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The Electric Bus Market is expected to reach $100.39 billion by 2031, at a CAGR of 23.4% from 2024 to 2031, while in terms of volume, the market is expected to reach 3,41,601 units by 2031, at a CAGR of 22.4% from 2024 to 2031.The growth of the electric buses market is driven by the increasing government focus on public transport electrification and leading automotive manufacturers’ increasing investments in the Electric Vehicle (EV) ecosystem. However, the high purchasing costs of electric buses and the difficulties in building charging infrastructure for electric buses are factors restraining the growth of this market.
Furthermore, the growth in smart city & infrastructure projects and the rising demand for electric buses in emerging economies are expected to generate growth opportunities for the stakeholders in this market. However, the range limitations of electric buses are a major challenge impacting market growth. Additionally, the increasing adoption of fuel cell electric buses is a prominent trend in the electric buses market.
Here are the top 10 companies operating in the Electric Bus Market
Founded in 1995 and headquartered in Shenzhen, China, BYD Company Limited (BYD) is a pioneer and leader in the global new energy vehicle industry. It relies on its strong technological accumulation in the fields of power batteries, motors, and electronic control through technological innovation.
The company is principally engaged in the automobile business, comprising new energy vehicles, handset components, and assembly, rechargeable batteries, and the photovoltaic business. The company operates in the market through two reportable segments: mobile handset components, assembly service, and other products, and automobiles and related products and other products.
With its subsidiaries and a strong distribution network, the company has a geographical presence across the PRC (including Hong Kong, Macau, and Taiwan) and overseas. Some of its subsidiaries are Huizhou BYD Battery Co., Ltd. (China), BYD Auto Industry Company Limited (China), Xi’an BYD Electronics Co., Ltd. (China), and BYD (H.K.) Co., Limited (China).
Yutong Bus Co., Ltd.
Founded in 1993 and headquartered in Zhengzhou, China, Yutong Bus Co., Ltd. is a leading global bus manufacturer. The company manufactures various kinds of buses, such as city buses, long-distance coaches, tourist coaches, commuters, school buses, and special mobility. Yutong has five manufacturing bases for buses and coaches, special vehicles, trucks, construction machinery, and parts and components manufacturing. The company has formed a complete 5m-18m product lineup consisting of buses and coaches.
In 2023, Yutong engineered the Yutong Electric Architecture (YEA), a cutting-edge, adaptable, and self-improving electric vehicle (EV) platform to enhance the performance of the company’s commercial vehicles with an integrated powertrain system. Concurrently, Yutong introduced the “Yutong Electric Safety Standard (YESS)” safety standards, focusing on fire resistance, waterproofing, and electric shock-proof features for their electric buses. These standards achieved the highest protection grade ratings of IP68+IP6K9K, aligning with European safety norms.
Founded in 1927 and headquartered in Gothenburg, Sweden, Volvo Group is one of the world’s leading manufacturers of trucks, buses, construction equipment as well as marine and industrial engines. The Group also provides complete solutions for financing and service. The company operates in the market through six reportable segments: Trucks, Construction Equipment, Buses, Volvo Penta, Financial Services, and Group functions & Other.
In addition to vehicles and machines, Volvo’s offerings include various types of services, such as financing, insurance, rentals, spare parts, repairs, preventive maintenance, service agreements, and assistance services. The company offers electric buses through Volvo Buses and Nova Bus brands. Volvo Buses is one of the world’s leading providers of sustainable people transport solutions. Volvo Buses offers premium city- and intercity buses, coaches, and bus chassis, as well as a wide range of services for increased productivity, uptime, and safety.
With its subsidiaries and strong distribution network, the company has a geographical presence in Europe, North America, South America, Asia, Africa, and Oceania. Some of its subsidiaries are Mack Trucks, Inc. (U.S.), Renault Trucks (France), Arquus (France), and Nova Bus (Canada).
NFI Group Inc.
