A recent study conducted by the strategic consulting and market research firm BlueWeave Consulting revealed that the global electric bus market was worth USD 37.0 billion in 2021 and is estimated to grow at a CAGR of 10.5%, earning revenue of around USD 71.2 billion by the end of 2028. The electric bus market is gaining significant traction because of the increasing fuel prices and declining levels of non-biodegradable resources. As a result, the government of different countries is taking various initiatives to promote the use of electric buses instead of traditional fuel buses. Additionally, government authorities are significantly investing in public transport infrastructure and the launch of electric buses to promote their zero-emission agenda, which is anticipated to propel the demand for electric buses during the forecast period. However, the high cost of electric buses compared to traditional buses may act as a huge restraint for the growth of the electric buses market.
Global Electric Bus Market – By Battery Type
Based on battery types, the global electric bus market is segmented into lithium-nickel-manganese-cobalt oxide, lithium-iron-phosphate, and others. Among these, the lithium-iron-phosphate segment holds the largest market share due to its higher durability and longer life span, along with low maintenance and higher safety. Furthermore, this battery type is also lighter in weight compared to its counterparts due to which it exerts less pressure on the vehicle body. Lithium-iron-phosphate battery type also has excellent thermal and chemical stability and stays cooler in higher temperatures, which acts as a favorable factor for the market growth.
Global Electric Bus Market – By Length of Bus
Based on the length of the bus, the global electric bus market is segmented into <9 meters, 9-14 meters, and >14 meters. Due to the increase in passenger buses in public transportation, electric buses with a length of 9-14 meters have the biggest market share. Because of the high demand, manufacturers are focusing on this length range and launching electric buses with lengths ranging from 9 to 14 meters. The increased popularity of this type of electric bus can be ascribed to its long-distance capability of 125 to 155 miles.
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Electric Bus Market – By Component
Based on components, the global electric bus market is segmented into motor, battery, fuel cell stacks, ultra-captivator, and others. The battery segment accounts for the largest market share due to the growing demand for battery-powered electric buses and their prominent use as public transport. The efficiency of the batteries is directly influenced by their use, temperature, as well as distance, traveled. Therefore, they require frequent replacements compared to other components for the electric bus to work efficiently, which drives its market growth.
Electric Bus Market – By End-User
Based on end-users, the global electric bus market is grouped into private and government segments. The government segment accounts for the largest market share. Electric trucks are anticipated to experience a lucrative growth opportunity due to the increasing investments into public transportation, as well as the increasing focus on decarbonizing the roads. For instance, the Berlin public transport company Berliner Verkehrsbetriebe has recently given orders for 90 more electric buses with an investment of around 65 million euros (approx USD 73.6 million) that includes charging infrastructure as well.
Impact of COVID-19 on Global Electric Bus Market
The growth of the global electric bus market was negatively halted by the sudden outbreak of the COVID-19 pandemic. The global health crisis created by the pandemic caused a dramatic decline in vehicle sales, affecting the automotive industry and adversely affecting the demand for electric buses. The manufacturers of electric buses and components had to temporarily pause their production operations due to nationwide lockdown imposed by different countries, which obstructed its market growth. However, the market is anticipated to gain significant traction during the forecast period. Furthermore, during the COVID-19 pandemic, much debate surrounded the need for sustainability and shifting from non-renewable resources, which is expected to boost the demand for electric buses in the coming years.
Global Electric Bus Market – Competitive Landscape
The leading players in the global electric bus market are Proterra, BYD Company, AB Volvo, Zhengzhou Yutong Bus Co. Ltd., Goldstone Infratech Ltd., Ashok Layland, NFI Group, Lion Electric Company, GreenPower Motor Co., JBM Auto Ltd., Arrival, Blue Bird Corporation, ArcLight Clean Transition, Daimler AG, Anhui Ankai Automobile Co. Ltd, King Long United Automotive, New Flyer Industries, VDL GROEP BV, Construcciones y Auxiliar de Ferrocarriles, S.A., and other prominent players.
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