Report on Global Electric Bus Markets 2022-2027 with Case Studies on the Adoption of Electric Buses as Public Transport in Finland and Shenzhen, China
DUBLIN, March 22, 2022 /PRNewswire/ — The “Global Propulsion Electric Bus (BEV, PHEV and FCEV) Market, Application (Intercity and Intra-City), Consumer, Range, Bus Length, Seating Count, Power Output, Battery Capacity, Component, Level range, battery type and region – Forecast to 2027″ report has been added to from ResearchAndMarkets.com offer.
The global electric bus market size is expected to grow from 112,041 units in 2022 to 671,285 units by 2027, at a CAGR of 43.1%.
Advances in battery technologies and electric powertrains are among the major factors driving the growth of the electric buses and coaches market. Many countries are focusing on electrifying their mass transit solutions, especially buses and coaches.
Factors such as increasing pollution and environmental hazards, strict government regulations and fierce competition have compelled automotive OEMs to manufacture fuel efficient and environmentally friendly buses.
Large volumes of electric buses used in public transport are expected to propel the growth of 9-14m segment during the forecast period
In the electric bus market, by bus length, the 9-14m The segment is expected to be the largest market over the forecast period in terms of volume. On 9-14m dominates the electric bus segment due to the large volumes of electric passenger buses used in the public transport fleet.
Most public transport fleets, especially in Chinawhich represents nearly 99% of the market, have electric buses 9-14m lengthways. Additionally, many of the major OEMs such as BYD, Proterra and Yutong have supplied electric buses in the 9-14m length range. BYD offers K8 and K9 electric buses between 9 meters and 14m in length and a range of 155 miles and 190 miles. It also offers C8 and C9 transit buses with a range of 125 miles and 155 miles, respectively.
In February 2021Yutong announced that it has been awarded a contract to supply its flagship product ZK6122H9 to Mowasalat, which is from Qatar major transportation service for the 2020 FIFA World Cup in Qatar. Countries considering replacing existing public fleets with electric fleets are also considering electric buses of the same length.
For example, the Indian government offers subsidies of up to 40% on the cost of the bus or up to $77,000 on a standard 10-12 meters. This would boost the adoption of electric buses in this segment in the future.
Asia Pacific expected to be the largest market during the forecast period
The Asia Pacific region is the largest electric bus market in the world. It includes some of the largest and most developed economies in the world. Growth in the region can be attributed to the dominance of the Chinese market and the presence of major OEMs in the country, resulting in exponential growth in the Asia Pacific market for electric buses and coaches.
For example, in 2020, Chinese BYD and Hino Motors of Japan signed a joint venture agreement to create a new company in China by 2021 for the development of commercial battery electric buses. Such developments are expected to boost the electric bus market in the region.
Favorable regulations for electric buses, availability of electrical and electronic components, and rapidly growing charging infrastructure are expected to drive the electric bus market in the region. According to phase 2 of the FAME program in January 2022the government of India will distribute 670 electric buses to the states of Maharashtra, Goa, Gujarat and Chandigarh. In addition to this, 241 charging stations will be installed on the streets of Madhya Pradesh, Tamil Nadu, Kerala, Gujarat and Port Blair.
North America expected to be the fastest growing market over the forecast period
The North Americawhich includes the United States and Canada, is expected to be the fastest growing market over the forecast period. Growing demand for electric transit solutions, expansion of renowned OEMs in the region, and government support are factors that are driving the North American electric bus market.
The rate of adoption of electric vehicles in these regions is emerging and they can be seen as new revenue pockets for the electric bus segment. Countries in these regions are implementing electric bus technologies for both public and private transport options. For example, in 2019, the United States federal budget announced $130 million to accelerate the deployment of zero-emission buses and vehicles.
In addition, funding for hydrogen vehicles and refueling infrastructure was announced in Pennsylvania. Sales and taxes on alternative fuel vehicles, including hydrogen vehicles, have been exempted in Washington. Programs like these from the government are boosting the electric bus market in the North American region.
In addition, OEMs are also releasing new variants of electric buses for other applications such as school buses. For example, in March 2021Blue Bird delivered its 400th electric school bus in North America. The company expects 1,000 electric school buses to be delivered by 2022. A growing number of similar developments indicate that the electric bus market in North America will grow exponentially in the future
The electric bus market includes major manufacturers such as BYD (China), Yutong (China)FCA (Solaris) (Spain), VDL Group (Netherlands) and AB Volvo (Sweden).
- Rising demand for fuel-efficient and emission-free vehicles is expected to drive the electric bus market
- Government segment expected to lead electric bus market from 2022 to 2027 (units)
- Bev segment expected to lead electric bus market from 2022 to 2027 (units)
- Segment of up to 200 miles is expected to lead the electric bus market from 2022 to 2027 (units)
- 9-14 months Segment expected to lead electric bus market from 2022 to 2027 (units)
- Intracity segment expected to lead electric bus market from 2022 to 2027 (units)
- Up to 250 Kw Segment predicted to lead electric bus market from 2021 to 2027 (units)
- Battery segment expected to lead electric bus market from 2022 to 2027 (USD Million)
- Up to 400 Kwh Segment predicted to lead electric bus market from 2022 to 2027 (units)
- Lithium-iron-phosphate segment expected to lead the electric bus market from 2022 to 2027 (units)
- 40-70 seat segment expected to dominate the electric bus market from 2022 to 2027 (units)
- Asia-Pacific is expected to account for the largest market share in 2022
- Increase in demand for emission-free and energy-efficient public transport solutions
- Reduction in battery prices
- Less emissions compared to other vehicles
- Fuel cell product life cycle
- High development cost
- Battery Safety Concerns
- Government support for the electrification of public transport
- Implementation of strict emission standards and environmental regulations
- Limited battery capacity
- Lack of electric charging infrastructure
- Adoption of electric buses as public transport in Finland
- Adoption of electric buses as public transport in Shenzhen, China
- Innovative charging solutions
- Outboard Descending Pantograph Charging System
- Onboard ascending pantograph charging system
- Static/Dynamic Floor Load System
- Packaged fuel cell system module
- AB Volvo
- Ashok Leyland
- Bluebird Society
- blue bus
- Coffee (Solaris)
- Changsha Sunda New Energy Technology CoLtd.
- Trolley motors
- Daimler AG
- Gillig LLC
- golden dragon
- Heuliez Buses
- Jbm Auto Limited
- King Long
- Nfi group
- Olectra Greentech
- Otokar Otomotiv Ve Savunma Sanayi A.?.
- Rampini Carlo
- Sor Libchavy
- Tata Engines
- The Lion Electric Company
- Bus Ursus
- Van Hool AG
- Vdl Group
- Yin Long Energy
- Zhongtong Bus Operation
For more information on this report, visit https://www.researchandmarkets.com/r/ibdnt5
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