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Report Overview
2023
Base Year
2018-2023
Historical Year
2024-2032
Forecast Year
Global Electric Bus Market Size
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.
Electric Bus Market Report Snapshots
*While we strive to always give you current and accurate information, the numbers depicted on the website are indicative and may differ from the actual numbers in the main report. At Expert Market Research, we aim to bring you the latest insights and trends in the market. Using our analyses and forecasts, stakeholders can understand the market dynamics, navigate challenges, and capitalize on opportunities to make data-driven strategic decisions.*
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Key Questions Answered in the Report
The market is estimated to grow at a CAGR of 13.6% in the forecast period of between 2024 and 2032.
The major drivers of the market include the robust development initiatives taken in the modern transport systems, increasing deployment of electric buses in transits, airports, and schools, and changing preference towards comfortable and noise-free rides.
The rising prices of traditional fossil fuels, stringent regulations by various governments aimed towards curbing pollution, and growing research and development activities by the electric bus manufacturers, are the key trends in the market.
Fuel cell electric vehicle (FCEV), battery electric vehicle (BEV), and plug-in hybrid electric vehicle (PHEV) are the different segments in the electric bus market based on propulsion type.
Less than 9 meters, 9-14 meters, and above 14 meters are the different categories based on length.
The high purchasing price of an electric bus and limited infrastructure for recharging is likely to pose challenges to the growth of the market for electric buses.
An electric bus has a battery of 160 kWh, while the shorter electric buses have a battery of 240 kWh.
An electric bus typically uses a lithium-ion battery which allows an electric bus to run as far as 150 miles in a single recharge.
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