According to the latest research report, during the projected period, the Automotive Electric Bus market size is expected to grow at a 22.8 percent CAGR.
An electric bus, often known as an e-bus, is a bus that does not use a typical ICE engine for propulsion and is entirely electric. The E-bus is propelled by an onboard electric motor that is powered by onboard batteries or a set of batteries. Electric buses are considered environmentally beneficial since they emit no emissions. They are also more cost-effective than regular gasoline/diesel buses.
Rising environmental concerns, as well as increased government expenditures in fuel-saving technology and alternative fuel vehicles, are propelling the worldwide automotive electric bus market growth forward. As a growing number of worldwide bus manufacturers decide to produce electric and hybrid-electric buses as alternatives to diesel-powered buses, the market is expected to increase. Benefits like thermal comfort and noise reduction provided by these would boost the automobile electric bus industry even more. Electric and hybrid-electric buses assist to decrease the impacts of solar heat buildup inside the automobile and act as a filter for disruptive noises such as car horns and construction activities. Whereas high manufacturing costs and a lack of understanding regarding usability and advantages severely impede market expansion.
The Automotive Electric Bus Market is anticipated to reach USD 82.5 billion by the end of the forecast period, growing at a CAGR of 22.8 percent between 2017 and 2023.
This report contains all the information on the global Automotive Electric Bus Market outlook and its strengths. The report also contains the culmination of dynamics, segmentation, key players, regional analysis, and other important factors. And a detailed analysis of the global Market and forecast for 2027 is also included in the report.
Covid 19 Analysis
COVID-19 has had a considerable influence on the market for electric buses. The manufacturing, as well as the COVID-19, have had a considerable influence on the electric bus industry. As the entire ecosystem was disrupted, both the manufacturing and sales of new electric buses came to a standstill throughout the world. OEMs had to wait until lockdowns were removed before they could begin manufacturing, which harmed their bottom line. Following the epidemic, the market for new electric buses is projected to rise as economies gradually recover.
Major Key Players
Various governments across the world have launched projects to make urban public transportation more sustainable and fuel-efficient through the use of electric buses. For example, the Swiss government intends to raise electric car adoption to 15% by 2022. The government has a Green Deal for Electric Transport from 2016 to 2020. The green deal's main goal is to eliminate automobile emissions by 2025, which would promote the electric bus sector. In addition, the US Department of Transportation's Federal Transit Administration (FTA) has committed USD 130 million in financing for Low or No Emission vehicles in June 2020. Electric buses will revolutionize public transit in the next years by improving air quality, lowering noise levels, and increasing fuel efficiency. The tightening of pollution standards in numerous nations has pushed manufacturers to embrace electric technology. As of 2020, Asia Pacific leads the market for electric buses, owing to China's rapid adoption of electric buses.
Governments all around the world have developed enticing programs and plan to encourage the usage of electric buses. Developed-country governments have initiated the tender process to boost the usage of electric buses in their cities. For example, in 2018, London has over 2,500 electric buses in operation, with ambitions to raise this to 9,200 electric buses by 2037. The Mayor of London has set aside money for this purpose.
The high cost of developing electric buses and coaches, as well as related components such as batteries and monitoring systems (battery management systems, CAN bus modules), is a significant barrier for electric bus producers. The cost of developing infrastructure for EVs is also quite expensive. Global infrastructure construction will require almost USD 2.8 trillion. An EV's battery requires regular and rapid charging via extra equipment such as electric chargers, which are only available at EV charging stations. High-capacity charging stations must be installed in several places. The cost of the battery, charger, and charger installation adds to the cost of electric buses and coaches, making them more expensive than standard ICE buses and coaches.
Current electric bus batteries have low capacity, long charging times, and a restricted range per charge. The performance and service life of the batteries have a direct impact on the performance and cost of electric buses. Lead-acid, nickel-cadmium, nickel-metal hydride, lithium-ion, and supercapacitors are now utilized to power electric buses. Because lithium-ion batteries have a longer battery life, they are increasingly replacing lead-acid, nickel-cadmium, and nickel-metal hydride batteries in electric buses. However, the capacity of lithium-ion batteries is insufficient to power commercial vehicles such as electric buses, as large loads need more power to provide maximum torque. The charging-discharging performance of batteries decreases substantially in cold regions, making it harder for the batteries to supply maximum power.
