The global electric bus market is predicted to grow at 16.2% CAGR during the forecast period, with it’s the fleet size anticipated to reach 281.3 thousand units by 2024. The market is driven by the promising and strict government strategies and supports, mounting price of gasoline, mounting government plans for electrification of public transport and launch of novel technologies are the primary growth drivers for electric bus market.
The market is driven by supportive government initiatives and mounting alarm about environmental pollution. Increase in the requirement of an efficient vehicle with zero carbon emission, strict regulations regarding vehicle emission, upsurge in air pollution, and mounting alarm about environmental pollution are also facilitating the growth of the market. For instance, according to the World Health Organization (WHO), globally exposure to ambient air pollution leads to 4.2 million deaths every year. In addition, 91% of the world’s population lives in a place where air quality exceeds WHO guidelines limits.
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The different vehicle type in the electric bus market is battery electric bus, hybrid electric bus, and a plug-in hybrid electric bus. Of all vehicle type, battery electric bus accounted for the largest share and is expected to grow at the fastest rate in the market, due to decreasing battery prices and least amount of carbon emissions.
On the basis of length, the market is subdivided into less than 10m and more than 10m. Among all lengths, the less than 10m accounted the largest share in the electric bus market due to preference of smaller than 10m buses by the transport authority.
On the basis of battery, the market is subdivided into lithium iron phosphate battery, lithium nickel manganese cobalt oxide, and others. Among all batteries, the lithium iron phosphate battery accounted the largest share in the electric bus market, as it is cost-effective and safer. In addition, lithium nickel manganese cobalt oxide is expected to grow at the fastest rate in the market due to reducing price, and higher energy density.
Asia-Pacific accounted for the major share in the electric bus industry in 2017, globally mounting government initiatives and support. In addition, mounting population, upsurge in air pollution, reducing cost of batteries, mounting disposable income, rapid urbanization, mounting awareness of environmental safety, mounting price of gasoline, increase in the requirement of efficient vehicle with zero carbon emission and large population base.
Major players in the electric bus market are catering the demand by collaborating with small players and investing in technologically advanced product portfolio across the globe. In October 2017, Proterra introduced DuoPower drivetrain for its Catalyst zero emission buses at American Public Transit Association (APTA). Daimler AG, New Flyer Industries Inc., Zhengzhou Yutong Group, EBUSCO, King Long United Automotive Industry Co. Ltd., Shenzhen Wuzhoulong Motors, BYD Company Limited, Alexander Dennis Limited, and Proterra Inc. are the key players offering electric bus.
Global Electric Bus Market Coverage
Vehicle Type Insight and Forecast 2014-2024
Battery Insight and Forecast 2014-2024
Length Insight and Forecast 2014-2024
Rest of the World