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Electric Buses Market (22.9% CAGR) 2018 to 2026: Global Industry Size, Share, Growth, Trends, and Forecast

According to a new market research report published by Acute Market Reports “Electric Buses Market – Growth, Future Prospects, and Competitive Analysis, 2018 – 2026”, the overall electric buses market worldwide is set to grow with a CAGR of 22.9% through the forecast period starting from 92,200 units in 2017.

Market Insights

With ever-growing environmental concerns coupled with regulations, electric vehicles are witnessing profound demand worldwide, with China being the frontrunner. Amongst the overall electric vehicles sector, electric buses have demonstrated rapid growth over the past few years and are expected to lead the overall electric vehicles market over the forecast period. Despite the well-settled market for CNG vehicles, electric buses are expected to pose a tough competition to the former in the following years. Although electric buses are more expensive to purchase, these buses offer much lower maintenance and operation costs as compared to CNG and diesel operated buses. Subsequently, considering the environmental benefits and lower operating costs, electric buses are expected to register strong demand worldwide during the forecast period.

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Currently, there are approximately 400,000 electric buses operating worldwide, with China accounting for more than 95% of the total fleet. The market is highly governed by the pure electric bus segment primarily due to tightening environmental regulations and continued efforts by the governments towards minimizing fossil fuel consumption. With the aim of rapidly reducing air pollution, various national governments are now offering subsidies for bus operators in order to bring down the prices of electric buses closes to that of conventional diesel and CNG buses. This is another major factor in facilitating the rapid growth of the electric bus market worldwide.

Based on type, pure electric buses lead the market with more than 65%, in terms of revenue and volume, of the total market size across the globe. On the basis of geography, Asia Pacific leads the overall electric bus market worldwide accounting for more than 60% of the global market size. Apart from China, countries including India, Japan, South Korea, and a few others are prominent markets for electric buses. The Asia Pacific is followed by Europe having an extensive emphasis on reducing carbon emissions caused by road traffic.

The overall electric buses market is quite competitive in nature with market players focusing on producing more efficient products that can be used in countries having minimal infrastructure for electric vehicles. BYD Company is among the largest manufacturers of electric buses followed by Proterra, Inc. and few others. BYD Company possesses an extensive product range and has a presence across all the major markets globally. In addition, the company operates across most of the electric buses value chain, thereby positioning at a prominent place in electric buses market.

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List of Companies Covered:

  • AB Volvo
  • Alexander Dennis Ltd.
  • Ashok Leyland Ltd.
  • Beiqi Foton Motor Co., Ltd.
  • BYD Company Ltd.
  • Daimler AG
  • Dongfeng Automobile Co., Ltd.
  • FAW Group
  • IVECO S.p.A.
  • King Long United Automotive Industry Co., Ltd.
  • Proterra, Inc.
  • Shenzhen Wuzhoulong Motors Co., Ltd.
  • Skoda Auto a.s.
  • Solaris Bus & Coach S.A.
  • Tata Motors Ltd.
  • Zhengzhou Yutong Bus Co., Ltd.
  • Zhongtong Bus Holding Co., Ltd.

By Type Segment

  • Pure Electric
  • Hybrid Electric
  • Plug-in Hybrid

By Battery Type Segment

  • LFP
  • LMO
  • NMC
  • Others

By Length Segment

  • Less than 10m
  • More than 10m

By End-use Segment

  • Public Transport
  • Private Fleet

By Geography Segment

  • North America
  • Europe
  • Asia Pacific
  • Latin America (LATAM)
  • The Middle East and Africa (MEA)

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Key questions answered in this report

  • What was the market size of electric buses in 2017 and forecast up to 2026?
  • Which is the largest regional market for electric buses?
  • What are the major trends followed in overall electric buses across different regions?
  • Who are the key electric buses companies leading the market?
  • What are the key strategies adopted by the leading electric buses companies in the market?

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