The Electric Bus Market is rapidly growing due to the shift toward eco-friendly transport and increasing operational costs linked to traditional fuel source

AUSTIN, TX, UNITED STATES, October 30, 2024 /EINPresswire.com/ -- Electric Bus Market Trends Analysis

The Electric Bus Market size was USD 34.2 billion in 2023 and is expected to reach USD 176.46 billion by 2032, growing at a CAGR of 20% over the forecast period of 2024-2032.

Electric Bus Market Poised for Expansion Due to Economic and Environmental Benefits.

The scope of the electric bus market will have a huge expansion since there are both economic and environmental advantages. Electric buses put nothing into the air and, at best, are at a minimum noise level as compared to a diesel bus, hence improving urban livability. The operational saving of huge proportions is also part of these vehicles with savings in fuel and costs on maintenance, hence an attractive proposition for both the public and private sectors. Alternative financing options have also been in existence for many manufacturers that now ease the transition to electric fleets.

This rising demand is further augmented by fluctuating prices of oil, growing environmental concerns, stringent regulations against pollution-causing vehicles, and decreasing the costs of lithium-ion batteries. As these trends continue to evolve in such areas, the market will then start attracting many new entrants taking advantage of opportunities in this emerging electric vehicle sector.

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Key Players Listed in the Electric Bus Market Are:

• Daimler AG (Germany)
• Volvo Group (Sweden)
• Wright Enrichment Inc(U.S.)
• Shandong Yi Xing Electric Auto Co.
• Proterra
• Anhui Ankai Automobile Co.
• Zhongtong Bus Holding Co. Ltd.(China)
• Iveco (Italy)
• Ebus (Singapore)
• BYD Auto Co. Ltd (China)
• NFI Group Inc.
• Beiqi Foton Motor Co.
• (China). and other key players

Rising Fuel Costs and Environmental Concerns Propel Demand for Electric Buses.

The increasing price of fuels is quite significantly enhancing the attractiveness of electric buses to gain a competitive advantage over traditional diesel vehicles. As pressures on the finances of municipalities and transport authorities continue to mount with increasing fuel prices, the economic advantages from switching over to electric buses are becoming increasingly palpable. Additionally, growing public concern with environmental pollution tends to increase demand for zero-emission electric buses. This change aligns well with the global call for sustainability and eradicates local pollution in urban areas.

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Electric Bus Market Segment Analysis

The electric bus market can be categorized under vehicle type, battery technology, and application.

By Vehicle:

In the vehicle type category, the major market segment is Battery Electric Vehicle (BEV), holding an approximate share of about 65-70%. The reasons for its preference include established technology for BEVs, zero tailpipe emissions, and lower operational costs as compared to diesel, and hence it has emerged as a first choice among the transit authorities.

By Battery:

Lithium Nickel Manganese Cobalt Oxide (NMC) is the most significant in terms of market share. It has around 60-70%. Greater energy density means the potential for greater ranges from a single charge, making NMC batteries particularly suitable for an electric bus for reliable transportation in cities.

By Application:

An intracity segment is major market leader as electric buses are designed generally to cater for urban routes, covering a short distance and frequent stops. Being free from emissions, they make the cities cleaner and quieter while making less noise; thus the more inroads are made with public transport.

The most significant market share of electric buses is represented by battery electric vehicles due to the efficiency and environmentally friendly characters. NMC is the majority of battery technology, which has more energy density and longer ranges. However, for intracity applications, it is preferred because it pools all benefits represented by electric buses, even for further use within urban areas.

Electric Bus Market Key Segmentation:

By Vehicle

• Battery Electric Vehicle
• Plug-in Hybrid Electric Vehicle
• Fuel Cell Electric Vehicle

By Battery

Lithium Nickel Manganese Cobalt Oxide
Lithium Iron Phosphate

By Application

• Intercity
• Intracity

By End-Use

• Public
• Private

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Regional Analysis

Asia Pacific dominating the global share with an approximately of 60%. This dominance is associated with strong governmental support to clean transportations, mainly in China, which has become a world leader in electric vehicles production. The rate at which Asia Pacific has urbanized has also skyrocketed demand for electric buses as a means of solving increased pollution problems due to growing cities.

The second biggest market is the continent of Europe, driven by stricter emission standards that are pushing public and private transportation sectors into electricity. The advanced technology related to battery systems and charging infrastructure further reinforces this practice.

North America is the smallest in market share today but has the highest CAGR exceeding 15%. It is driven mainly by concerns for the environment, high investment in recharging infrastructure, and government incentives that bring electric buses onto a financially more affordable playing field.

Recent Developments

October 2024: NFI Group Inc. has granted San Mateo County Transit (SamTrans) the largest singular order for zero-emission hydrogen fuel cell-electric Xcelsior CHARGE FC™ 40-foot transit buses. Adding to the backlog in Q2 2024, firm orders were received during both the second and third quarters for 108 buses for New Flyer.
October 2024: Rochester Regional Transit Service (RTS) now has introduced its first two hydrogen fuel cell electric buses to the city's fleet. This decision is part of RTS' commitment to working toward a goal of a 100 percent zero-emission bus fleet by 2040-that is, according to an executive order signed by New York Gov. Kathy Hochul in 2022.

Table of Contents

1. Introduction
2. Industry Flowchart
3. Research Methodology
4. Market Dynamics
6. Impact Analysis
7. Statistical Insights and Trends Reporting
8. Competitive Landscape
9. Electric Bus Market Segmentation, By Battery
10. Electric Bus Market Segmentation, By Vehicle
11. Electric Bus Market Segmentation, By Application
12. Electric Bus Market Segmentation, By End-Use
13. Regional Analysis
14. Company Profile
15. Use Cases and Best Practices
16. Conclusion

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