Global Electric Bus Market (2023-2028) Competitive Analysis, Impact of Covid-19, Ansoff Analysis

The growth of the electric bus market is driven by the electrification of public transport

The Global Electric Bus Market is estimated to be USD 19.26 Bn in 2023 and is expected to reach USD 37.78 Bn by 2028 growing at a CAGR of 14.42%.

The electric bus market is experiencing a profound transformation driven by key market dynamics. The global emphasis on sustainability and the imperative to reduce greenhouse gas emissions have become pivotal factors propelling the widespread adoption of electric buses. Governments and municipalities worldwide are setting ambitious targets to electrify public transportation, catalyzing a surge in demand for electric buses as they represent a sustainable and eco-friendly solution. Furthermore, advancements in battery technology, coupled with the expansion of charging infrastructure, have played a pivotal role in the market's growth. Manufacturers are developing energy-efficient electric bus models with improved range, making them more attractive to transit agencies and operators. Importantly, the long-term cost savings realized through reduced fuel and maintenance expenses are compelling factors that drive the transition from traditional fossil-fuel buses to electric alternatives.

The electric bus market is diverse and can be segmented based on various factors, including propulsion type, battery capacity, application, and region. Propulsion types such as battery electric buses (BEV), plug-in hybrid electric buses (PHEV), and hydrogen fuel cell electric buses (FCEB) offer a range of options to cater to specific operational needs. Battery capacity segments provide flexibility, impacting driving range and operational capabilities to suit diverse transit requirements. The market spans various applications, from public transit to school transportation, tourism, and logistics. Geographically, the electric bus market exhibits a global reach, with substantial growth witnessed in regions like North America, Europe, and Asia-Pacific.

However, amid its remarkable growth, the electric bus market faces significant challenges and restraints. High upfront purchase costs, mainly attributed to the expensive battery technology, can pose a barrier for transit agencies and operators with constrained budgets. Limited charging infrastructure, especially for long-distance routes, and concerns about range limitations are challenges that must be addressed to ensure the widespread adoption of electric buses. Furthermore, the diversity of charging standards and technological specifications can lead to compatibility issues, potentially slowing market growth. Successfully overcoming these challenges will necessitate ongoing technological innovations, robust government policies supporting electrification, and substantial investments in charging infrastructure. These collective efforts are crucial to accelerate the adoption of electric buses and further expand the market.

Governments are also making various efforts to promote the introduction of electric buses worldwide. For instance, the European government has set a goal to have 45% of city electric buses registered for alternative driving by 2025 and at least 65% under the Clean Vehicle Directive by 2030. Similarly, the Swedish government plans to expand e-buses penetration to 15% by 2022. Thus, these government initiatives are further fueling the market's growth.

• In conclusion, the electric bus market is experiencing a profound shift towards sustainability, driven by the imperative to reduce emissions and enhance urban mobility. While challenges and restraints persist, the market is poised for continued growth, with governments, manufacturers, and transit agencies working collaboratively to overcome obstacles and make electric buses a standard in public transportation. The future holds promising opportunities for a cleaner, more sustainable, and efficient transit system powered by electric buses.

Market Segmentations

• The Global Electric Bus Market (2023-2028) by consumer, Propulsion Type, Battery Capacity, length, Components, Application, and Geography.
• By Component the global connected electric bus market, segmented by components, comprises a diverse range of critical elements that collectively contribute to the functionality and performance of electric buses. These components include advanced battery and energy storage systems, electric motors and drivetrains, charging infrastructure, onboard electronics and control systems, interior, and passenger systems ensuring passenger comfort and safety, exterior and body components, connectivity and telematics systems for real-time monitoring and data management, auxiliary systems such as heating, ventilation, and air conditioning (HVAC), safety systems for passenger protection, regenerative braking systems for energy efficiency, battery management, and monitoring systems for optimal battery performance, and more. This comprehensive array of components addresses the unique requirements of connected electric buses, enabling their sustainable and efficient operation across various applications and sectors worldwide
• By Capacity, the global connected electric bus market, categorized by battery capacity, encompasses a spectrum of options tailored to meet diverse operational needs and driving ranges. These capacity segments range from small-capacity batteries, typically less than 100 kWh, suitable for short-distance urban routes, to medium-capacity batteries, spanning 100 kWh to 300 kWh, offering versatility for urban and suburban transit. Large-capacity batteries exceeding 300 kWh are designed to cover extended routes, including intercity and regional transport. Customizable battery capacities allow buyers to align electric buses with specific operational requirements, while ultra-fast charging solutions are emerging, focusing on rapid charging capabilities to minimize downtime, particularly suitable for high-frequency urban routes. As battery technology evolves, these capacity options address various applications and operational scenarios within the global connected electric bus market.
• By Application, the global connected electric bus market, segmented by application, encompasses various uses across various sectors and industries. These applications include public transit, where electric buses serve as eco-friendly and efficient modes of urban transportation; school and student transportation, offering a safer and cleaner alternative; tourism and sightseeing, enhancing the tourist experience with quiet and sustainable transport; corporate and employee shuttles, promoting sustainability in corporate campuses and institutions; airport transportation, reducing emissions and noise pollution on airport grounds; specialized transportation, meeting unique needs such as paratransit and elderly care; logistics and cargo transport, facilitating last-mile delivery; rental and carsharing services, providing eco-friendly options to customers; government and municipal services, serving various city functions; and emerging markets, where electric buses are adopted for personal and small-scale transportation needs. These diverse applications showcase the adaptability and versatility of connected electric buses in addressing a wide range of transportation requirements across different sectors and regions globally.

