Ev Bus Market Size, Type Analysis, Application Analysis, End-Use, Industry Analysis, Regional Outlook, Competitive Strategies And Forecasts, 2023-2032
- Report ID: ME_0096614
- Format: Electronic (PDF)
- Publish Type: Publish
- Number of Pages: 250
Market Snapshot
Source: Market Expertz
| Study Period | 2019-2032 |
| Base Year | 2023 |
| Forcast Year | 2023-2032 |
| CAGR | 6.24 |
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The EV Bus Market size is estimated to grow at a CAGR of 8.92% between 2022 and 2032. The market size is forecast to increase by USD 4,567.23 million. The growth of the market depends on several factors, including the increasing demand for sustainable transportation solutions, government initiatives promoting electric mobility, and the growing focus on reducing carbon emissions. EV buses, also known as electric buses, are vehicles powered by electricity and offer a cleaner and more environmentally friendly alternative to traditional diesel or gasoline-powered buses. They are commonly used for public transportation in urban areas, providing a sustainable and efficient mode of transportation.
EV Bus Market Overview:
Drivers:
One of the key factors driving the EV bus market growth is the increasing demand for sustainable transportation solutions. With the growing concerns about climate change and air pollution, there is a rising demand for transportation options that have lower carbon emissions and reduce dependence on fossil fuels. EV buses offer a clean and green alternative to traditional buses, as they produce zero tailpipe emissions and contribute to improving air quality in urban areas. The adoption of EV buses helps in achieving sustainability goals and reducing the environmental impact of public transportation.
Moreover, government initiatives promoting electric mobility are also driving the market growth. Many governments around the world are implementing policies and incentives to encourage the adoption of electric vehicles, including electric buses. These initiatives include financial incentives, tax benefits, and subsidies for purchasing EV buses, as well as the development of charging infrastructure. Government support plays a crucial role in accelerating the adoption of EV buses and creating a favorable market environment for manufacturers and operators.
Trends:
A key trend shaping the EV bus market is the advancement in battery technology. The performance and range of EV buses largely depend on the battery technology used. Manufacturers are investing in research and development to improve battery efficiency, increase energy storage capacity, and reduce charging time. The development of high-capacity batteries with longer ranges enables EV buses to operate for extended periods without the need for frequent recharging. Additionally, the use of fast-charging technologies and the development of battery swapping systems are gaining traction, as they help overcome the limitations of charging infrastructure and reduce downtime for EV buses.
Furthermore, there is a growing focus on smart features and connectivity in EV buses. Manufacturers are incorporating advanced technologies such as telematics, GPS tracking, and real-time monitoring systems in EV buses to enhance operational efficiency, optimize route planning, and improve passenger experience. These smart features enable fleet operators to monitor the performance of EV buses, track their location, and gather data for maintenance and optimization purposes. The integration of smart features and connectivity enhances the overall functionality and performance of EV buses, making them more attractive to fleet operators and passengers.
Restraints:
One of the key challenges hindering the EV bus market growth is the high initial cost of electric buses. Although EV buses offer long-term cost savings through reduced fuel and maintenance costs, their upfront cost is relatively higher compared to traditional buses. The high cost of batteries, which are a significant component of EV buses, contributes to the overall higher price. This cost factor may deter price-sensitive fleet operators from adopting EV buses, especially in price-sensitive markets.
EV Bus Market Segmentation By Application:
The public transportation segment is estimated to witness significant growth during the forecast period. EV buses are widely used for public transportation in urban areas, providing a sustainable and efficient mode of transportation for commuters. They help reduce traffic congestion, improve air quality, and contribute to the overall sustainability of cities. The adoption of EV buses in public transportation systems is driven by government initiatives, environmental regulations, and the increasing demand for clean and green transportation options.