Founded in 1930 and headquartered in Manitoba, Canada, NFI Group Inc. is a solutions provider offering zero-emission vehicles, charging infrastructure installation, telematics, vehicle financing and full parts, and aftermarket support. The company offers a wide range of products, including heavy-duty transit buses, single-deck buses, double-deck buses, articulated buses, motor coaches, low-floor cutaways, and medium-duty buses. The company operates in the market through two business segments: Manufacturing and Aftermarket.
The NFI Group offers buses through its branches of companies such as Alexander Dennis Limited (ADL), Motor Coach Industries, Inc., New Flyer, and ARBOC Specialty Vehicles, LLC. New Flyer designs and manufactures a variety of transit buses from 35 to 60 feet in length with diverse propulsion systems, including clean diesel, diesel-electric hybrid, compressed natural gas (CNG), battery-electric, electric trolley, and hydrogen fuel cell-electric. ADL designs and manufactures lightweight single and double-deck buses from 25 to 45 feet in length with a range of low- and zero-emission propulsions, including clean diesel, diesel-electric hybrid, biogas, battery-electric, and hydrogen fuel cell electric.
The company has a geographical presence across North America, Asia Pacific, the United Kingdom, and Europe through its subsidiaries and a strong distribution network. Some of its subsidiaries are New Flyer Industries Canada ULC (Canada), New Flyer of America Inc. (U.S.), The Aftermarket Parts Company, LLC (U.S.), ARBOC Specialty Vehicles, LLC (U.S), KMG Fabrication, Inc. (U.S.), Carfair Composites USA, Inc. (U.S.), and Motor Coach Industries Limited (Canada).
Solaris Bus & Coach sp. z o.o.
Established in 1996 and headquartered in Owińska, Poland, Solaris Bus & Coach sp. z o.o. (Solaris) is one of the leading European bus and trolleybus manufacturers. In September 2018, Solaris Bus & Coach sp. z o.o. joined the CAF Group. Solaris electric buses, trolleybuses, and hydrogen buses are cutting-edge solutions for zero-emission public transport.
The company offers Urbino Electric, a zero-emission model, and Urbino Hybrid, a hybrid electric bus model. This bus model is equipped with a driveline consisting of an electric engine or engines and a conventional drive. Using this combination, the buses manage to reduce fuel consumption by 20–30% on average compared to diesel-fueled models.
Meticulous Research in its latest publication on Electric Bus Market has predicted the growth of 23.4% during the forecast year 2024-2031.
Daimler Truck Group
Headquartered in Stuttgart, Germany, Daimler Truck Group is one of the world’s largest commercial vehicle manufacturers. The company operates in the market through five reportable segments: Trucks North America, Mercedes-Benz, Trucks Asia, Daimler Buses, and Financial Services.
The company’s truck product range includes light, medium, and heavy-duty trucks for long-distance, distribution, and construction transport, special vehicles used mainly in the municipal sector, and industrial engines. The range of bus products includes city buses and inter-city buses, touring coaches, and bus chassis. In the global network, the company develops and produces trucks and buses marketed under the BharatBenz, Freightliner, FUSO, Mercedes-Benz, Setra, Thomas Built Buses, and Western Star brands.
The company aims to shape logistics and passenger transportation with electrified solutions that provide maximum benefits for customers and the environment. Daimler Buses is vigorously pressing ahead with the transformation to e-mobility with buses in cities and metropolitan areas. Daimler Buses is offering a locally CO2-neutral city bus for environment-friendly public transport in cities and metropolitan areas with the electric Mercedes-Benz eCitaro model.
The company’s wholly-owned subsidiary, Daimler Buses Solutions GmbH, specializes in the design and development of e-infrastructure for buses. The segment is also focused on growth in profitable markets and is tapping into the North American market with a coach tailored to local needs.
