Global Electric Bus Market Report and Forecast 2024-2032

Global Electric Bus Market Outlook

The global electric bus market would likely grow at a CAGR of 13.6% during 2024-2032. The demand for electric buses is rising due to the fact that cities, private transit companies and schools are seeking alternatives to conventional buses; electric buses are considered more environmentally-friendly and economical. Many major countries across the world are looking to transform their bus fleets into electric. Asia, North America and Europe are likely to be key markets. 

Global Market Likely to be Driven by Search for Alternatives to Conventional Buses and Efforts Towards Zero-emission Transit

Electric buses are electric vehicles fuelled by electricity and not other types of fuel such as gasoline or diesel fuel. Further, an all-electric bus runs solely on electricity, unlike hybrid vehicles that combine battery power with an internal combustion engine. Electric buses are considered more environmentally-friendly and economical (these might cost more initially, but save more over time) than conventional buses, and gaining popularity across the globe.

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North America and Europe Seek to Electrify Bus Fleets

North America and Europe are making efforts to electrify their bus fleets. For example, American universities and cities have been acquiring electric bus fleets. California has adopted the Innovative Clean Transit Rule (ICTR) which lays down that from 2024, one fourth of new buses bought should be “zero emission”. California seeks to transform its city buses to completely electric by 2040. 

New regulations laid down by European Union in 2019 demands that 25 percent of new buses bought by public authorities be “clean” by the year 2025. Such efforts are expected to boost the global electric bus market.

Asian Countries are Making Efforts to Electrify Public Transport

Several Asian nations are increasingly making efforts to electrify their public transport; these efforts are likely to drive the global electric bus market. For example, in 2019, it was reported that Delhi was ordering one thousand electric buses. Major electric bus manufacturers in India include Ashok Leyland Limited, Tata Motors Limited, JBM Auto Limited, Olectra Greentech Limited, Deccan Auto Limited, and Eicher Motors Limited.

China leads in the deployment of electric buses. The country explains a major percentage of electric buses in circulation (across the globe). 

Advantages of Electric Buses Expected to Boost Market Growth

Advantages of electric buses are expected to drive the global electric bus market; advantages include: 

Minimal Environmental Impact – Electric buses are environmentally-friendly and have minimal environmental impact as against combustion engines running on diesel and even hybrid buses. 

Quieter Operation – Electric buses run more quietly as compared to other types of buses with internal combustion engines. 

Minimum Maintenance – Electric buses need little maintenance. 

Economical – While electric buses may cost more initially, these prove more economical over time as maintenance costs are minimized and fuel costs eliminated. 

Market Segmentation

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By propulsion type, the market is classified into:

• Battery Electric Vehicle (BEV)

• Fuel Cell Electric Vehicle (FCEV)

• Plug-in Hybrid Electric Vehicle (PHEV)

By length, the market is segmented into:

• Less than 9 meters

• Above 14 meters

• 9-14 meters

By range, the market is divided into:

• More than 200 miles

• Less than 200 miles

By battery capacity, the market is classified into:

• Up to 400 kWh

• Above 400 kWh

By power output, the market is segmented into:

• Up to 250kW

• Above 250 kW

By region, the market is divided into:

• Europe

• Middle East and Africa

• Latin America

• Asia Pacific

• North America

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Key Industry Players in the Market

The report offers an extensive assessment of major players in the global electric bus market; it evaluates their capability, observes latest occurrences such as mergers and acquisitions, capacity expansions, and plant turnarounds:

• BYD Motors Inc.

• Solaris Bus & Coach sp. z o.o

• Volvo Group

• Yutong Bus Co., Ltd.

• VDL Bus & Coach BV

• Hyundai Motor Company

• Edison Motors Co., Ltd.

• Zhongtong Bus Holding Co., Ltd.

• IVECO S.p.A

• EvoBus GmbH (Daimler Truck)

• Others

Using SWOT analysis and Porter’s Five Forces model, the EMR report offers deep insights into the industry. 

Key Highlights of the Report

Electric Bus Market Report Snapshots

Electric Bus Market Size

Electric Bus Market Growth

Electric Bus Companies