Electric Buses Market By Type (Hybrid Electric, Plug-in Hybrid and Pure Electric), By End-user (Public Transport and Private Fleet Owners) – Growth, Future Prospects and Competitive Analysis, 2024 - 2032

15 Apr 2019 Format PDF icon PPT icon XLS icon Request Sample

"Tightening Environmental Regulations and Encouragement from National Governments to Boost the Electric Buses Market"

The electric buses market worldwide is expected to grow with a CAGR of 22.9% during the forecast period. Electric vehicles have emerged as a viable solution for curbing the enormous air pollution caused by conventional fossil fuel vehicles. Of these, electric buses are expected to emerge as the most promising segment due to ongoing government initiatives across the world. Electric buses offer clean, safe, reliable and comfortable mode of public transport, thereby reducing significant amount of CO2 emissions in the environment. The most prominent factor driving the market growth is aggressive initiatives undertaken by various national governments for incorporating these vehicles in public transportation fleet. Currently, China has more than 350,000 electric buses in its public transport fleet, making it the largest market for electric buses. Other countries including the U.K., the U.S., India, Japan, South Korea and other European countries too are making rapid efforts towards increasing the percentage of electric buses in their public transport fleet. With ever-growing environmental regulations, electric buses are expected to witness rapid demand in the years to come. All these factors in combination are expected to ensure high growth for electric buses market during the forecast period. 

Electric Buses Market

"High Emphasis on Minimizing Environmental Pollution to Ensure Dominance of Pure Electric Buses Segment"

In 2021, pure electric buses segment accounted for larger share as compared to hybrid electric buses segment. Hybrid electric buses typically use an alternate fuel source (e.g. diesel), making them less cleaner as compared to the pure electric counterparts. Although pure electric buses are costlier as compare to hybrid electric, these buses provide cleaner operation and require less operating and maintenance costs. The demand for pure electric buses are complimented by factors such as growing focus on zero emission vehicles, reducing battery costs, advancement in pure electric mechanism and improving charging technology & infrastructure.

"Consistent Design Improvement in Designs to Ensure a Competitive Market"

Some of the prominent players operating in the electric buses market include BYD Company Ltd., AB Volvo,, Alexander Dennis Ltd., Ashok Leyland Ltd., Daimler AG, Dongfeng Automobile Co., Ltd., EBUSCO BV, FAW Group, IVECO S.p.A., King Long United Automotive Industry Co., Ltd., Proterra, Inc., Shenzhen Wuzhoulong Motors Co., Ltd., Skoda Auto a.s., Solaris Bus & Coach SA, Tata Motors Ltd., Zhengzhou Yutong Bus Co., Ltd. and Zhongtong Bus Holding Co., Ltd. among others.

Historical & Forecast Period

This study report represents analysis of each segment from 2022 to 2032 considering 2023 as the base year. Compounded Annual Growth Rate (CAGR) for each of the respective segments estimated for the forecast period of 2024 to 2032.

The current report comprises of quantitative market estimations for each micro market for every geographical region and qualitative market analysis such as micro and macro environment analysis, market trends, competitive intelligence, segment analysis, porters five force model, top winning strategies, top investment markets, emerging trends and technological analysis, case studies, strategic conclusions and recommendations and other key market insights.

Research Methodology

The complete research study was conducted in three phases, namely: secondary research, primary research, and expert panel review. key data point that enables the estimation of Electric Buses market are as follows:

  • Research and development budgets of manufacturers and government spending
  • Revenues of key companies in the market segment
  • Number of end users and consumption volume, price and value.
  • Geographical revenues generate by countries considered in the report
  • Micro and macro environment factors that are currently influencing the Electric Buses market and their expected impact during the forecast period.

Market forecast was performed through proprietary software that analyzes various qualitative and quantitative factors. Growth rate and CAGR were estimated through intensive secondary and primary research. Data triangulation across various data points provides accuracy across various analyzed market segments in the report. Application of both top down and bottom-up approach for validation of market estimation assures logical, methodical and mathematical consistency of the quantitative data.

Research Period  2022-2032
Base Year 2023
Forecast Period  2024-2032
Historical Year  2022
Unit  USD Million
  • Battery Electric Bus
  • Hybrid Electric Bus
  • Plug-in Hybrid Bus

  • Lithium Iron Phosphate (LFP)
  • Lithium Manganese Oxide (LMO)
  • Lithium Nickel Manganese Cobalt Oxide
  • Others

  • Less than 10m
  • More than 10m

  • Public Transport
  • Private Fleet

 Region Segment (2022-2032; US$ Million)

  • North America
    • U.S.
    • Canada
    • Rest of North America
  • UK and European Union
    • UK
    • Germany
    • Spain
    • Italy
    • France
    • Rest of Europe
  • Asia Pacific
    • China
    • Japan
    • India
    • Australia
    • South Korea
    • Rest of Asia Pacific
  • Latin America
    • Brazil
    • Mexico
    • Rest of Latin America
  • Middle East and Africa
    • GCC
    • Africa
    • Rest of Middle East and Africa

Key questions answered in this report

  • What are the key micro and macro environmental factors that are impacting the growth of Electric Buses market?
  • What are the key investment pockets with respect to product segments and geographies currently and during the forecast period?
  • Estimated forecast and market projections up to 2032.
  • Which segment accounts for the fastest CAGR during the forecast period?
  • Which market segment holds a larger market share and why?
  • Are low and middle-income economies investing in the Electric Buses market?
  • Which is the largest regional market for Electric Buses market?
  • What are the market trends and dynamics in emerging markets such as Asia Pacific, Latin America, and Middle East & Africa?
  • Which are the key trends driving Electric Buses market growth?
  • Who are the key competitors and what are their key strategies to enhance their market presence in the Electric Buses market worldwide?
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