EV Bus Market Segmentation By Type:
The battery electric bus segment is expected to dominate the market during the forecast period. Battery electric buses are powered solely by electricity and do not produce any tailpipe emissions. They offer a cleaner and more environmentally friendly alternative to traditional diesel or gasoline-powered buses. Battery electric buses are equipped with high-capacity batteries that provide sufficient range for urban commuting and can be recharged at charging stations or depots. The increasing focus on reducing carbon emissions and the availability of government incentives for electric vehicles are driving the growth of this segment.
Regional Overview:
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North America is estimated to contribute significantly to the growth of the global EV bus market during the forecast period. The region has a strong focus on sustainability and reducing carbon emissions, driving the adoption of electric vehicles, including electric buses. The presence of key market players, technological advancements, and government support for electric mobility further support market growth in North America.
Europe is also expected to witness substantial growth in the EV bus market. The region has stringent environmental regulations and a strong emphasis on sustainable transportation solutions. The increasing investments in charging infrastructure, government incentives for electric vehicles, and the growing awareness about the benefits of electric buses are driving the market in Europe.
EV Bus Market Customer Landscape:
The EV bus market industry report includes the adoption lifecycle of the market, covering from the innovator's stage to the laggard's stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their growth strategies.
Who are the Major EV Bus Market Companies?
Companies are implementing various strategies, such as product launches, partnerships, mergers and acquisitions, and geographical expansion, to enhance their presence in the market.
Some of the major companies operating in the EV bus market include:
- AB Volvo
- Anhui Ankai Automobile Co., Ltd.
- BYD Company Ltd.
- Daimler AG
- Electric Vehicle Company
- New Flyer Industries Inc.
- Proterra Inc.
- Shenzhen Wuzhoulong Motors Co., Ltd.
- Solaris Bus & Coach S.A.
- Yutong Group
The research report also includes detailed analyses of the competitive landscape of the market and information about key market players. Data is qualitatively analyzed to categorize companies based on their market presence and strength.
Segment Overview:
The EV bus market report forecasts market growth by revenue at global, regional, and country levels and provides an analysis of the latest trends and growth opportunities from 2019 to 2032.
- Application Outlook (USD Million, 2019 - 2032)
o Public Transportation
o Tourism & Leisure
o Others
- Type Outlook (USD Million, 2019 - 2032)
o Battery Electric Bus
o Plug-in Hybrid Electric Bus
o Fuel Cell Electric Bus
- Geography Outlook (USD Million, 2019 - 2032)
o North America
- The U.S.
- Canada
o Europe
- K.
