The Global Electric Bus Market size is projected to reach 935 thousand units by 2027 from a projected 137 thousand units in 2019, at a CAGR of 27.2%. The base year for the report is 2018, and the forecast period is from 2019 to 2027. The electric bus segment has witnessed rapid evolution with governments across the world promoting electrification of public transport fleets.
Advancements in battery pack technologies and electric powertrains are some of the major factors driving the growth of the electric bus market. Factors such as rise in pollution and environmental hazards, stringent government regulations, and stiff competition have compelled automotive OEMs to make fuel-efficient and environment-friendly buses and coaches. In this pursuit, automotive OEMs and component manufacturers are exploring ways to develop and design buses and coaches that meet the standards of fuel efficiency and vehicle emission.
The electric bus market is dominated by globally established players such as BYD (China), Yutong (China), Proterra (US), VDL Groep (Netherlands), and AB Volvo (Sweden).
Opportunities:
1. Government Support for Electrification of Public Transport
2. New Revenue Pockets in the Asia Pacific and Northern Europe
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In the electric bus market, by the length of the bus, the 9–14 m segment is projected to be the largest market during the forecast period in terms of volume. The 9–14 m segment is dominating the electric bus segment due to the large volumes of electric passenger buses used in the public transport fleet. Most of the public transport fleets, especially in China, which accounts for almost 99% of the market have electric buses that are 9–14 m in length. Also, many of the leading OEMs such as BYD, Proterra, and Yutong have been providing electric buses in the 9–14 m length range. Countries that are planning to replace existing public fleets with electric ones are considering electric buses of the same lengths as well.
The Asia Pacific region is estimated to account for the largest share of the electric bus market in 2019. The region is home to OEMs such as BYD, Yutong, Tata, Ashok Leyland, Zhongtong, and Ankai. In recent years, China has introduced many electric buses to its public transport fleets to reduce vehicle emissions. Shenzhen was the first city in China to have a fully electrified public transport bus fleet. Similarly, South Korea and Japan have included electric buses in their public transportation to cut down emissions and reduce dependency on fossil fuels. In addition, governments in Asia Pacific countries are offering several incentives for the promotion of electric buses and coaches.
The Middle East & Africa, which includes Egypt, South Africa, and the UAE, is projected to be the fastest-growing market during the forecast period. The increasing demand for electric mass transit solutions, renowned OEMs expanding in the region, and government support are factors driving the Middle East & Africa electric bus market. For instance, in November 2019, Egypt’s Arab Organisation for Industrialisation (AOI) started its first smart electric bus in the country with the help of Shanghai Wanxiang Group, China. Also, in May 2019, Foton Motor signed an agreement with Egypt’s Military Production Ministry to manufacture more than 2,000 electric buses in the country over the next four years. The Middle East & Africa has become key region for OEMs to explore, as major countries in the Middle East & Africa, such as Egypt, Africa, and UAE, have a high demand for public transport due to the increasing number of tourists visiting these countries. Thus, governments are planning to replace the existing public transport with more efficient and emission-free public transport because of emission concerns.
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Critical Aspects:
1. Governments are working with OEMs to electrify public transport fleets and build charging stations. How will this transform the overall electric bus market?
2. How will fast-paced developments in battery technologies change the dynamics of the electric bus market?
3. The industry is focusing on different powertrain technologies. Which are the leading companies working on it, and what organic and inorganic strategies have been adopted by them?
4. The fuel cell electric bus segment is expected to have a significant market during the forecast. How will this transform the overall electric bus market?
5. Analysis of your competition, including major players in this market and ecosystem. The major players are BYD (China), Yutong (China), Proterra (US), VDL Groep (Netherlands), and AB Volvo (Sweden).
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