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Electric Bus Market Outlook, Global Trends, and Forecast [2032]
According to the report published by Facts & Factors, the global Electric Bus Market size was worth around USD 39.45 billion in 2023 and is predicted to grow around USD 174.26 billion by 2032 with a compound annual growth rate (CAGR) of roughly 17.9% between 2024 and 2032. The report analyzes the global Electric Bus Market drivers, restraints/challenges, and the effect they have on the demands during the projection period. In addition, the report explores emerging opportunities in the Electric Bus Market.
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Market Synopsis:
An electric bus is a form of bus that runs on electricity instead of traditional internal combustion engines that run on gasoline or diesel. This electricity is usually obtained from onboard batteries. Since these buses emit no emissions when in use, they are made with a greater consideration for the environment than conventional buses, which greatly increase air pollution and greenhouse gas emissions. Advances in battery technology have significantly boosted the range and efficiency of electric buses, which rely on a variety of technologies for charging, including overhead lines and plug-in systems.
Government incentives and improved infrastructure for charging electric buses are helping cities all around the world cut urban pollution and meet climate targets. As a result, electric buses—a quieter, greener option to traditional buses—are starting to appear often in public transit systems.
Key Features:
Over the course of the projection period, the market for electric buses has grown at a CAGR of 17.9%.
The global electric bus industry is expected to generate around USD 174.26 billion in sales by 2032, up from an anticipated USD 39.45 billion in 2023.
Stricter government laws on vehicle emissions, a growing need for more environmentally friendly transportation options, and falling battery costs are driving the expansion of the electric bus sector.
Depending on the kind of vehicle, the battery electric bus market is expected to grow at a rapid pace and take the lead in the global market.
The lithium-ion battery sector is expected to capture the biggest market share based on battery technology.
During the projected period, the Asia-Pacific region is anticipated to hold a dominant position in the global market.
Industry Growth Accelerators
Environmental Concerns and Regulations: As a result of tighter emissions laws and low-emission zones being implemented in several nations, diesel buses are gradually being replaced by electric buses, which have zero exhaust emissions.
Government Support and Incentives: Financial incentives, such as grants, subsidies, and tax exemptions, are being offered by governments all over the world to encourage the adoption of electric vehicles, especially buses. These subsidies reduce the upfront cost and encourage the deployment of electric buses in fleets operated by both public and private transportation companies.
Significant advancements in battery technology have resulted in an increase in the energy density, a reduction in charging times, and an extension of the driving range of electric buses, making them a more viable option for everyday operations.
Some of the main competitors dominating the global electric bus market include;
AB Volvo
Ashok Leyland Ltd.
BYD Company Ltd.
Daimler Truck AG
Hyundai Motor Company
King Long
领英推荐
Man Se
Nissan Motor Corporation
Olectra Greentech Ltd.
Proterra
TATA Motors Ltd.
Zhengzhou Yutong Bus Co. Ltd.
Current Events:
Together with the Napa Valley Transportation Authority (NVTA), BYD Motors Inc. unveiled a special electric bus for the St. Helena neighborhood. Known as the "butterfly bus," it serves wine country travelers with clean, effective transportation while demonstrating the area's dedication to environmental stewardship.
Volvo Buses unveiled Volvo Connect, a new client portal that simplifies workshop productivity tools and connected services, in April 2022. With this innovation, Volvo's electric bus clients should see increased uptime, productivity, and safety.
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Regional Overview of the Electric Bus Market:
Because of China's extensive use of electric buses, Asia-Pacific currently dominates the worldwide electric bus market. The expected CAGR for the region is around 34.7%, fueled by widespread deployments and ongoing advancements in battery technology. Other nations are also increasing the number of electric buses in their fleets, including South Korea, Japan, and India.
China leads APAC without a doubt thanks to strict air quality laws, aggressive national sales goals for electric cars, and large government subsidies that have propelled the country's electric bus industry. Major companies in China's booming domestic electric bus manufacturing market include BYD, Yutong, and Sunwin. Technological developments and economies of scale assist these companies.
About Facts & Factors:
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