Cumulative Growth Analysis
In terms of volume, the 9–14 m segment of the automotive electric bus market value is expected to be the largest throughout the forecast period. Because of the huge number of electric passenger buses utilized in public transportation fleets, the 9–14 m segments dominates the electric bus sector. The majority of public transportation fleets, particularly in China, which accounts for over 99 percent of the market, feature electric buses ranging in length from 9 to 14 meters. Furthermore, several of the market's top OEMs, including BYD, Proterra, and Yutong, have been offering electric buses ranging in length from 9 to 14 meters. BYD provides K8 and K9 electric buses with lengths ranging from 9 to 14 meters and ranges of 155 to 190 kilometers. It also provides C8 and C9 transit vehicles with 125 and 155-mile ranges, respectively.
Value Chain Analysis
According to the latest research report, the global market is segmented on the basis of charging technology, vehicle type, and region. Charging technology is further distributed into autonomous and non-autonomous. On the basis of vehicle type, the market is segmented on the basis of light-duty electric, heavy-duty electric, and hybrid-electric bus.
The market is segmented on the basis of charging technology, vehicle type, and region. The global automotive electric bus market trend is expected to witness decent growth during the forecast period.
Based on the application, the market is segmented into autonomous and non-autonomous
Based on the propulsion types, the market is segmented into light-duty electric, heavy-duty electric, and hybrid-electric bus.
According to the reports, on the basis of region, the global automotive electric bus market is divided into North America, Europe, Asia Pacific, and the rest of the world. The Asia Pacific area has the world's largest market share. It is home to some of the world's most rapidly expanding and developing economies. The region's development may be ascribed to the Chinese market's dominance as well as the presence of prominent OEMs such as BYD, Yutong, Zhongtong, and Ankai in the nation, resulting in the exponential expansion of the Asia Pacific market. Shenzhen was also the world's first city to have a completely electric public transportation network. The favorable legislation for electric buses, the availability of electric and electronic components at lower prices, and the fast-expanding charging infrastructure are expected to enhance the region's electric bus industry.
Major competitors in the worldwide automotive electric bus industry include BYD (China), Yutong (China), Proterra (US), VDL Groep (Netherlands), and AB Volvo (Sweden). These firms have extensive global distribution networks. Furthermore, in this sector, these firms have a diverse product offering. To maintain their market position, these firms have used methods such as new product development, partnerships, and contracts and agreements.
The following report comprises of –
Based on the consumer segment:
Based on application:
Based on the length of bus type:
Based on Vehicle range:
Based on battery capacity:
Based on power output:
Based on battery type:
Based on component (qualitative):
Based on the region:
|Market Size||2028: USD 34.75 Billion|
|CAGR||13.47% CAGR (2020-2028)|
|Forecast Units||Value (USD Billion)|
|Report Coverage||Revenue Forecast, Competitive Landscape, Growth Factors, and Trends|
|Segments Covered||Charging technology, Vehicle Type|
|Geographies Covered||North America, Europe, Asia-Pacific, and Rest of the World (RoW)|
|Key Vendors||Daimler AG (Germany), Anhui Ankai Automobile Co., Ltd.( China), Volvo Group (Sweden), Wright Enrichment Inc(U.S.), Shandong Yi Xing Electric Auto Co.,Ltd (China), Zhongtong Bus Holding Co., Ltd.( China), BYD Auto Co., Ltd ( China), Iveco (Italy), Ebus (Singapore) and Beiqi Foton Motor Co., Ltd.(China).|
|Key Market Opportunities||Rising environmental concerns and increasing government investments in fuel saving technologies & alternative fuel vehicles|
|Key Market Drivers||Increasing investments by governments in electric public transportation|
Frequently Asked Questions (FAQ) :
The automotive electric bus market is prognosticated to register 13.47% CAGR.
The valuation of the automotive electric bus market is expected to USD 34.75 Bn. by 2028.
The segments of the automotive electric bus market, by charging technology, are autonomous and non-autonomous.
The key participants of the automotive electric bus market are Daimler AG (Germany), Volvo Group (Sweden), Anhui Ankai Automobile Co., Ltd.(China), Wright Enrichment Inc(U.S.), Zhongtong Bus Holding Co., Ltd. (China), Shandong Yi Xing Electric Auto Co., Ltd (China), Iveco (Italy), BYD Auto Co., Ltd ( China), Ebus (Singapore), and Beiqi Foton Motor Co., Ltd.(China).
Increasing investments by governments in electric public transportation are likely to augment the automotive electric bus market.