- Germany
- France
- Rest of Europe
o Asia Pacific
- China
- India
o South America
- Brazil
- Argentina
- Rest of South America
o Middle East & Africa
- Saudi Arabia
- South Africa
- Rest of Middle East & Africa
TABLE OF CONTENTS: Asia Pacific EV Bus MARKET
Chapter 1. MARKET SYNOPSIS
1.1. Market Definition
1.2. Research Scope & Premise
1.3. Methodology
1.4. Market Estimation Technique
Chapter 2. EXECUTIVE SUMMARY
2.1. Summary Snapshot, 2016 – 2027
Chapter 3. INDICATIVE METRICS
3.1. Macro Indicators
Chapter 4. EV Bus MARKET SEGMENTATION & IMPACT ANALYSIS
4.1. EV Bus Segmentation Analysis
4.2. Industrial Outlook
4.3. Price Trend Analysis
4.4. Regulatory Framework
4.5. Porter’s Five Forces Analysis
4.5.1. Power Of Suppliers
4.5.2. Power Of Buyers
4.5.3. Threat Of Substitutes
4.5.4. Threat Of New Entrants
4.5.5. Competitive Rivalry
Chapter 5. Change EV Bus MARKET BY type INSIGHTS & TRENDS
5.1. Segment 1 Dynamics & Market Share, 2019 & 2027
5.2. Battery Electric Bus
5.2.1. Market Estimates And Forecast, 2016 – 2027 (USD Million)
5.2.2. Market Estimates And Forecast, By Region, 2016 – 2027 (USD Million)
5.3. Hybrid Bus
5.3.1. Market Estimates And Forecast, 2016 – 2027 (USD Million)
5.3.2. Market Estimates And Forecast, By Region, 2016 – 2027 (USD Million)
Chapter 6. EV Bus MARKET BY Customer INSIGHTS & TRENDS
6.1. Segment 2 Dynamics & Market Share, 2019 & 2027
6.2. Public
6.2.1. Market Estimates And Forecast, 2016 – 2027 (USD Million)
6.2.2. Market Estimates And Forecast, By Region, 2016 – 2027 (USD Million)
6.3. Private
6.3.1. Market Estimates And Forecast, 2016 – 2027 (USD Million)
6.3.2. Market Estimates And Forecast, By Region, 2016 – 2027 (USD Million)
Chapter 7. EV Bus MARKET REGIONAL OUTLOOK
7.1. EV Bus Market Share By Region, 2019 & 2027
7.2. NORTH AMERICA
7.2.1. North America EV Bus Market Estimates And Forecast, 2016 – 2027, (USD Million)
7.2.2. North America EV Bus Market Estimates And Forecast By Segment 1, 2016 –2027, (USD Million)
7.2.3. North America EV Bus Market Estimates And Forecast By Segment 2, 2016 –2027, (USD Million)
7.2.4. North America EV Bus Market Estimates And Forecast By Segment 3, 2016 –2027, (USD Million)
7.2.5. U.S.
7.2.5.1. U.S EV Bus Market Estimates And Forecast, 2016 – 2027, (USD Million)
7.2.5.2. U.S. EV Bus Market Estimates And Forecast By Segment 1, 2016 –2027, (USD Million)
7.2.5.3. U.S. EV Bus Market Estimates And Forecast By Segment 2, 2016 –2027, (USD Million)
7.2.5.4. U.S. EV Bus Market Estimates And Forecast By Segment 3, 2016 –2027, (USD Million)
7.2.6. CANADA
7.2.6.1. Canada EV Bus Market Estimates And Forecast, 2016 – 2027, (USD Million)
7.2.6.2. Canada EV Bus Market Estimates And Forecast By Segment 1, 2016 –2027, (USD Million)
7.2.6.3. Canada EV Bus Estimates And Forecast By Segment 2, 2016 –2027, (USD Million)
7.2.6.4. Canada EV Bus Estimates And Forecast By Segment 3, 2016 –2027, (USD Million)
7.3. EUROPE
7.3.1. Europe EV Bus Estimates And Forecast, 2016 – 2027, (USD Million)
7.3.2. Europe EV Bus Estimates And Forecast By Segment 1, 2016 –2027, (USD Million
7.3.3. Europe EV Bus Estimates And Forecast By Segment 2, 2016 –2027, (USD Million)
7.3.4. Europe EV Bus Estimates And Forecast By Segment 3, 2016 –2027, (USD Million)
7.3.5. GERMANY
7.3.5.1. Germany EV Bus Estimates And Forecast, 2016 – 2027, (USD Million)
7.3.5.2. Germany EV Bus Estimates And Forecast By Segment 1, 2016 –2027, (USD Million)
7.3.5.3. Germany EV Bus Estimates And Forecast By Segment 2, 2016 –2027, (USD Million)
7.3.5.4. Germany EV Bus Estimates And Forecast By Segment 3, 2016 –2027, (USD Million)
7.3.6. FRANCE
7.3.6.1. France EV Bus Estimates And Forecast, 2016 – 2027, (USD Million)
7.3.6.2. France EV Bus Estimates And Forecast By Segment 1, 2016 –2027, (USD Million)
