Electric Bus Market: Regional Outlook, Growth, Industry Share & Forecast Report to 2027
The electric bus market is set to grow from its current market value of more than USD 28 billion to over USD 53 billion. As the world is advancing towards sustainable development with the profound steps to reduce carbon emissions, adoption of cleaner technologies has been on the rise. This has significantly impelled the adoption of electric vehicles across the globe. The government authorities of several countries are now introducing these vehicles to public transportation which is providing lucrative growth prospects for electric bus industry.
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Besides, the establishment of stringent regulatory framework for vehicular emissions is also positively influencing the demand for electric public transportation. To illustrate, the UN Environment along with its partners is supporting 20 major cities in Latin America, Asia and Africa to prepare roadmaps for low emission public transport. The initiative reportedly includes the electrification of buses. It seeks to address the emissions and public health burden of urban bus fleets by employing electric engine-based vehicles.
All-electric buses are gaining wider prominence across the globe due to the availability of supportive policy measures and the establishment of stringent government regulations to curb vehicular emissions. In 2021, the first fleet of six fully electric buses was introduced in the UK to serve rural communities. This launch was jointly initiated by SP Energy Networks and transport group Stagecoach West Scotland to extend its support in reducing Scotland’s overall CO2 emissions.
The accelerating product demand is encouraging the industry players active in electric bus market to focus on launching new products as well as forming strategic alliances to strengthen their market position. Quoting an instance, in 2020, BYD introduced its electric buses for the first time in Latin America’s Chilean capital of Santiago. The company made this move in partnership with the domestic operators Metbus and Enel X. Reportedly, the initiative has strengthened Chile’s position as the leader in electric mobility in the region, with the fleet of BYD’s 285 pure electric buses.
Electric bus market is rapidly expanding in the Middle East & Africa on account of the burgeoning demand for these buses in the UAE and Saudi Arabia. In addition, development of sustainable electric mass transit solutions, the growing presence of OEMs, and favorable supportive initiatives are further fueling the market growth. For instance, in 2020, Hyundai Motor Co. shipped four of its hydrogen-powered vehicles- two Elec City hydrogen buses and two Nexo hydrogen fuel cell electric vehicles in the Middle East.
The growing inclination towards addressing greenhouse emissions and stringent regulatory scenarios for the same has created enormous opportunities for the adoption of electric buses. This has encouraged the industry players to focus on the development of efficient electric vehicles which is expected to drive the expansion of electric bus industry in the coming years.
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Some Point from Table of Contents:
Chapter 6 Electric Bus Market, By Battery Capacity
6.1 Key trends, by battery capacity
6.2 Below 100 kWh
6.2.1 Market estimates and forecast, 2017 - 2027
6.3 100 – 300 kWh
6.3.1 Market estimates and forecast, 2017 – 2027
6.4 Above 300 kWh
6.4.1 Market estimates and forecast, 2017 - 2027
Chapter 7 Electric Bus Market, By Seating capacity
7.1 Key trends, by seating capacity
7.2 Below 40 seats
7.2.1 Market estimates and forecast, 2017 - 2027
7.3 40 - 70 seats
7.3.1 Market estimates and forecast, 2017 – 2027
7.4 Above 70 seats
7.4.1 Market estimates and forecast, 2017 – 2027
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