The global electric bus market size is anticipated to reach USD 110.44 billion by 2030 and
expanding at a CAGR of 12.1% from 2024 to 2030, according to a new
report by Grand View Research, Inc. The market growth is attributed to the
rising demand from private transit agencies, city planners, and private
institutions for alternatives to conventional buses and increase in production
of cost-effective batteries are major factors driving the growth. Additionally,
the rapid expansion of fast-charging infrastructure is significantly contributing
to the growing adoption of electric buses globally.
Increased government support for electrifying public
transportation is expected to propel the market’s growth. For instance, in
March 2024, the New York City awarded a funding of USD 77 million from the
federal Bipartisan Infrastructure Law to enhance the number of electric school
buses and trucks in the city. The funding includes a grant of USD 61.1 million
from the U.S. EPA’s Clean School Bus Grant Program, which will add 180 new
electric school buses to the city’s fleet, effectively quadrupling the total
number of electric school buses in New York City. Such initiatives are expected
to bode well for the growth of the market.
Stringent environmental regulations and government
emission standards are poised to open significant growth opportunities for the
electric bus industry. Numerous government bodies have implemented pioneering
pollution reduction programs that offer incentives to promote the adoption of
electric buses in public transportation systems. Furthermore, the global
transportation sector's growing focus on sustainability is driving customers to
increasingly embrace alternative and innovative energy vehicles.
Furthermore, rising investment by the government to
boost the battery charging infrastructure is expected to fuel the electric bus
industry. For instance, in October 2023, the French government allocated
funding to accelerate the deployment of electric vehicle charging points,
ensuring that France remains on track to meet the ambitious targets set by the
EU’s new alternative fuel infrastructure regulation. France aims to install
over 400,000 electric vehicle charging points on its road network by 2030, with
a specific target of 50,000 fast charging points.
List of Key Players in the Electric Bus Market
- BYD Company Limited
- AB Volvo
- Proterra
- MAN
- Nissan Motor Corporation
- Ashok Leyland Limited
- Daimler Truck AG
- Zhengzhou Yutong Bus Co., Ltd.
- TATA Motors Limited
- Hyundai Motor Company
Related Press Release@ Electric Bus Market Report
Electric Bus Market Report Highlights
- Based on type, the battery electric vehicle (BEV) segment dominated
the market in 2023. Battery-powered electric buses can significantly
mitigate the environmental and health hazards associated with diesel
buses, while offering a reliable and cost-effective solution for cities
and school districts. Advances in electric bus technology and a rapid
decline in battery costs are driving the segment’s growth.
- Based on battery type, the lithium iron phosphate segment dominated
the market in 2023. Lithium
iron phosphate (LFP) battery packs have emerged as a preferred choice
for electric buses due to their ability to provide high voltage, power
density, extended life cycle, reduced heating, and enhanced safety
compared to other battery technologies.
- In terms of application, the intercity segment is expected to grow
at a fastest CAGR from 2024 to 2030. The growing demand for electric buses
for long-distance transportation applications is boosting the segment’s
growth.
- Based on end use, the public segment accounted for the largest
market share in 2023. A surge in the adoption of electric buses for
airport operations, in schools and for intercity and intracity services
can be attributed to the segment’s growth.
- The North America region is expected to grow at the fastest CAGR
from 2024 to 2030. The demand for electric buses in North America is
experiencing a significant surge, driven by several key factors. The U.S.
is leading country, with the highest sales of electric buses, followed by
Canada and Mexico. The growth of electric buses in the region can be
attributed to several factors, including growing population, demand for
electric school buses and rising adoption of emission-free vehicles.
- In April 2024, NueGo, an electric bus brand of Greencell Mobility
Private Limited introduced a long-haul, air-conditioned seater and sleeper
intercity electric bus service in India which runs between Chennai and
Bengaluru. The launch electric bus service represents a significant step
towards decarbonizing India's public transportation sector and fostering a
more sustainable ecosystem for intercity travel.
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Electric Bus Market Report Scope
Report Attribute |
Details |
Market
size value in 2024 |
USD 55.58
billion |
Revenue
forecast in 2030 |
USD
110.44 billion |
Growth
rate |
CAGR of
12.1% from 2024 to 2030 |
Actual
data |
2018 -
2023 |
Forecast period |
2024 - 2030 |
Grand View Research has segmented the global
electric bus market based on type, battery type, application, end use, and
region:
Electric Bus Type Outlook (Revenue, USD Million; Volume,
Units, 2018 - 2030)
- Battery Electric Vehicle
- Plug-in Hybrid Electric Vehicle
- Fuel Cell Electric Vehicle
Electric Bus Battery Type Outlook (Revenue, USD Million;
Volume, Units, 2018 - 2030)
- Lithium Nickel Manganese Cobalt Oxide
- Lithium Iron Phosphate
Electric Bus Application Outlook (Revenue, USD Million;
Volume, Units, 2018 - 2030)
- Intercity
- Intracity
Electric Bus End Use Outlook (Revenue, USD Million;
Volume, Units, 2018 - 2030)
- Public
- Private
Electric Bus Regional Outlook (Revenue, USD Million;
Volume, Units, 2018 - 2030)
- North America
- U.S.
- Canada
- Mexico
- Europe
- Germany
- UK
- France
- Asia Pacific
- China
- India
- Japan
- Australia
- South Korea
- Latin America
- Brazil
- Middle East & Africa
- UAE
- Kingdom of Saudi Arabia
- South Africa
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About Us:
Grand
View Research, Inc. is a U.S. based market research and consulting company,
registered in the State of California and headquartered in San Francisco. The
company provides syndicated research reports, customized research reports, and
consulting services. To help clients make informed business decisions, the
company offers market intelligence studies ensuring relevant and fact-based
research across a range of industries including technology, chemicals,
materials, healthcare and energy.
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Grand View Research, Inc
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Email: sales@grandviewresearch.com
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