7.3.6.3. France EV Bus Estimates And Forecast By Segment 2, 2016 –2027, (USD Million)
7.3.6.4. France EV Bus Estimates And Forecast By Segment 3, 2016 –2027, (USD Million)
7.3.7. U.K.
7.3.7.1. U.K. EV Bus Estimates And Forecast, 2016 – 2027, (USD Million)
7.3.7.2. U.K. EV Bus Estimates And Forecast By Segment 1, 2016 –2027, (USD Million)
7.3.7.3. U.K. EV Bus Estimates And Forecast By Segment 2, 2016 –2027, (USD Million)
7.3.7.4. U.K EV Bus Estimates And Forecast By Segment 2, 2016 –2027, (USD Million)
7.4. ASIA-PACIFIC
7.4.1. Asia Pacific EV Bus Estimates And Forecast, 2016 – 2027, (USD Million)
7.4.2. Asia Pacific EV Bus Estimates And Forecast By Segment 1, 2016 –2027, (USD Million)
7.4.3. Asia Pacific EV Bus Estimates And Forecast By Segment 2, 2016 –2027, (USD Million)
7.4.4. Asia Pacific EV Bus Estimates And Forecast By Segment 3, 2016 –2027, (USD Million)
7.4.5. CHINA
7.4.5.1. China EV Bus Estimates And Forecast, 2016 – 2027, (USD Million)
7.4.5.2. China EV Bus Estimates And Forecast By Segment 1, 2016 –2027, (USD Million)
7.4.5.3. China EV Bus Estimates And Forecast By Segment 2, 2016 –2027, (USD Million)
7.4.5.4. China EV Bus Estimates And Forecast By Segment 3, 2016 –2027, (USD Million)
7.4.6. INDIA
7.4.6.1. India EV Bus Estimates And Forecast, 2016 – 2027, (USD Million)
7.4.6.2. India EV Bus Estimates And Forecast By Segment 1, 2016 –2027, (USD Million)
7.4.6.3. India EV Bus Estimates And Forecast By Segment 2, 2016 –2027, (USD Million)
7.4.6.4. India EV Bus Estimates And Forecast By Segment 3, 2016 –2027, (USD Million)
7.4.7. JAPAN
7.4.7.1. Japan EV Bus Estimates And Forecast, 2016 – 2027, (USD Million)
7.4.7.2. Japan EV Bus Estimates And Forecast By Segment 1, 2016 –2027, (USD Million)
7.4.7.3. Japan EV Bus Estimates And Forecast By Segment 2, 2016 –2027, (USD Million)
7.4.7.4. Japan EV Bus Estimates And Forecast By Segment 3, 2016 –2027, (USD Million)
7.4.8. AUSTRALIA
7.4.8.1. Australia EV Bus Estimates And Forecast, 2016 – 2027, (USD Million)
7.4.8.2. Australia EV Bus Estimates And Forecast By Segment 1, 2016 –2027, (USD Million)
7.4.8.3. Australia EV Bus Estimates And Forecast By Segment 2, 2016 –2027, (USD Million)
7.4.8.4. Australia EV Bus Estimates And Forecast By Segment 3, 2016 –2027, (USD Million)
7.5. MIDDLE EAST AND AFRICA (MEA)
7.5.1. Mea EV Bus Estimates And Forecast, 2016 – 2027, (USD Million)
7.5.2. Mea EV Bus Estimates And Forecast By Segment 1, 2016 –2027, (USD Million)
7.5.3. Mea EV Bus Estimates And Forecast By Segment 2, 2016 –2027, (USD Million)
7.5.4. Mea EV Bus Estimates And Forecast By Segment 3, 2016 –2027, (USD Million)
7.6. LATIN AMERICA
7.6.1. Latin America EV Bus Estimates And Forecast, 2016 – 2027, (USD Million)
7.6.2. Latin America EV Bus Estimates And Forecast By Segment 1, 2016 –2027, (USD Million)
7.6.3. Latin America EV Bus Estimates And Forecast By Segment 2, 2016 –2027, (USD Million)
7.6.4. Latin America EV Bus Estimates And Forecast By Production Process, 2016 –2027, (USD Million)
7.6.5. Latin America EV Bus Estimates And Forecast By Segment 3, 2016 –2027, (USD Million)
Chapter 8. COMPETITIVE LANDSCAPE
8.1. Market Share By Manufacturers
8.2. Strategic Benchmarking
8.2.1. New Product Launches
8.2.2. Investment & Expansion
8.2.3. Acquisitions
8.2.4. Partnerships, Agreement, Mergers, Joint-Ventures
8.3. Vendor Landscape
8.3.1. North American Suppliers
8.3.2. European Suppliers
8.3.3. Asia-Pacific Suppliers
8.3.4. Rest Of The World Suppliers
Chapter 9. COMPANY PROFILES
9.1. BYD Company Limited
9.1.1. Company Overview
9.1.2. Financial Performance
9.1.3. Product Insights
9.1.4. Strategic Initiatives
9.2. AB Volvo
9.2.1. Company Overview
9.2.2. Financial Performance
9.2.3. Product Insights
9.2.4. Strategic Initiatives
9.3. Solaris Bus & Coach S.A
