Electric Bus Market Size, Share, Growth, and Forecast to 2027

Electric Bus Market
Electric Bus Market 

A bus that uses electric motors rather than internal combustion engines for propulsion is referred to as an electric bus. The necessary electricity for electric buses can either be stored onboard or supplied continuously from an outside source. The vast majority of buses that store electricity are battery-powered vehicles. Long-term growth in the electric bus industry is anticipated to be aided by increased urbanisation, rising oil prices, rising air pollution, government initiatives, and falling battery prices. However, it is anticipated that market growth would be constrained by high development costs, limited battery capacity, and the growing acceptance of buses powered by natural gas. The desire for buses that are fuel-efficient, high-performing, and low-emission, stringent government emission standards and regulations, and declining battery prices are some of the factors propelling the electric bus industry.

The Electric Bus Market was valued at US$ 14,795.5 Mn in 2021 and is forecast to reach a value of US$ 44,309.04 Mn by 2030 at a CAGR of 13.4% between 2022 and 2030.

Integrated software solutions for better bus performance optimization and the development of low cost lithium ion batteries are two emerging trends that have a direct impact on the dynamics of the industry. Due to increased environmental concerns, government incentives and tax breaks, and significant manufacturer investment in the development of electric buses, APAC will continue to be the largest area. Due to strict European government laws that ensure to minimise CO2 emissions by adding more electric buses to its existing fleet, Europe is anticipated to see the largest increase throughout the projection period.

The Electric Bus Market is divided into segments based on type, charging type, client, application, and geography. The Electric Bus Market t is split into two categories based on type: battery electric buses and hybrid electric buses. The market is divided by non-autonomous and autonomous charging types. Public and private markets are categorised according to their customers. The market is divided into shuttles, school buses, transit buses, and others based on application. 

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