Electric Bus Market Expected to Reach $100.39 Billion by 2031: A Detailed Market Report

Meticulous Research® has unveiled a new report titled “electric bus market  by Propulsion Type, Battery Type, Bus Length, Power Output, Sector, & Geography – Global Forecast to 2031,” projecting that the electric bus market will achieve $100.39 billion by 2031. This represents a robust CAGR of 23.4% from 2024 to 2031, with the volume expected to grow to 341,601 units, expanding at a CAGR of 22.4% over the same period.

Factors Driving Growth

The electric bus market is experiencing rapid growth due to government initiatives aimed at electrifying public transport and increased investments from leading automotive manufacturers in the EV sector. For example, the Government of India’s PM-eBus Sewa Scheme, announced in August 2023, will see the deployment of 10,000 electric buses, showcasing the drive towards cleaner transportation.

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Challenges

The market’s growth is tempered by challenges such as high costs and the need for extensive charging infrastructure. Overcoming these hurdles is essential for accelerating the adoption of electric buses, particularly in areas with less developed infrastructure.

Opportunities for Expansion

The market presents significant opportunities for growth, driven by smart city developments and rising demand in emerging economies. Innovations in battery technology and infrastructure improvements are expected to address some of the current challenges, such as range limitations and inadequate charging facilities.

Market Segmentation

Propulsion Type

The electric bus market is segmented into battery electric, hybrid, and fuel cell buses. Battery electric buses are anticipated to dominate the market in 2024 due to regulatory pressures and government incentives. However, hybrid buses are expected to grow at the highest CAGR, driven by the increasing demand for environmentally friendly transportation solutions.

Bus Length

The market is categorized into less than 9 meters, 9 meters–12 meters, and more than 12 meters. The 9 meters–12 meters segment is expected to lead the market in 2024, due to high demand for these buses in public transport. The more than 12 meters segment is projected to grow the fastest, owing to the need for larger buses to efficiently transport more passengers.

Battery Type

Lithium iron phosphate (LFP) batteries are projected to hold the largest market share in 2024, due to their long life and reliability. This segment is also expected to experience the highest growth rate, fueled by increasing use in commercial vehicles and ease of recycling.

Power Output

The 200 kW to 400 kW power output segment is expected to dominate the market in 2024, driven by advancements in fast-charging technology and the rising adoption of mid-range power electric buses. This segment is also projected to grow at the highest CAGR.

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Sector

The public sector is anticipated to lead the market in 2024, accounting for 81.9% of the market share. This growth is attributed to increased demand for fuel-efficient public transport and government initiatives to incorporate electric buses into public transit systems. The private sector is also expanding but at a slower rate.

Regional Market Dynamics

Asia-Pacific is expected to hold the largest market share in 2024, driven by favorable government policies, environmental concerns, and high demand for sustainable transport solutions. The region is also projected to experience the highest growth rate, thanks to increased investments in EV technology and collaborative efforts to promote eco-friendly transportation.

Key Players:

Some of the key players operating in the electric buses market are BYD Company Limited (China), Yutong Bus Co., Ltd. (China), Volvo Group (Sweden), NFI Group Inc. (Canada), Solaris Bus & Coach sp. z o.o. (Poland), Daimler Truck Group (Germany), Tata Motors Limited (India), Hyundai Motor Company (South Korea), Ebusco B.V. (Netherlands), Olectra Greentech Limited (India), Xiamen King Long United Automotive Industry Co., Ltd (China), Anhui Ankai Automobile Co., Ltd. (China), Zhongtong Bus Holding Co., Ltd. (China), MAN Truck & Bus SE (Germany), and Switch Mobility Limited (U.K.).

Check complete table of contents with list of table and figures: https://www.meticulousresearch.com/product/electric-bus-market-5807

Key questions answered in the report-

• Which are the high-growth market segments based on propulsion type, battery type, bus length, power output, and sector?
• What was the historical market for electric buses?
• What are the market forecasts and estimates for the period 2024–2031?
• What are the major drivers, restraints, and opportunities in the electric bus market?
• Who are the major players, and what shares do they hold in the electric bus market?
• What is the competitive landscape like in the electric bus market?
• What are the recent developments in the electric bus market?
• What are the different strategies adopted by the major players in the electric bus market?
• What are the key geographic trends, and which are the high-growth countries?
• Who are the local emerging players in the global electric bus market, and how do they compete with the other players?

About Meticulous Research®

Meticulous Research® is a leading provider of comprehensive market intelligence, offering actionable insights and analysis across various industries. Our reports empower businesses to make informed decisions, drive growth, and remain competitive in a rapidly evolving marketplace.

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