Electric Bus Market to Grow at a CAGR of 27.2%

Electric Bus Market Electric Bus Market

The Global Electric Bus Market size is projected to reach 935 thousand units by 2027 from 137 thousand units in 2019, at a CAGR of 27.2%. Increasing the focus of countries on promoting the electrification of mass transit solutions and government support is propelling the growth of the electric bus market.

The global electric bus market is dominated by major players such as BYD (China), Yutong (China), Proterra (US), VDL Groep (Netherlands), and AB Volvo (Sweden).

The 9–14 m segment is estimated to lead the global electric bus market during the forecast period

In the electric bus market, by the length of the bus, the 9–14 m segment is projected to be the largest market during the forecast in terms of volume. The 9–14 m segment is dominating the electric bus segment due to the large volumes of electric passenger buses used in the public transport fleet. Most of the public transport fleets, especially in China, which accounts for almost 99% of the market, have electric buses that are 9–14 m in length. Also, many of the market-leading OEMs such as BYD, Proterra, and Yutong have been providing electric buses in the 9-14 m length range. Countries that are planning to replace existing public fleets with electric ones are considering electric buses of the same length, which is mostly 9–14 m.

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The Middle East & Africa electric bus market is expected to register the fastest growth during the forecast period

The Middle East & Africa, which includes Egypt, South Africa, and the UAE, is projected to be the fastest-growing market during the forecast period. The increasing demand for electric mass transit solutions, renowned OEMs expanding in the region, and government support are factors driving the Middle East & Africa electric bus market. For instance, in November 2019, Egypt’s Arab Organisation for Industrialisation (AOI) started its first smart electric bus in the country with the help of Shanghai Wanxiang Group, China. Also, in May 2019, Foton Motor signed an agreement with Egypt’s Military Production Ministry to manufacture more than 2,000 electric buses in the country over the next four years. The Middle East & Africa has become a key region for OEMs to explore, as major countries in the Middle East & Africa, such as Egypt, Africa, and UAE, have a high demand for public transport due to the increasing number of tourists visiting these countries. Thus, governments are planning to replace the existing public transport with more efficient and emission-free public transport because of emission concerns.

The Asia Pacific is expected to be the largest electric bus market during the forecast period

The Asia Pacific region is the largest electric bus market in the world. It comprises some of the fastest developing and developed economies in the world. The growth in the region can be attributed to the dominance of the Chinese market and the presence of leading OEMs such as BYD, Yutong, Zhongtong, and Ankai in the country as well, resulting in exponential growth of the Asia Pacific electric bus market. Also, Shenzhen was the first city in the world to have a fully electrified public transport fleet. The favorable regulations for electric buses, availability of electric and electronic components at cheaper rates, and rapidly growing charging infrastructure are projected to boost the electric bus market in the region.

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Critical Aspects:

  • Governments are working with OEMs to electrify public transport fleets and build charging stations. How will this transform the overall electric bus market?
  • How will fast-paced developments in battery technologies change the dynamics of the electric bus market?
  • The industry is focusing on different powertrain technologies. Which are the leading companies working on it, and what organic and inorganic strategies have been adopted by them?
  • The fuel cell electric bus segment is expected to have a significant market during the forecast. How will this transform the overall electric bus market?

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