Europe Electric Bus Market Report and Forecast 2024-2032

Europe Electric Bus Market Report and Forecast 2024-2032

Market Outlook

According to the report, the Europe electric bus market reached a value of USD 2.23 billion in 2023. Aided by the stringent environmental regulations, technological advancements, and a strong commitment to reducing greenhouse gas emissions, the market is projected to further grow at a CAGR of 18.5% between 2024 and 2032 to reach a value of USD 10.71 billion by 2032.

Electric buses offer a compelling alternative to traditional diesel buses, providing numerous environmental, economic, and social benefits. These vehicles are integral to achieving the European Union's ambitious climate goals, including the reduction of CO2 emissions and the promotion of renewable energy sources in transportation.

The surge in the Europe electric bus market demand is driven by several key factors. Foremost among these is the robust regulatory framework aimed at curbing pollution and promoting sustainable transport solutions. Initiatives such as the Clean Vehicles Directive and the European Green Deal have set clear targets for the adoption of zero-emission vehicles, including electric buses.

Technological advancements in battery storage, charging infrastructure, and energy efficiency have significantly enhanced the performance and reliability of electric buses, making them increasingly viable for widespread use. Moreover, the decreasing cost of batteries and the growing availability of charging infrastructure have further facilitated the Europe electric bus market growth.

Additionally, the growing public and political awareness of environmental issues has led to increased demand for green transport solutions from both consumers and policymakers. This societal shift, coupled with the economic incentives for operators to transition to electric fleets, has catalysed the adoption of electric buses across Europe.

The Europe electric bus market outlook is being influenced by a dynamic and competitive landscape, with numerous manufacturers and technology providers vying for market share. This competition has spurred innovation, leading to the development of electric buses that are not only environmentally friendly but also offer enhanced passenger comfort, safety, and operational efficiency.

Regulatory support is a cornerstone of the electric bus market's growth in Europe. European directives and national policies provide a framework for the procurement of clean buses, the development of necessary charging infrastructure, and the allocation of funding and subsidies to support the transition to electric mobility.

Market Segmentation

The market can be divided based on propulsion type, length, battery type, range, battery capacity, end user, and country.

Market Breakup by Propulsion Type

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

Market Breakup by Length

• Less than 9 Meters
• 9-14 Meters
• Above 14 Meters

Market Breakup by Battery Type

• Lithium-ion Battery
• Nickel-Metal Hydride Battery (NiMH)
• Others

Market Breakup by Range

• Less than 200 Miles
• More than 200 Miles

Market Breakup by Battery Capacity

• Up to 400 kWh
• Above 400 kWh

Market Breakup by End User

• Private
• Public

Market Breakup by Country

• Germany
• United Kingdom
• France
• Italy
• Others

Competitive Landscape

The report looks into the market shares, plant turnarounds, capacities, investments, and mergers and acquisitions, among other major developments, of the leading companies operating in the Europe electric bus market. Some of the major players explored in the report are as follows:

• Yutong Bus Co., Ltd.
• Daimler Truck AG
• IVECO S.p.A
• Solaris Bus & Coach sp. z o.o.
• AB Volvo
• Traton SE
• Karsan Otomotiv San. ve Tic. A.S
• Xiamen Golden Dragon Bus Co.,LTD
• TAM-Europe d.o.o.
• BYD Europe B.V.
• Others

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