Electric Bus Market Report and Forecast 2024-2032

According to the report, the global electric bus market is projected to grow at a CAGR of 13.6% between 2024 and 2032. Aided by the rising demand for sustainable transportation solutions and advancements in electric vehicle (EV) technology, the market is expected to grow significantly by 2032.

Electric buses represent a key segment in the green transportation movement, offering an eco-friendly alternative to traditional diesel buses. They operate using electric motors and are powered by onboard batteries or other electric power sources. This shift towards electric buses is a critical component in the global strategy to reduce greenhouse gas emissions, combat climate change, and improve urban air quality.

The electric bus market growth is fuelled by several factors. Primarily, there is an increasing global commitment to reducing carbon emissions, with many governments implementing policies and providing subsidies to encourage the adoption of electric buses. The heightened environmental awareness among the public and policymakers has also played a pivotal role in this transition.

Technological advancements have significantly reduced the costs of electric buses while improving their range and efficiency. Innovations in battery technology, particularly in terms of energy density and charging speed, have made electric buses more viable for a range of transit applications. The development of fast-charging infrastructure and battery swapping technology has also contributed to easing the transition from diesel to electric buses.

As per the electric bus market analysis, the investments in electric bus manufacturing and infrastructure are on the rise, with both public transportation authorities and private fleet operators recognising the long-term economic and environmental benefits of electric buses. The total cost of ownership for electric buses, which includes purchase price, fuel costs, and maintenance, is increasingly becoming competitive with traditional buses, especially when environmental and health externalities are considered.

Consumer and institutional preference for sustainable transit solutions is another force boosting the electric bus market demand. Municipalities and cities, in particular, are adopting electric buses to meet their sustainability goals and to provide cleaner, quieter, and more efficient public transportation. This trend is further supported by the growing awareness of the health impacts of air pollution, particularly in urban areas.

Market Segmentation

The market can be divided based on propulsion type, length, range, battery capacity, power output, and region.

Market Breakup by Propulsion Type

• Fuel Cell Electric Vehicle (FCEV)
• Battery Electric Vehicle (BEV)
• Plug-in Hybrid Electric Vehicle (PHEV)

Market Breakup by Length

• Less than 9 meters
• 9-14 meters
• Above 14 meters

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 Power Output

• Up to 250kW
• Above 250 kW

Market Breakup by Region

• North America
• Europe
• Asia Pacific
• Latin America
• Middle East and Africa

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 global electric bus market. Some of the major players explored in the report are as follows:

• BYD Motors Inc.
• Solaris Bus & Coach sp. z o.o
• Volvo Group
• Yutong Bus Co., Ltd.
• VDL Bus & Coach BV
• Hyundai Motor Company
• Edison Motors Co., Ltd.
• Zhongtong Bus Holding Co., Ltd.
• IVECO S.p.A
• EvoBus GmbH (Daimler Truck)
• Others