9.3.1. Company Overview
9.3.2. Financial Performance
9.3.3. Product Insights
9.3.4. Strategic Initiatives
9.4. Daimler AG
9.4.1. Company Overview
9.4.2. Financial Performance
9.4.3. Product Insights
9.4.4. Strategic Initiatives
9.5. Ashok Leyland Ltd.,
9.5.1. Company Overview
9.5.2. Financial Performance
9.5.3. Product Insights
9.5.4. Strategic Initiatives
9.6. Temsa
9.6.1. Company Overview
9.6.2. Financial Performance
9.6.3. Product Insights
9.6.4. Strategic Initiatives
9.7. Jingzhou Xinwei
9.7.1. Company Overview
9.7.2. Financial Performance
9.7.3. Product Insights
9.7.4. Strategic Initiatives
9.8. Wanxiang EV,
9.8.1. Company Overview
9.8.2. Financial Performance
9.8.3. Product Insights
9.8.4. Strategic Initiatives
9.9 . GreenPower Bus
9.9.1. Company Overview
9.9.2. Financial Performance
9.9.3. Product Insights
9.9.4. Strategic Initiatives
9.10. Volvo Buses
9.10.1. Company Overview
9.10.2. Financial Performance
9.10.3. Product Insights
9.10.4. Strategic Initiatives
RESEARCH METHODOLOGY
A research methodology is a systematic approach for assessing or conducting a market study. Researchers tend to draw on a variety of both qualitative and quantitative study methods, inclusive of investigations, survey, secondary data and market observation.
Such plans can focus on classifying the products offered by leading market players or simply use statistical models to interpret observations or test hypotheses. While some methods aim for a detailed description of the factors behind an observation, others present the context of the current market scenario.
Now let’s take a closer look at the research methods here.
Secondary Research Model
Extensive data is obtained and cumulated on a substantial basis during the inception phase of the research process. The data accumulated is consistently filtered through validation from the in-house database, paid sources as well reputable industry magazines. A robust research study requires an understanding of the overall value chain. Annual reports and financials of industry players are studied thoroughly to have a comprehensive idea of the market taxonomy.
Primary Insights
Post conglomeration of the data obtained through secondary research; a validation process is initiated to verify the numbers or figures. This process is usually performed by having a detailed discussion with the industry experts.
However, we do not restrict our primary interviews only to the industry leaders. Our team covers the entire value chain while verifying the data. A significant number of raw material suppliers, local manufacturers, distributors, and stakeholders are interviewed to make our findings authentic. The current trends which include the drivers, restraints, and opportunities are also derived through the primary research process.
Market Estimation
The market estimation is conducted by analyzing the data collected through both secondary and primary research. This process involves market breakdown, bottom-up and top- down approach.
Moreover, while forecasting the market a comprehensive statistical time series model is designed for each market. Macroeconomic indicators are considered to understand the current trends of the market. Each data point is verified by the process of data triangulation method to arrive at the final market estimates.
Final Presentation
The penultimate process results in a holistic research report. The study equips key industry players to undertake significant strategic decisions through the findings. The report encompasses detailed market information. Graphical representations of the current market trends are also made available in order to make the study highly comprehensible for the reader.
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