Yahoo Finance Global Electric Bus Market Primed for Long-term Growth: Forecast to Grow at a CAGR of 10.5% by 2028 | BlueWeave
Delhi, NCR, Jan. 13, 2022 (GLOBE NEWSWIRE) -- The global electric bus market is growing at a high CAGR because of the increasing fuel prices and government investment in public transport infrastructure. Additionally, the launch of electric buses to promote the governments’ zero-emission agenda is also strengthening the market worldwide…
A recent study conducted by the strategic consulting and market research firm BlueWeave Consulting revealed that the global electric bus market was worth USD 37.0 billion in 2021 and is estimated to grow at a CAGR of 10.5%, earning revenue of around USD 71.2 billion by the end of 2028. The electric bus market is gaining significant traction because of increasing fuel prices and declining levels of non-biodegradable resources. As a result, the government of different countries are taking various initiatives to promote the use of electric buses instead of traditional fuel buses. Additionally, government authorities are significantly investing in public transport infrastructure and the launch of electric buses to promote their zero-emission agenda, which is anticipated to propel the demand for electric buses during the forecast period. However, the high cost of electric buses compared to traditional buses may act as a huge restraint for the growth of the electric buses market.
Growing demand for emission-free transport vehicles is driving the growth of the global electric bus market
The transport sector is one of the largest contributors to global greenhouse gas (GHG) emissions. According to the United Nations Environment Program (UNEP), the transport sector contributes around one-quarter of all energy-related greenhouse gas (GHG) emissions and is one of the largest sources of urban and regional air pollution. Moreover, the United States Environmental Protection Agency (EPA) states that buses contributed 1.1% to the entire GHG emissions from the transportation sector in 2019.
Many countries have announced their goals to reduce their GHG emissions. For instance, the U.S. has announced its goal to reduce GHG emissions by 50-52% from 2005 levels by 2030. Likewise, Germany has set the target of achieving at least 65% less carbon emission from 1990 levels by 2030. As countries look to meet their ambitious goals, the demand to reduce GHG emissions from the transportation sector is increasing and is creating demand for emission-free vehicles such as electric buses, which in turn is driving the growth of the global electric bus market.
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Global Electric Bus Market - By Battery Type
Based on battery types, the global electric bus market is segmented into lithium-nickel-manganese-cobalt oxide, lithium-iron-phosphate, and others. Among these, the lithium-iron-phosphate segment holds the largest market share due to its higher durability, excellent thermal and chemical stability and longer life span, along with low maintenance and higher safety. Furthermore, this battery type is also lighter in weight compared to its counterparts due to which it exerts less pressure on the vehicle body.
Global Electric Bus Market - By Length of Bus
Based on the length of the bus, the global electric bus market is segmented into <9 meters, 9-14 meters, and >14 meters. Due to the increase in passenger buses in public transportation, electric buses with a length of 9-14 meters have the biggest market share. Because of the high demand, manufacturers are focusing on this length range and launching electric buses with lengths ranging from 9 to 14 meters. The increased popularity of this type of electric bus can be ascribed to its long-distance capability of 125 to 155 miles.
Electric Bus Market - By Component
Based on components, the global electric bus market is segmented into motor, battery, fuel cell stacks, ultra captivator, and others. The battery segment accounts for the largest market share due to the growing demand for battery-powered electric buses and their prominent use as public transport. The efficiency of the batteries is directly influenced by their use, temperature, as well as distance, traveled. Therefore, they require frequent replacements compared to other components for the electric bus to work efficiently, which drives its market growth.
Electric Bus Market - By End-User
Based on end-users, the global electric bus market is grouped into private and government segments. The government segment accounts for the largest market share. Electric trucks are anticipated to experience a lucrative growth opportunity due to the increasing investments in public transportation, as well as the increasing focus on decarbonizing the road transport. For instance, the Berlin public transport company Berliner Verkehrsbetriebe has recently given orders for 90 more electric buses with an investment of around 65 million euros (approx. USD 73.6 million) that includes charging infrastructure as well.
