The global electric bus market size was estimated at US$ 25 billion in 2022 and is projected to hit over US$ 85.99 billion by 2032 with a CAGR of 13.20% from 2023 to 2032.
Key Takeaway:
The electric bus market is expected to witness remarkable growth in the near future. The electrification of public transportation has increased significantly over the world. Because of this, electric buses have reduced maintenance costs. Furthermore, the government is spending heavily in the development of charging infrastructure across the board. In addition, the cost of battery research and development is rising. Throughout the world, the electric bus is regarded as a green transportation choice. There is a spike in demand for ecologically friendly transportation and mobility solutions in developing regions such as Latin America and the Asia-Pacific.
In addition, transportation corporations are refocusing their efforts on renewable energy sources. As a result, since a few years, there has been a high demand for electric buses. Thus, these factors are driving the growth of the global electric bus market.
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Report Highlights
In terms of region, the electric bus market in North America area is the fastest expanding region. The electric bus market in North America is developing due to reasons and drivers such as increasing public acceptance of electric cars, strict government restrictions aimed at reducing the negative effects of fuel and gasoline-based vehicles, and rising demand for sustainable alternatives.
Regional Snapshot
In the electric bus market, the Asia-Pacific is the largest. Factors such as rising disposable income, fast industrialization and urbanization rates, and new product introductions in the electric bus industry are driving the market in Asia-Pacific.
In terms of region, the electric bus market in North America area is the fastest expanding region. The electric bus market in North America is developing due to reasons and drivers such as increasing public acceptance of electric cars, strict government restrictions aimed at reducing the negative effects of fuel and gasoline-based vehicles, and rising demand for sustainable alternatives.
Report Coverage | Details |
Market Size by 2032 | USD 85.99 Billion |
Growth Rate from 2023 to 2032 | CAGR of 13.20% |
Largest Market | Asia Pacific |
Fastest Growing Region | North America |
Base Year | 2022 |
Forecast Period | 2023 to 2032 |
Drivers: Growing government initiatives
The government all around the world is striving hard for the reduction of greenhouse gases and carbon emissions. For this, the government has enacted stringent regulations that need to be followed by all. The government has also started providing tax benefits to the electric bus manufacturers or original equipment manufacturers (OEMs). The countries with high population are largely adopting electric buses due to favorable government regulations. Thus, the growing government initiatives are driving the growth of the global electric bus market over the projected period.
Restraints: High cost of development
The process of manufacturing or designing electric buses require huge amount of capital investments. The cost of seats, batteries, equipment, machines, and advanced systems and technologies are involved in the cost of final product. The underdeveloped regions cannot afford high cost of buses. The major market players should strive for the development of economic friendly buses. Moreover, the battery electric bus also requires charging stations and good infrastructure for charging. This also increases the cost of vehicles on a large scale. Thus, high cost of development is restricting the growth of the global electric bus market.
Opportunities: Surge in demand for low or zero emission vehicles
Due to rise in pollution levels and emissions of carbon and greenhouse gases, the demand for zero emission vehicles has increased since a decade. The electric vehicles help in the reduction of pollution and help to save environment. The electric bus is considered as environmentally friendly solution by many nations. The electric bus also helps to save the fuel and gasoline. In every way, the electric bus is beneficial in nature. As a result, the surge in demand for low or zero emission vehicles is creating growth prospects for the electric bus market.
Challenges: Lack of awareness
The concept of electric bus is not so trending in underdeveloped regions. The key market players are also not launching new products in such regions. There is also lack of infrastructure to run electric buses for public. There are no government initiatives in underdeveloped regions for the promotion of electric bus. Thus, lack of awareness is a major challenge for the expansion of the global electric bus market over the forecast period.
Read Also: Electric Vehicle Battery Market Size to Worth US$ 276.40 Bn by 2030
Recent Developments
Key Developments
Segments Covered in the Report
By Propulsion
By Consumer Segment
By Application
By Length of Bus Type
By Vehicle Range
By Battery Capacity
By Power Output
By Battery Type
By Component
By Seating Capacity
By Level of Autonomy
By Geography
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