Electric Bus Market

The global electric bus market is to be worth more than USD 91.54 billion by 2033.

The ongoing proliferation in demand for electrical buses within the Automotive industry, coupled with growing disposable income in developing regions, is predicted to enormously support electric bus market growth. The analysis has represented vast opportunities in Asia- pacific region. Along with the rise in disposable income, government interest is also inclining toward the advent of electric buses. The growing preference for an eco-friendly mode of public transport is propelling more demand for electric buses. Electric buses complying with government policies are aiding the growing demands of developing nations to cope with rapid urbanization.

Another Triggering factor for electric bus market growth is that electric buses are operationally cheaper and meet sustainability goals. Companies have adopted various innovative approaches in light of the technologically advancing world to reduce the operational cost of electric buses and save time in recharging batteries. For instance, BYD has created a wireless charging device that does not entail physical infrastructure and allows buses to charge while waiting at traffic lights or stops. Companies are also making innovations to align their electric buses with passenger comfort. Yutong, one of the major key players in the electric bus market, has developed a "smart bus" system that employs artificial intelligence to optimize routes, condense congestion, and enhance passenger comfort. The government's focus has dramatically shifted to electric buses. It is making a conscious effort to spread awareness and promote the use of electric buses. The electric bus market is propelling due to such support and innovations and is promising a higher growth rate in developing nations.

The companies operating within the electric bus industry are undergoing mergers, collaboration, acquisition, long-term contracts, and service agreements to increase their global footprint. For instance, in September 2021, BYD announced a partnership with ITOCHU Corporation to jointly develop and sell electric buses in Japan. BYD will subsidize electric buses and battery technology as part of the partnership, and ITOCHU will use its local sales and service network to support sales and distribution in the Japanese market. As part of the collaboration, the businesses anticipate affording a variety of electric buses, including intercity, city, and airport buses. The cutting-edge battery technology from BYD, which is envisioned to provide long-range performance and swift charging periods, will be installed in the buses. Given that the Japanese market has been more sluggish than other Asian markets to implement electric buses, the partnership with ITOCHU offers a momentous opportunity for BYD to upsurge its market share.

According to the CXOs and primary research conducted, the rise in disposable income and the growing support of governments in developing or developed regions would aggressively impact electric market growth. The sustainable approach by governments is propelling the major companies to invest more in the electric bus market. Eco-friendly nature and low operation cost have been the selling point of the majority of companies.

The electric bus market is analyzed across North America, Europe, Asia-Pacific, Latin America, and Middle East & Africa. In line with the analyzed region, the Asia-pacific region will witness the highest market growth, followed by Europe, Asia-Pacific, Latin America, and Middle East & Africa. Government support, quick adoption of new demands, rise in disposable income, and the presence of major industry players within the region are primary factors supporting market potential within the Asia- Pacific region. The major companies operating within the market are AB Volvo, Ashok Leyland Limited, BYD Company Limited, Daimler AG, Hyundai Motor Company, NFI Group Inc., Nissan Motor Corporation, Proterra Solaris Bus & Coach S.A., TATA Motors Limited, and Yutong.

‍