Recent Development

• Operateur de Transport de Wallonie (OTW), a Belgian public transport company, and AB Volvo signed a contract in February 2023 to deliver 97 Volvo 7900 S-Charge buses. More than 25 nations now use the Volvo 7900 S-Charge bus. Because it continuously charges itself while operating and recovers energy when braking and going downhill, there is no need for charging infrastructure- February 2023
• To meet the growing demand for last-mile mobility in India, VDL Groep BV and Pinnacle Mobility Solutions partnered and invested USD 24,175 in producing electric buses and e-mini trucks in February 2022. Proterra and Eldorado National California (ENC) partnered to develop the following generation of electric transit buses in September 2022. For a seamless fleet transition, the EV technology manufacturer provides battery technology, electric powertrain options, and other auxiliary components- February 2022
• Daimler AG created an all-electric eO500U bus chassis that will debut in September 2021. The bus chassis is produced in So Bernardo do Campo, in the Brazilian state of So Paulo, and is specifically created for cities in Latin America- September 2021

Company Profiles

The report provides a detailed analysis of the competitors in the market. It covers the financial performance analysis for the publicly listed companies in the market. The report also offers detailed information on the companies' recent development and competitive scenario. These companies covered in this report are AB VOLVO, BYD, PROTERRA, ANKAI, SOLARIS, ABB GROUP ETC.

Countries Studied

• America (Argentina, Brazil, Canada, Chile, Colombia, Mexico, Peru, United States, Rest of Americas)
• Europe (Austria, Belgium, Denmark, Finland, France, Germany, Italy, Ireland, Luxembourg, Netherlands, Norway, Poland, Russia, Spain, Sweden, Switzerland, United Kingdom, Rest of Europe)
• Middle East and Africa (Egypt, Israel, Qatar, Nigeria, Saudi Arabia, South Africa, United Arab Emirates, Rest of MEA)
• Asia-Pacific (Australia, Bangladesh, China, India, Indonesia, Japan, Malaysia, Philippines, Singapore, South Korea, Sri Lanka, Thailand, Taiwan, Rest of Asia-Pacific)

Competitive Quadrant

The report includes Competitive Quadrant, a proprietary tool to analyse and evaluate the position of companies based on their Industry Position score and Market Performance score. The tool uses various factors for categorizing the players into four categories. Some of these factors considered for analysis are financial performance over the last 3 years, growth strategies, innovation score, new product launches, investments, growth in market share, etc.

Ansoff Analysis

• The report presents a detailed Ansoff matrix analysis for the Global Electric Bus Market. Ansoff Matrix, also known as Product/Market Expansion Grid, is a strategic tool used to design strategies for the growth of the company. The matrix can be used to evaluate approaches in four strategies viz. Market Development, Market Penetration, Product Development and Diversification. The matrix is also used for risk analysis to understand the risk involved with each approach.
• The publisher analyses the Global Electric Bus Market using the Ansoff Matrix to provide the best approaches a company can take to improve its market position.
• Based on the SWOT analysis conducted on the industry and industry players, the publisher has devised suitable strategies for market growth.

Why buy this report?

• The report offers a comprehensive evaluation of the Global Electric Bus Market. The report includes in-depth qualitative analysis, verifiable data from authentic sources, and projections about market size. The projections are calculated using proven research methodologies.
• The research report also provides a detailed market size analysis and projections in volume and value terms. The projections are calculated using verified research methodologies.
• Excel data sheet for the market size will also be provided with the report.
• The report has been compiled through extensive primary and secondary research. The primary research is done through interviews, surveys, and observation of renowned personnel in the industry.
• The report includes an in-depth market analysis using Porter’s 5 forces model, PESTLE Analysis, and the Ansoff Matrix. In addition, the impact of COVID-19 on the market is also featured in the report.
• The report includes the regulatory scenario in the industry, which will help you make a well-informed decision. The report discusses major regulatory bodies and major rules and regulations imposed on this sector across various geographies.
• The report includes Self-Assessment Form, which helps customers evaluate their position in the market compared to their competitors.
• The report offers customized research - tailored uniquely to our customers with a quick turnaround time. We offer a 15% customization option at no extra charge to all our clients for any of our syndicated reports.

Report Highlights:

• A complete analysis of the market, including the parent industry
• Important market dynamics and trends
• Impact Analysis - a comprehensive assessment to confront risk and make strategic & operational decisions to counter the changes in the market environment.
• Market segmentation
• Competitive Analysis: Comparative analysis of competitor
• Historical, current, and projected size of the market based on value and volume
• Market size of the US states
• Market shares and strategies of key players
• Recommendations to companies for strengthening their foothold in the market