The Electric Bus Market size is projected to grow from 81 thousand units in 2021 to reach 704 thousand units by 2027, at a CAGR of 43.1%.
The growth of the electric bus market can be attributed to the increasing focus of countries on electrification of their public transport fleets with subsidies and favorable regulations due to emission concerns. Advancements in battery pack technologies, declining battery prices, government support, huge subsidies along with tax exemptions, and innovations in electric powertrains are some of the major factors driving the growth of the electric bus and coach industry.
The global electric bus market is dominated by major players such as BYD (China), Yutong (China), Proterra (US), VDL Groep (Netherlands), and AB Volvo (Sweden).
The electric bus market leaders are focusing on expanding their businesses in new markets across the world. North America is one of the potential markets for electric buses and coaches. In October 2020, New Flyer of America Inc., a subsidiary of NFI Group Inc. announced that Knoxville Area Transit (“KAT”) has awarded New Flyer a contract for twelve zero-emission, battery-electric thirty-five-foot heavy-duty transit buses, with options to purchase up to 13 additional zero-emission buses in thirty-five or forty-foot lengths throughout the remaining term of the five-year agreement OEMs are launching new variants of electric buses for the use of school buses. For instance, in March 2021, the Blue Bird has delivered its 400th electric school bus in North America. The company expects to have 1,000 electric school buses delivered by 2022. These buses are mainly used for electric bus purposes and plan to move toward zero-emissions school buses. Yutong has also become the first full-electric bus brand represented in Denmark and is also the first Chinese bus brand with a sizable volume in Denmark.
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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 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 market-leading OEMs such as BYD, Proterra, and Yutong have been providing electric buses in the 9-14 m length range. BYD offers K8 and K9 electric buses between 9 m and 14 m in length and a range of 155 miles and 190 miles. It also offers C8 and C9 transit buses with a range of 125 miles and 155 miles, respectively. Countries that are planning to replace existing public fleets with electric ones are considering electric buses of the same length, which is mostly 9–14 m. For instance, the Indian government is offering subsidies of up to 40% on the cost of the bus or up to USD 77,000 on a standard electric bus of 10–12 m. This would boost the adoption of e-buses in this segment in the future.
The Asia Pacific region is the largest electric bus market in the world. It comprises some of the fastest developing and developed economies in the world. The growth in the region can be attributed to the dominance of the Chinese market and the presence of leading OEMs such as BYD and Yutong in the country, resulting in the exponential growth of the electric bus and coach market in the Asia Pacific. Also, Shenzhen was the first city in the world to have a fully electrified public transport fleet. The large volumes of electric bus production, favourable regulations for electric buses, and rapidly growing charging infrastructure are projected to boost the Asia Pacific electric bus market.
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North America which includes the US and Canada 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 North American electric bus market. The adoption rate of electric vehicles in these regions is emerging and they can be considered as new revenue pockets for the electric bus segment. Countries in these regions are implementing electric bus technologies for public and private transportation options. For instance, In March 2019, the Federal budget of the US announced USD 130 million to accelerate zero-emission buses and vehicles deployment. Also, Funding for hydrogen-powered vehicles and refuelling infrastructure was announced in Pennsylvania. Sales and taxes for alternative fuel vehicles, including hydrogen-fueled vehicles, were exempted in Washington. Schemes like these by the government are incentivizing the electric bus market in the North American region. Further, OEMs are also launching new variants of electric buses for other applications such as school buses. For instance, in March 2021, the Blue Bird delivered its 400th electric school bus in North America. The company expects to have 1,000 electric school buses delivered by 2022. A rising number of similar developments indicate that the electric bus market in North American will grow exponentially in future
Recent Developments:
1. In April 2021, VDL has announced a supply contract of 32 electric buses to public transport company Hermes in Eindhoven. These buses will be operational from January 2022 in the Eindhoven cityscape.
2. In February 2021, The Montgomery County Public Schools (MCPS) Board of Education approved a contract with Highland Electric Transportation. Highland Electric Transportation to deploy 326 Thomas Built electric school buses powered by Proterra.
3. In February 2021, Nova Bus, a subsidiary of Volvo Buses have announced a supply order from Chicago Transit Authority. The order is for 600 new 40-foot electric buses from Nova Bus.
4. In January 2021, BYD won a supply contract by the Bogota City Public Transport Authority in Columbia to deliver 1,002 electric buses in 2021. This is the largest pure-electric bus contract for BYD outside China. BYD has collaborated with local bus manufacturers namely Superpolo and BUSSCAR for the bus body parts.
5. In September 2020, Yutong presented to global travellers its 5G-enabled Intelligent mobility solution in a live show in China. Autonomous driving buses, intelligent bus stops, and unmanned intelligent bus terminals were showcased.
6. In September 2018, CAF Group acquired Solaris Bus and Coach to enter into the global electric bus market.
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