PUBLISHER: Global Market Insights Inc. | PRODUCT CODE: 1518521
PUBLISHER: Global Market Insights Inc. | PRODUCT CODE: 1518521
Battery Electric Buses Market Size - By Bus (Standard Electric Bus, Articulated Electric Bus, Shuttle Electric Bus, Midi Electric Bus, Double-Decker Electric Bus), By Battery (Nickel-Cadmium, Li-ion, Lead Acid), By Application & Forecast, 2024 - 2032
Battery electric buses market size is predicted to witness 14% CAGR from 2024 to 2032 driven by the increasing focus on reducing greenhouse gas emissions and combating air pollution in urban areas. Battery electric buses offer a zero-emission alternative to traditional diesel or gasoline-powered buses, making them a preferred choice for municipalities and transit agencies aiming to meet the stringent environmental regulations and sustainability goals. For instance, in May 2024, BYD launched a new double deck-electric bus that is expected to enter service in London. The new BD11 is an emission-free passenger bus designed to comply with environmental regulations.
Technological advancements in battery technology and electric drivetrains are also driving the market growth. Improvements in battery energy density, charging infrastructure, and range capabilities are helping in addressing limitations, such as range anxiety and operational costs, making electric buses more viable for everyday transit operations. The operational efficiencies offered by electric buses, including lower maintenance costs and quieter operations, are also appealing to transit operators seeking to reduce their total cost of ownership over the lifespan of the vehicles.
The battery electric buses industry is classified into bus, battery, application and region.
Based on battery, the market size from the lead acid segment is set to witness notable CAGR during 2024-2032 due to its cost-effectiveness and established infrastructure. Lead acid batteries have been traditionally used in electric buses on account of their lower initial costs compared to other battery types like lithium-ion. This affordability makes lead acid batteries particularly attractive for fleet operators and transit agencies looking to invest in electric buses while managing upfront expenditures.
With respect to application, the battery electric buses market from the private fleet segment is anticipated to observe significant growth rate during 2024-2032. This is favored by the surging demand for sustainable transportation solutions within corporate and institutional settings. Private fleets, including companies, universities, and airports, are increasingly prioritizing environmental sustainability and operational efficiency, thus driving the product demand.
North America battery electric buses market industry is anticipated to grow at a notable CAGR through 2032 owing to the strong regulatory environment for promoting sustainable transportation solutions. Federal and state governments in the U.S., as well as Canadian provinces, are offering incentives, such as grants, subsidies, and tax credits to encourage the adoption of electric vehicles. These incentives are helping to mitigate the higher upfront costs associated with electric buses, further stimulating the regional market growth.
Table of Contents
Chapter 1 Methodology & Scope
- 1.1 Market scope & definition
- 1.2 Base estimates & calculations
- 1.3 Forecast calculation
- 1.4 Data sources
- 1.4.1 Primary
- 1.4.2 Secondary
- 1.4.2.1 Paid sources
- 1.4.2.2 Public sources
Chapter 2 Executive Summary
- 2.1 Industry 360 degree synopsis, 2021 - 2032
Chapter 3 Industry Insights
- 3.1 Industry ecosystem analysis
- 3.2 Supplier landscape
- 3.2.1 Manufacturers
- 3.2.2 Technology providers
- 3.2.3 Service providers
- 3.2.4 Raw material & component suppliers
- 3.3 Profit margin analysis
- 3.4 Technology & innovation landscape
- 3.5 Patent analysis
- 3.6 Key news & initiatives
- 3.7 Regulatory landscape
- 3.8 Impact forces
- 3.8.1 Growth drivers
- 3.8.1.1 Rising environmental concerns and emission reduction goals
- 3.8.1.2 Increasing technological advancements in battery technology
- 3.8.1.3 Surge in government incentives and investments.
- 3.8.1.4 Increasing urbanization and smart city initiatives worldwide
- 3.8.2 Industry pitfalls & challenges
- 3.8.2.1 High initial and maintenance cost of battery electric buses
- 3.8.1 Growth drivers
- 3.9 Growth potential analysis
- 3.10 Porter's analysis
- 3.11 PESTEL analysis
Chapter 4 Competitive Landscape, 2023
- 4.1 Introduction
- 4.2 Company market share analysis
- 4.3 Competitive positioning matrix
- 4.4 Strategic outlook matrix
Chapter 5 Market Estimates & Forecast, By Bus, 2021 - 2032 ($Bn, Units)
- 5.1 Key trends
- 5.2 Standard electric bus
- 5.3 Articulated electric bus
- 5.4 Shuttle electric bus
- 5.5 Midi electric bus
- 5.6 Double-decker electric bus
- 5.7 Others
Chapter 6 Market Estimates & Forecast, By Battery, 2021 - 2032 ($Bn, Units)
- 6.1 Key trends
- 6.2 Nickel-cadmium
- 6.3 Li-ion
- 6.4 Lead acid
- 6.5 Others
Chapter 7 Market Estimates & Forecast, By Application, 2021 - 2032 ($Bn, Units)
- 7.1 Key trends
- 7.2 Public transit
- 7.3 Private fleet
- 7.4 Others
Chapter 8 Market Estimates & Forecast, By Region, 2021 - 2032 ($Bn, Units)
- 8.1 Key trends
- 8.2 North America
- 8.2.1 U.S.
- 8.2.2 Canada
- 8.3 Europe
- 8.3.1 UK
- 8.3.2 Germany
- 8.3.3 France
- 8.3.4 Italy
- 8.3.5 Spain
- 8.3.6 Russia
- 8.3.7 Rest of Europe
- 8.4 Asia Pacific
- 8.4.1 China
- 8.4.2 India
- 8.4.3 Japan
- 8.4.4 South Korea
- 8.4.5 ANZ
- 8.4.6 Southeast Asia
- 8.4.7 Rest of Asia Pacific
- 8.5 Latin America
- 8.5.1 Brazil
- 8.5.2 Mexico
- 8.5.3 Argentina
- 8.5.4 Rest of Latin America
- 8.6 MEA
- 8.6.1 UAE
- 8.6.2 South Africa
- 8.6.3 Saudi Arabia
- 8.6.4 Rest of MEA
Chapter 9 Company Profiles
- 9.1 Alexander Dennis Limited
- 9.2 BYD
- 9.3 CRRC Corporation Limited
- 9.4 Daimler AG
- 9.5 Ebusco BV
- 9.6 GreenPower Motor Company Inc.
- 9.7 Irizar Group
- 9.8 New Flyer Industries Inc.
- 9.9 Nova Bus Corporatio
- 9.10 Optare PLC
- 9.11 Scania AB
- 9.12 Solaris
- 9.13 Tata motors
- 9.14 Van Hool NV
- 9.15 VDL Groep BV
- 9.16 Volvo Buses
- 9.17 Wrightbus Limited
- 9.18 Xiamen King Long Motor Group Co., Ltd.
- 9.19 Yutong Group
- 9.20 Zhongtong Bus Holding Co., Ltd.
