Market overview:
The Automotive Electric Bus market is estimated to expand at a 22.8 percent CAGR.
The adoption of strict government regulations and growing environmental concerns over rising air pollution are the primary factors driving market expansion. Furthermore, the excellent characteristics of the electric bus, such as zero-emission, improved acceleration, and silent operation, contribute to market expansion. Furthermore, rising consumer demand for energy-efficient transportation is propelling the market forward. The industry is predicted to rise as many global bus manufacturers opt to create electric and hybrid-electric buses as alternatives to diesel-powered ones.
These benefits, such as thermal comfort and noise reduction, will further promote the electric car bus sector. Electric and hybrid-electric buses help to reduce the effects of solar heat buildup inside the vehicle and function as a filter for distracting noises like car horns and construction activity.
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COVID-19 had a significant impact on the Automotive Electric Bus market. COVID-19, as well as its manufacture, has had a significant impact on the electric bus sector. As the entire ecosystem was disrupted, new electric bus manufacturing and sales came to a halt throughout the world. OEMs had to wait for lockdowns to be lifted before starting manufacturing, which hurt their bottom line. The demand for new electric buses will grow as economies progressively recover following the outbreak.
Market segmentation:
The worldwide automotive electric bus market is classified by propulsion type, end-user, and application.
According to the propulsion type:
- Fuel Cell Electric Vehicle (FCEV)
- Plug-In Hybrid Electric Vehicle (PHEV)
- Battery Electric Vehicle (BEV)
According to the end-user:
- Fleet Operators
- Government
According to the application:
- Intercity
- Intra-City
Regional analysis:
The worldwide electric bus market is divided into four regions: North America, Asia-Pacific, Europe, and the Middle East and Africa.
Asia-Pacific is the dominating region, with a market value of USD 14196 million in 2021 and a projected CAGR of 12% to reach USD 40325 million by 2030. As the largest economy, Asia-Pacific offers advantageous rules for the assembly and distribution of electric cars. Many countries in the area have begun to use electric transportation for public transportation. States also benefit from amazing advantages and cost reductions through sponsorships for electric car manufacturing units.
Europe is renowned as an automotive powerhouse, with the most electric car manufacturing plants. Because many European nations employ electric buses for public transit, the area is driving the global electric bus industry. It had a market worth of USD 999 million in 2021 and is expected to rise to USD 3980 million by 2030 at a CAGR of 16%.
North America ranks third in the list with a market share of USD 588 million in 2021 and is expected to grow to USD 2588 million by 2030 at a CAGR of 17%. The Middle East and Africa area has the lowest revenue generation, accounting for USD 125 million in 2021 and predicted to rise by USD 1152 million by 2030 at a 28% CAGR.
Recent developments:
- Daimler Buses announced in May 2022 that it intends to deliver zero-emission cars in all segments by 2030. (Both hydrogen-powered and battery). The Mercedes eCitaro will be fitted with a hydrogen-based fuel cell as a range extender beginning in 2023. In 2025, the first all-electric intercity bus will be introduced.
- Daimler and Meritor collaborated in December 2021 to offer a powertrain for electric buses. The arrangement will last five years and is expected to begin in January 2024.
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