Market Overview
The detailed market report of the Automotive Electric Bus Market indicates that the market is expected to have a Compound Annual Growth Rate (CAGR) of 22.8% during the period 2022-2028.
Owing to the harmful effects of the traditional energy sources, the use of Electric buses is on the rise for the last some years. These buses use an electric motor that uses onboard batteries so no harmful emission is there in the environment. The increasing concerns for the environment and rising prices of conventional fuels are contributing to the rapid Automotive Electric Bus Market Growth across the globe. As per the report, the Automotive Electric Bus Market Revenue value is expected to reach USD 82.5 billion by 2028 though there are certain challenges that this industry will face in the coming years. The Automotive Electric Bus Market Growth may get hampered due to the high cost of manufacturing. Additionally long charging time, low capacity, and restricted fleet ranges are other growth restraints of this sector.
The growth of the Automotive Electric Bus Market was affected negatively during the pandemic period owing to the strict lockdown measures, temporary closure of manufacturing units, non-availability of work forces, and restrictions on export-import across the globe but the market is reviving in the post-pandemic period.
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KEY COMPANIES PROFILED
- 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)
Market Segmentation
The Automotive Electric Bus Market is segmented based on region, battery capacity, vehicle range, battery type, and propulsion type.
Based on the propulsion type, the market is further segmented into fuel-cell electric vehicles, plug-in hybrid electric vehicles, and battery electric vehicles sectors. Owing to the use of hydrogen fuel in E-buses, the fuel-cell sector is expected to show substantial growth by 2028.
Based on vehicle range, the two sectors are above 200 miles and less than 200 miles.
Based on the battery capacity, the Automotive Electric Bus Market is segmented into up to 400 KWH and above 400 KWH.
Based on the battery type, the segments are Lithium-ion and others.
Regional Classification
The global Automotive Electric Bus Market is segmented into these regions- Europe, North America, Asia Pacific, and the Rest of the World. The largest Automotive Electric Bus Market Share is occupied by the Asia Pacific as it is home to important market players, especially in China. Additionally, this region is witnessing rapid economic growth which has increased the demand for E-buses. The availability of cheap electronic and electric components, expanding infrastructure, and favorable legislation for E-buses will drive the growth of the Automotive Electric Bus Industry in the Asia Pacific.
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The global analysis of the market is done for the segment, such as charging technology and vehicle type.
In terms of the charging technology segment, the market has included autonomous and non-autonomous.
In terms of vehicle type segment, the market has included light-duty electric, heavy-duty electric, and a hybrid electric bus.
Regional Front
Asia-Pacific is leading the Electric buses market size with augmented government initiatives in countries such as China, India, and Japan. China is the leading market for Electric buseses, and the government is vigorously promoting the replacement of conventional buses with electric ones. China is also budding the required infrastructure to support the use of electric buses. However, in 2017 and 2018, sales of Electric buseses declined, owing to the changes in policies and subsidies among the national and local governments in the country. Yet in the forecast period, China may continue to observe growth in the adoption of Electric buseses, as more than thirty cities in the Chinese have planned to accomplish 100% electrified public transit by 2020. The regions are Zhuhai, Guangzhou, Foshan, Dongguan, and Zhongshan in the Pearl River Delta, along with Hangzhou, Nanjing, Shaanxi, and Shandong.
Europe region is known as one of the leading regions for the expansion of the bus sector. Governments of various countries in Europe are taking initiatives and steps to curb pollution, which in turn is boosting demand for Electric buseses and other vehicles.
Industry News
There is tough competition among the key players in the Automotive Electric Bus Market and each company is investing in research & development to get innovative products.
July 2021- Alexander Dennis Limited (ADL) and BYD UK had announced that they have got a contract with the NTA( National Transport Authority) Ireland to deliver 200 battery-electric buses.
VDL announced that it will supply 32 E-buses to Hermes, a public transportation firm in Eindhoven.
The major key players in the Automotive Electric Bus Market are VDL(Netherlands), AB Volvo(Sweden), BYD(China), and Proterra(US). Extensive distribution networks, diverse product ranges, mergers, and partnerships are some of the strategies that these companies are adopting to remain ahead of their competitors.
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