The global electric bus market is estimated to grow at a CAGR of around 17% during the forecast period. The major factors contributing to the growth of the market include the government of the major countries is highly investing to reduce the emission of toxic gases in the environment. Therefore, the governments of different countries have implemented strict emission rules and regulations. These regulations are influencing the growth of the electric bus market. Even the governments of major countries are adopting electric buses in their cities as a step toward making a green environment. Electric buses are efficient and do not emit harmful substances.
As per the International Energy Agency (IEA), the total electric bus sold in 2018 was 92,000 units with the total electric bus stock reached to 460000. China covers 99% of the electric bus market whereas India, Europe, and Latin America had shown growth in the procurement of the electric buses. The reduction in the prices of lithium batteries in 2018 by 18% from 2017 is another driving factor for the market to grow as batteries are the major cost components in the electric buses.
Segmentation
The global electric bus market is segmented based on the bus type, battery type, and end-user. Based on the bus type, the market is classified into a hybrid electric bus, fuel cell bus, and battery-electric bus. Based on the battery type, the market is classified into Li-ion batteries, NiMH batteries, and others. Based on end-user, the market is classified into government and fleet owners. Lithium-ion batteries are the most use batteries in the electric buses as it provides high energy density and increases power per mass battery unit. Electric buses are highly focused on reduced weight and high power. So, Lithium-ion batteries are the best solution for them. Lithium-ion batteries were become the easy replacement of NiMH batteries because of its charge to weight solution.
Electric Bus Market Find Its Significant market in Battery Electric Bus.
Battery electric buses hold the highest market share in the electric bus market. The top implementer of electric buses across the globe China also uses battery-electric buses heavily for their city's public transport. Its high range performance with the use of lithium-ion phosphate batteries increased the demand for battery-electric buses. In North America, a company like Proterra is manufacturing battery-electric buses for public and commercial transports, airports and universities and schools and contributing towards the green, quiet and clean environment across the North American region.
Global Electric Bus Market Share by Bus Type, 2018 (%)
Regional Outlook
Geographically, the global electric bus market is segmented into North America, Europe, Asia-Pacific, and the Rest of the World. Asia-Pacific had witnessed the highest share in the market owing to stringent government emission regulations in countries such as India, China, and Japan lead to an increase in demand for electric buses in the Asia-Pacific region in order to reduce the emission of harmful substances in the air and to meet the government guidelines regarding emission. A company like BYD Co. Ltd. is expanding its presence in this region, which will further contribute to the growth of the region in the electric bus market.
Global Electric Bus Market Growth, by Region 2019-2025
North America has a potential growth opportunity in the market
North America is offering potential opportunities for the growth of the electric bus market owing to the presence of major players such as BYD, Proterra, Inc; NFI Group, Inc. and Nova Bus (a Volvo subsidiary) in the region. BYD, the Chinese company has captured a major share in the North America market whereas Proterra is a US-based company and only focused on the North America region. The US government introduced various incentives, such as grants and subsidies to promote the adoption of electric buses in the country. The country’s Federal Transit Administration (FTA) offers low-or no emission grant programs for the adoption of electric buses in the country. These factors will likely increase the demand and growth of electric buses in the region. The US electric bus market is highly focused on the adoption of electric buses in the schools, for that, a partnership is also signed between the Proterra and Daimler buses.
Competitive Landscape
The major companies providing electric buses include BYD Co. Ltd; NFI Group, Inc., Ashok Leyland Corp., Proterra, Inc; AB Volvo; Zhengzhou Yutong Group Co. Ltd; and Daimler AG. These companies provide buses of different sizes and different seating capacities. For instance, Inc. offers its buses for public and commercial transit, airports, and schools & universities. In August 2019, Proterra launched Proterra Powered vehicle electrification solutions to leverage its electric vehicle technology and to help commercial electric vehicle manufacturer to electrify their heavy-duty vehicles.
Further, BYD Co., Ltd. is planning to boost production of electric buses in India from 2,000 per year to 5,000 per year with manufacturing second production unit in India in partnership with Olectra, Inc. to manufacture nine-meter-long BYD K7 E-bus with a range of up to 250 kilometers.
In March 2018, Zhengzhou Yutong Group Co. Ltd and Baowu Steel Group Corp. partnership for the establishment of a joint laboratory to research on materials and manufacturing technology. Both companies will focus on design, process, and material optimization of new energy vehicles to provide lightweight solutions for electric buses.
