K9 electric buses. Additionally, it provides C8 and C9 transit buses with corresponding ranges of 125 miles and 155 miles. Electric buses with the same length, typically 9-14 meters, are considered by nations who intend to replace their current public fleets with electric ones. For example, the Indian government is paying subsidies of up to 40% of the bus's cost, or up to US$77,000, for a typical electric bus measuring 10-12 meters. In the future, this would encourage the usage of e-buses in this market.
Increase in Domestic Need to Drive North America’s Electric Bus Market
During the projected period, the Asia Pacific region is anticipated to hold a significant share in electric bus market because of the rising domestic demand backed by national sales targets, reasonable regulations, generous subsidies, and local air-quality targets. Around 98% percent of the electric buses in operation worldwide are produced in China, one of the major manufacturers in global electric bus market. It is projected that China will maintain its supremacy. More than 421,000 electric buses, or over 99 percent of the global fleet, were in China as of March 2021. China's significant position in the worldwide market for electric buses is primarily due to the country's intense focus on electrifying public transportation, which is accompanied by widespread subsidies and national legislation.
The Indian government is researching electric cars and promoting using vehicles powered by renewable energy. State governments are converting their ICE bus fleets to electric buses to save operating costs, reduce carbon emissions, and improve air quality. To boost the number of buses in the city, the Delhi government, for instance, approved a proposal to purchase 300 new low-floor electric (AC) buses in March 2021. The following buses will be introduced into the Delhi Transport Corporation (DTC). It was planned for the first batch of 118 buses to arrive in October 2021 and an additional 100 buses to arrive in November. The arrival of up to 60 buses was anticipated for December, with the final 20 vehicles coming in January 2022. Therefore, it is projected that such changes and trends will significantly influence electric bus market across the economie during the projection period.
Global Electric Bus Market: Competitive Landscape
An agreement to supply 32 electric buses to the Hermes public transportation system in Eindhoven was announced by VDL in April 2021. Beginning in January 2022, these buses will be part of the cityscape of Eindhoven. On the other hand, a contract with Highland Electric Transportation was approved by the Montgomery County Public Schools (MCPS) Board of Education in February 2021. As a result, 326 Thomas vehicles will be used by Highland Electric Transportation Proterra-powered built-in school buses are available.
A few of the players in the electric bus market include CAF (Solris) (Spain), VDL Groep (Netherlands), BYD (China), Yutong (China), and AB Volvo (Sweden).
Global Electric Bus Market is Segmented as Below:
By Propulsion Type
ByApplication
By Length of Bus Type
By Battery Capacity
By Power Output
By Battery Type:
By Component (qualitative)
By Seating Capacity
By Autonomy
By Region
Key Elements Included In The Study: Global Electric Bus Market
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Considering the volatility of business today, traditional approaches to strategizing a game plan can be unfruitful if not detrimental. True ambiguity is no way to determine a forecast. A myriad of predetermined factors must be accounted for such as the degree of risk involved, the magnitude of circumstances, as well as conditions or consequences that are not known or unpredictable. To circumvent binary views that cast uncertainty, the application of market research intelligence to strategically posture, move, and enable actionable outcomes is necessary.
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