With its subsidiaries and a strong distribution network, the company has a geographical presence across Europe, North America, Asia, Latin America, and other markets. Some of its subsidiaries are Thomas Built Buses, Inc. (U.S.), Daimler Trucks and Buses (China) Ltd. (China), EvoBus (U.K.) Ltd. (U.K.), Mercedes-Benz Trucks Schweiz AG (Switzerland), Daimler Buses Solutions GmbH (Germany), and Mercedes-Benz Trucks Italia S.r.l. (Italy).
Founded in 1840 and headquartered in Munich, Germany, MAN Truck & Bus SE is a wholly-owned subsidiary of TRATON SE. MAN Truck & Bus SE is one of Europe’s leading commercial vehicle manufacturers and providers of transport solutions. The company’s product portfolio includes vans, trucks, buses, diesel and gas engines, and services related to passenger and freight transport.
The company offers MAN transport solutions to support customers from initial consultation to full fleet conversion for a sustainable electric fleet. It offers electric commercial vehicles, including trucks, buses, and vans. The company offers all-electric city buses in three available lengths and allows a high degree of operational flexibility. The company’s Lion’s City E electric bus comes with fast depot charging capability, future-proof battery technology, a reliable and maintenance-friendly central motor, and a highly comfortable passenger area.
Switch Mobility Limited
Founded in 1985 and headquartered in London, the U.K., Switch Mobility Limited is an electric vehicle manufacturer that provides intelligent, affordable, and zero-emission mobility worldwide. Switch Mobility is a wholly-owned subsidiary of Ashok Leyland Limited, which designs, manufactures, and sells advanced single-deck and double-deck buses for a global marketplace.
The company manufactures electric light commercial vehicles and electric buses. Switch Mobility focuses on democratizing green mobility and shifting to zero-carbon mobility. To incorporate into its vehicles, the company developed SWITCH iON proprietary tech solutions with 100+ connectivity features, such as a fleet management system, vehicle location services, driver leader dashboard, and battery management.
Xiamen King Long United Automotive Industry Co., Ltd
Founded in 1988 and headquartered in Fujian, China, Xiamen King Long United Automotive Industry Co., Ltd (King Long) specializes in the production of various high-end, large, and medium-sized buses. King Long has three production bases: Xiamen Large & Medium-Sized Bus Base, Xiamen Van Manufacturing Base, and Shaoxing Special Vehicle Base. The annual production capacity is 20000 units for large and medium-sized buses and 30000 units for minivans.
King Long offers electric buses with bus lengths from 6m to 14m. The company’s electric buses come in various propulsion types, including hybrid power vehicles, plug-in hybrid vehicles, and pure electric vehicles. King Long hybrid electric buses combine a primary power source, an energy storage system, and an electric motor to achieve a combination of emissions, fuel economy, and range benefits.
Founded in 1967 and headquartered in Seoul, South Korea, Hyundai Motor Company is a globally recognized automobile manufacturer. The company operates production plants, technology research institutes, and design centers in major overseas markets. The company operates in the market through three reportable segments: Vehicle, Finance, and Others.
The company offers a wide range of commercial vehicles, including trucks and buses. The company manufactures electric buses that run on pure battery power, which can reduce fuel costs significantly over the operational life span of the buses. For commercial vehicles, such as large trucks and buses, the company plans to completely convert all lineups to electrified vehicles by 2028.
With its subsidiaries and strong distribution network, the company has a geographical presence across Korea, North America, Asia, Europe, and Others. Some of its subsidiaries are Hyundai Motor Manufacturing Alabama, LLC (U.S.), Genesis Motor America LLC (U.S.), Genesis Motor Sales (Shanghai) Co., LTD. (China), Hyundai Motor Europe GmbH (Germany), and Hyundai Motor Netherlands B.V. (Netherlands).
Authoritative Research on the Electric Bus Market – Global Opportunity Analysis and Industry Forecast (2024-2031)
Need more information? Meticulous Research®’s new report covers each of these companies in much more detail, providing analysis on the following:
- Recent financial performance
- Key products
- Significant company strategies
- Partnerships and acquisitions
The Comprehensive report provides global market size estimates, market share analysis, revenue numbers, and coverage of key issues and trends.
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