The Report Covers
1. Report Summary
1.1. Research Methods and Tools
1.2. Market Breakdown
1.2.1. By Segments
1.2.2. By Geography
2. Market Overview and Insights
2.1. Scope of the Report
2.2. Analyst Insight & Current Market Trends
2.2.1. Key Findings
2.2.2. Recommendations
2.2.3. Conclusion
2.3. Rules & Regulations
3. Competitive Landscape
3.1. Company Share Analysis
3.2. Key Strategy Analysis
3.3. Key Company Analysis
3.3.1. BYD Co. Ltd.
3.3.1.1. Overview
3.3.1.2. Financial Analysis
3.3.1.3. SWOT Analysis
3.3.1.4. Recent Developments
3.3.2. NFI Group, Inc.
3.3.2.1. Overview
3.3.2.2. Financial Analysis
3.3.2.3. SWOT Analysis
3.3.2.4. Recent Developments
3.3.3. AB Volvo
3.3.3.1. Overview
3.3.3.2. Financial Analysis
3.3.3.3. SWOT Analysis
3.3.3.4. Recent Developments
3.3.4. Ashok Leyland Corp.
3.3.4.1. Overview
3.3.4.2. Financial Analysis
3.3.4.3. SWOT Analysis
3.3.4.4. Recent Developments
3.3.5. Daimler AG
3.3.5.1. Overview
3.3.5.2. Financial Analysis
3.3.5.3. SWOT Analysis
3.3.5.4. Recent Developments
4. Market Determinants
4.1 Motivators
4.2 Restraints
4.3 Opportunities
5. Market Segmentation
5.1. Global Electric Bus Market by Bus Type
5.1.1. Hybrid Electric Bus
5.1.2. Fuel Cell Electric Bus
5.1.3. Battery Electric Bus
5.2. Global ELECTRIC BUS Market by Battery Type
5.2.1. Lithium-ion batteries
5.2.2. NiMH Batteries
5.2.3. Others
5.3. Global Electric bus Market by End-User
5.3.1. Government
5.3.2. Fleet Owner
6. Regional Analysis
6.1. North America
6.1.1. United States
6.1.2. Canada
6.2. Europe
6.2.1. UK
6.2.2. Germany
6.2.3. Italy
6.2.4. Spain
6.2.5. France
6.2.6. Rest of Europe
6.3. Asia-Pacific
6.3.1. China
6.3.2. India
6.3.3. Japan
6.3.4. Rest of Asia-Pacific
6.4. Rest of the World
7. Company Profiles
7.1. AB Volvo
7.2. Allison Transmission, Inc.
7.3. Anhui Ankai Automobiles Co. Ltd
7.4. Ashok Leyland Corp.
7.5. Avass Group of Companies
7.6. BlueBird Corp.
7.7. BYD Co. Ltd.
7.8. Daimler AG
7.9. Ebusco B.V.
7.10. Ekova Electric A.S.
7.11. GILLIG LLC
7.12. GreenPower Motor Co. Inc.
7.13. Hunan CSR Times Electric Vehicle Co., Ltd.
7.14. Iveco S.p.A
7.15. King Long United Automotive Industry, Co. Ltd.
7.16. Nanjing Ruian Electric Co., Ltd.
7.17. NFI Group, Inc.
7.18. Proterra, Inc.
7.19. Scania AB
7.20. Solaris Bus & Coach S.A.
7.21. Tata Motors, Ltd.
7.22. TECNOBUS S.p.A
7.23. VDL Bus & Coaches B.V.
7.24. Yinlong Energy Co Ltd.
7.25. Zhongtong Yutong Group Co. Ltd.
1. GLOBAL ELECTRIC BUS MARKET RESEARCH AND ANALYSIS BY BUS TYPE, 2018-2025 ($ MILLION)
2. GLOBAL HYBRID ELECTRIC BUS MARKET RESEARCH AND ANALYSIS BY REGION, 2018-2025 ($ MILLION)
3. GLOBAL FUEL CELL ELECTRIC BUS MARKET RESEARCH AND ANALYSIS BY REGION, 2018-2025 ($ MILLION)
4. GLOBAL BATTERY ELECTRIC BUS MARKET RESEARCH AND ANALYSIS BY REGION, 2018-2025 ($ MILLION
5. GLOBAL ELECTRIC BUS MARKET RESEARCH AND ANALYSIS BY BATTERY TYPE, 2018-2025 ($ MILLION)
6. GLOBAL LITHIUM-ION BATTERIES ELECTRIC BUS MARKET RESEARCH AND ANALYSIS BY REGION, 2018-2025 ($ MILLION)
