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Electric Bus Market Trends

  • Report ID: GMI4959
  • Published Date: Apr 2024
  • Report Format: PDF

Electric Bus Market Trends

The electric bus industry is witnessing a notable trend fueled by rising support from government agencies and corporations. Governments worldwide are increasingly recognizing the environmental and economic benefits of electric buses and are implementing policies to encourage their adoption. Through initiatives such as grants, subsidies, and zero-emission mandates, governments are incentivizing transit agencies and private operators to invest in electric buses.
 

Additionally, government-owned corporations are leading by example, incorporating electric buses into their fleets and setting ambitious sustainability targets. Moreover, public-private partnerships are emerging to develop charging infrastructure and research innovative technologies. As a result, the electric bus industry is experiencing substantial growth, driven by the concerted efforts of government entities and corporations to create cleaner and more sustainable transportation systems. For instance, in April 2024, the Bengaluru Metropolitan Transport Corporation (BMTC) was gearing up to add air-conditioned electric buses to its fleet, with OHM Global Mobility, a subsidiary of Ashok Leyland, set to supply 320 of these buses to BMTC.
 

Authors: Preeti Wadhwani

Frequently Asked Questions (FAQ) :

The market size of electric bus reached USD 81.3 billion in 2023 and will grow at over 14% CAGR between 2024 and 2032, led by rising partnerships and deals between leading companies.

The all-electric propulsion segment held over 45% of the market share in 2023, as they offer zero-emission solutions to combat air pollution and reduce carbon footprints.

Asia Pacific electric bus industry held a revenue share of over 90% in 2023, driven by rapid urbanization and increasing environmental concerns.

Anhui Ankai Automobile Co., Ltd, BYD. Ltd., MAN Bus, NFI Group, Proterra, Scania AB, Solaris Bus & Coach, VDL Bus & Coach, Volvo, and Yutong Bus Co. Ltd. among others.

Electric Bus Market Scope

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Premium Report Details

  • Base Year: 2023
  • Companies covered: 19
  • Tables & Figures: 300
  • Countries covered: 28
  • Pages: 250
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