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Battery Electric Buses Market Share

Report ID: GMI9284
Published Date: Apr 2024
Report Format: PDF

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Battery Electric Buses Market Share

BYD, Volvo, and Yutong Bus are dominant players holding over 24% in the battery electric buses industry due to their strong focus on innovation, extensive product offerings, and established market presence. BYD, a Chinese company, leads with its diverse portfolio of electric buses and advanced battery technology. Volvo, a global leader in transportation solutions, leverages its reputation for reliability and safety to capture a significant market share. Yutong Bus, another Chinese firm, has expertise in mass production capabilities and cost-effective solutions. These companies benefit from partnerships with governments, transit agencies, and private operators worldwide.

Additionally, their commitment to sustainability, along with favorable government policies promoting electric mobility, further strengthens their position. With a combination of technological expertise, operational excellence, and strategic collaborations, BYD, Volvo, and Yutong Bus continue to dominate and drive the growth of the market globally.

Battery Electric Buses Market Companies

Major companies operating in the battery electric buses industry are:

BYD
Yutong Group
Zhongtong Bus Holding Co., Ltd.
CRRC Corporation Limited
Alexander Dennis Limited
New Flyer Industries Inc.
Volvo Buses
Daimler AG
Van Hool NV
Ebusco BV
Optare PLC
Nova Bus Corporation

Authors: Preeti Wadhwani

Frequently Asked Questions (FAQ) :

The market size of battery electric buses reached USD 17 billion in 2023 and will grow at over 13.5% CAGR between 2024 and 2032, led by increasing environmental concerns.

The li-ion battery segment held over 47% of the market share in 2023, due to their high energy density and longer lifespan.

Asia Pacific held over 38% of the battery electric buses industry share in 2023, driven by rapid urbanization and increasing concerns about air pollution.

BYD, Yutong Group, Zhongtong Bus Holding Co., Ltd., CRRC Corporation Limited, Alexander Dennis Limited, New Flyer Industries Inc., Volvo Buses, and Daimler AG among others.