7. GLOBAL NiMH BATTERIES ELECTRIC BUS MARKET RESEARCH AND ANALYSIS BY REGION, 2018-2025 ($ MILLION)
8. GLOBAL OTHER BATTERIES ELECTRIC BUS MARKET RESEARCH AND ANALYSIS BY REGION, 2018-2025 ($ MILLION)
9. GLOBAL ELECTRIC BUS MARKET RESEARCH AND ANALYSIS BY END-USER, 2018-2025 ($ MILLION)
10. GLOBAL ELECTRIC BUS IN GOVERNMENT MARKET RESEARCH AND ANALYSIS BY REGION, 2018-2025 ($ MILLION)
11. GLOBAL ELECTRIC BUS IN FLEET OWNERS MARKET RESEARCH AND ANALYSIS BY REGION, 2018-2025 ($ MILLION)
12. GLOBAL ELECTRIC BUS MARKET RESEARCH AND ANALYSIS BY GEOGRAPHY, 2018-2025 ($ MILLION)
13. NORTH AMERICAN ELECTRIC BUS MARKET RESEARCH AND ANALYSIS BY COUNTRY, 2018-2025 ($ MILLION)
14. NORTH AMERICAN ELECTRIC BUS MARKET RESEARCH AND ANALYSIS BY BUS TYPE, 2018-2025 ($ MILLION)
15. NORTH AMERICAN ELECTRIC BUS MARKET RESEARCH AND ANALYSIS BY BATTERY TYPE, 2018-2025 ($ MILLION)
16. NORTH AMERICAN ELECTRIC BUS MARKET RESEARCH AND ANALYSIS BY END-USER, 2018-2025 ($ MILLION)
17. EUROPEAN ELECTRIC BUS MARKET RESEARCH AND ANALYSIS BY COUNTRY, 2018-2025 ($ MILLION)
18. EUROPEAN ELECTRIC BUS MARKET RESEARCH AND ANALYSIS BY BUS TYPE, 2018-2025 ($ MILLION)
19. EUROPEAN ELECTRIC BUS MARKET RESEARCH AND ANALYSIS BY BATTERY TYPE, 2018-2025 ($ MILLION)
20. EUROPEAN ELECTRIC BUS MARKET RESEARCH AND ANALYSIS BY END-USER, 2018-2025 ($ MILLION)
21. ASIA-PACIFIC ELECTRIC BUS MARKET RESEARCH AND ANALYSIS BY COUNTRY, 2018-2025 ($ MILLION)
22. ASIA-PACIFIC ELECTRIC BUS MARKET RESEARCH AND ANALYSIS BY BUS TYPE, 2018-2025 ($ MILLION)
23. ASIA-PACIFIC ELECTRIC BUS MARKET RESEARCH AND ANALYSIS BY BATTERY TYPE, 2018-2025 ($ MILLION)
24. ASIA-PACIFIC ELECTRIC BUS MARKET RESEARCH AND ANALYSIS BY END-USER, 2018-2025 ($ MILLION)
25. REST OF THE WORLD ELECTRIC BUS MARKET RESEARCH AND ANALYSIS BY BUS TYPE, 2018-2025 ($ MILLION)
26. REST OF THE WORLD ELECTRIC BUS MARKET RESEARCH AND ANALYSIS BY BATTERY TYPE, 2018-2025 ($ MILLION)
27. REST OF THE WORLD ELECTRIC BUS MARKET RESEARCH AND ANALYSIS BY END-USER, 2018-2025 ($ MILLION)
1. GLOBAL ELECTRIC BUS MARKET SHARE BY BUS TYPE, 2018 VS 2025 (%)
2. GLOBAL ELECTRIC BUS MARKET SHARE BY BATTERY TYPE, 2018 VS 2025 (%)
3. GLOBAL ELECTRIC BUS MARKET SHARE BY END-USER, 2018 VS 2025 (%)
4. GLOBAL ELECTRIC BUS MARKET SHARE BY GEOGRAPHY, 2018 VS 2025 (%)
5. US ELECTRIC BUS MARKET SIZE, 2018-2025 ($ MILLION)
6. CANADA ELECTRIC BUS MARKET SIZE, 2018-2025 ($ MILLION)
7. UK ELECTRIC BUS MARKET SIZE, 2018-2025 ($ MILLION)
8. FRANCE ELECTRIC BUS MARKET SIZE, 2018-2025 ($ MILLION)
9. GERMANY ELECTRIC BUS MARKET SIZE, 2018-2025 ($ MILLION)
10. ITALY ELECTRIC BUS MARKET SIZE, 2018-2025 ($ MILLION)
11. SPAIN ELECTRIC BUS MARKET SIZE, 2018-2025 ($ MILLION)
12. ROE ELECTRIC BUS MARKET SIZE, 2018-2025 ($ MILLION)
13. INDIA ELECTRIC BUS MARKET SIZE, 2018-2025 ($ MILLION)
14. CHINA ELECTRIC BUS MARKET SIZE, 2018-2025 ($ MILLION)
15. JAPAN ELECTRIC BUS MARKET SIZE, 2018-2025 ($ MILLION)
16. REST OF ASIA-PACIFIC ELECTRIC BUS MARKET SIZE, 2018-2025 ($ MILLION)
17. REST OF THE WORLD ELECTRIC BUS MARKET SIZE, 2018-2025 ($ MILLION)