Impact of COVID-19 on Global Electric Bus Market
The growth of the global electric bus market was negatively halted by the sudden outbreak of the COVID-19 pandemic. The global health crisis caused a dramatic decline in vehicle sales, harming the automotive industry and adversely affecting the demand for electric buses. The manufacturers of electric bus and components had to temporarily pause their production operations due to nationwide lockdown imposed by different countries, which obstructed its market growth. However, the market is anticipated to gain significant traction during the forecast period. Furthermore, during the COVID-19 pandemic, much debate surrounded the need for sustainability and shifting from non-renewable resources, which is expected to boost the demand for electric buses in the coming years.
For more info please read press release of global electric bus market: https://www.blueweaveconsulting.com/press-release/global-electric-bus-market-primed-for-long-term-growth-forecast-to-grow-at-a-cagr-of-10-5-by-2028
Global Electric Bus Market: Regional insights
Based on regions, the global electric bus market is classified into North America, Europe, Asia-Pacific, Latin America, and Middle East & Africa. In 2021, the Asia-Pacific region dominated the market owing to the presence of leading electric bus OEMs and a large share of electric buses in the region. According to the Bloomberg NEF report, China alone accounted for 99% of the global electric bus fleet in 2018 with 421,000 out of 425,000 electric buses. Furthermore, government investments in switching from fossil-fuel buses to electric buses have contributed to the region's dominance of the global electric bus market.
Global Electric Bus Market - Competitive Landscape
The leading players in the global electric bus market are Proterra, BYD Company, AB Volvo, Zhengzhou Yutong Bus Co. Ltd., Goldstone Infratech Ltd., Ashok Leyland, NFI Group, Lion Electric Company, GreenPower Motor Co., JBM Auto Ltd., Arrival, Blue Bird Corporation, ArcLight Clean Transition, Daimler AG, Anhui Ankai Automobile Co. Ltd, King Long United Automotive, New Flyer Industries, VDL GROEP BV, Construcciones y Auxiliar de Ferrocarriles, S.A., and other prominent players.
The global electric bus market is highly competitive and is dominated by multinational industry players. However, as an emerging market, electric buses are considered encouraging for new entrants. The market players offer a diverse product portfolio to cater to the needs of various end-users. Additionally, they invest heavily in the launch of new products and ranges, along with expanding their production capacity and improving their distribution channels. Furthermore, the adoption of competitive strategies, such as partnerships, mergers & acquisitions, joint ventures, etc., is also prominent in this market.
Recent Developments
In January 2022, the Kansas City Aviation Department announced that it will invest in the first wireless vehicle charging system installed at a U.S. airport as part of its USD 1.5 billion Kansas City International Airport (KCI) New Terminal project. The department will use this technology to expand its electric bus fleet without installing an above-ground charging station or taking buses out of service for charging.
In December 2021, the Pinellas Suncoast Transit Authority (PSTA) of Pinellas County approved USD 80 million over the next five-years for buying 60 electric buses. The transit agency is planning to run a green-fleet by 2050 and the latest development is a step-forward in the same direction.
The in-depth analysis of the report provides information about growth potential, upcoming trends, and statistics of the global electric bus market. It also highlights the factors driving forecasts of total market size. The report promises to provide recent technology trends of the electric bus market and industry insights to help decision-makers make sound strategic decisions. Furthermore, the report also analyzes the growth drivers, challenges, and competitive dynamics of the market.
Scope of the Report
Attributes | Details |
Years Considered | Historical data – 2018-2021 |
Base Year – 2021 | |
Forecast – 2022 – 2028 | |
Facts Covered | Revenue in USD Billion |
Market Coverage | U.S, Canada, Germany, UK, France, Italy, Spain, Brazil, Mexico, Japan, South Korea, China, India, UAE, South Africa, Saudi Arabia |
Product Service/Segmentation | By Type, By Battery Capacity, By Vehicle Range, By Battery Type, By Length of Bus, By Component, By End-User, By Region |
Key Players | Proterra, BYD Company, AB Volvo, Zhengzhou Yutong Bus Co. Ltd., Goldstone Infratech Ltd., Ashok Layland, NFI Group, Lion Electric Company, GreenPower Motor Co., JBM Auto Ltd., Arrival, Blue Bird Corporation, ArcLight Clean Transition, Daimler AG, Anhui Ankai Automobile Co. Ltd, King Long United Automotive, New Flyer Industries, VDL GROEP BV, Construcciones y Auxiliar de Ferrocarriles, S.A., and other prominent players. |
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