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Electric Bus Market Size 2021: Segmentation Analysis, Business Opportunities, Top Players, Prominent Regions and Forecast to 2030

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The electric bus market is expected to reach US$62 billion by 2030, The market was valued at US$17 billion in 2019. The global electric bus market will grow at a compound annual growth rate (CAGR) of 12.6% during the forecast period from 2021-2030.

An electric bus is a bus that does not use a traditional ICE engine for propulsion and is entirely electric. Electric buses are considered environmentally friendly and cost effective than traditional gasoline/diesel buses.

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Factors Influencing

Traditional buses are operated using gasoline. As gasoline is a non-renewable resource, the adoption of electric buses is expected to increase in the upcoming years. Electric buses have proven to be the best alternative to support sustainable development.

Electric buses are environmentally friendly. Thus, the growth of the global electric bus market is expected to fuel in the coming years.

An internal combustion engine in a traditional gas-powered vehicle produces a huge amount of carbon dioxide that severely harms the environment. Meanwhile, electric buses use electric motors that do not emit harmful pollutants. Such benefits are anticipated to propel the growth of the market.

Governments of various countries have begun implementing stringent regulations to protect the environment. The authorities of the United States, Germany, France, and China have enacted stringent laws and regulations for vehicular emissions, requiring automobile manufacturers to use advanced technologies to combat high emissions. Moreover, The California Air Resources Board (CARB) has launched a program that incorporates guidelines for manufacturers to produce and deliver zero-emission vehicles (ZEVs), thereby significantly increasing the adoption of electric buses.

On the contrary, the short lifespan of the battery, high manufacturing price are expected to create various challenges in the growth of the global electric bus market.

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Geographic Analysis

Geographically, Asia-Pacific holds the largest share in the global electric bus market and is expected to grow the fastest due to increasing government initiatives and support. Furthermore, rising population, rapidly rising air pollution, falling battery costs, rising disposable income, rapid urbanization, growing environmental awareness, and increasing gasoline prices are forecast to fuel the market growth. In addition, the rising demand for efficient vehicles with zero carbon emissions would contribute to the Asia-Pacific electric bus market’s growth.

COVID-19 Impact Analysis

The sudden stoppage in the travel activities severely impacted the global electric bus market during the COVID-19 pandemic. Moreover, e-bus manufacturing units have been shut down due to stringent regulations and imposed lockdown. As a result, the market faced a sudden drawback during the pandemic period.

Market Segmentation

By Propulsion Type

BEV

FCEV

PHEV

By Length

Less than 9 meters

9-14 meters

Above 14 meters

By Range

Less than 200 miles

More than 200 miles

By Battery Capacity

Up to 400 kWh

Above 400 kWh

By Power output

Up to 250 kW

Above 250 kW

By Region

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By Region

North America

The U.S.

Canada

Mexico

Europe

Western Europe

The UK

Germany

France

Italy

Spain

Rest of Western Europe

Eastern Europe

Poland

Russia

Rest of Eastern Europe

Asia Pacific

China

India

Japan

Australia & New Zealand

ASEAN

Rest of Asia Pacific

Middle East & Africa (MEA)

UAE

Saudi Arabia

South Africa

Rest of MEA

South America

Brazil

Argentina

Rest of South America

Competitors in the Market

Daimler AG

New Flyer Industries Inc.

Zhengzhou Yutong Group

EBUSCO

King Long United Automotive Industry Co. Ltd.

Shenzhen Wuzhoulong Motors

BYD Company Limited

Alexander Dennis Limited

Proterra Inc.

Other prominent players

What are the key findings of the report?

This report provides comprehensive information on factors expected to influence the market growth and market share in the future.

The report offers the current state of the market and future prospects for various geographical regions.

This report provides both qualitative and quantitative information about the competitive landscape of the market.

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