The Global Electric Bus Market size is expected to grow from approximately 137 thousand units in 2019 to reach 935 thousand units by 2027, at a CAGR of 27.2%.
Factors such as a rise in pollution and environmental hazards, stringent government regulations, and stiff competition have compelled automotive OEMs to make fuel-efficient and environment-friendly vehicles.
OEMs worldwide are investing heavily in research & testing applications leading to continuous advancements in electric buses. For instance, in September 2018, Proterra announced the closure of a USD 155 million investment round co-led by Daimler. Proterra and Daimler have signed an agreement regarding the electrification of few Daimler vehicles. The first of these attempts would be to explore potential synergies with Thomas Built Buses division under Daimler by introducing Proterra’s battery and drivetrain technologies to the North American school bus market, the next frontier for emission-free, commercial fleets.
The major players are BYD (China), Yutong (China), Proterra (US), VDL Groep (Netherlands), and AB Volvo (Sweden).
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In the electric bus market, by the length of the bus, the 9–14 m segment is projected to be the largest market during the forecast period in terms of volume. The 9–14 m segment is dominating the electric bus segment due to the large volumes of electric passenger buses used in the public transport fleet. Most of the public transport fleets, especially in China, which accounts for almost 99% of the market have electric buses that are 9–14 m in length. Also, many of the leading OEMs such as BYD, Proterra, and Yutong have been providing electric buses in the 9–14 m length range. Countries that are planning to replace existing public fleets with electric ones are considering electric buses of the same lengths as well.
The electric bus market leaders are focusing on expanding their businesses in new markets across the world. North America is one of the potential markets for electric buses and coaches. In October 2017, BYD unveiled its battery-electric bus manufacturing facility in California, US. The 450,000 square-foot facility has a production capacity to manufacture 1,500 electric buses annually. Also, Proterra, one of the leading American OEMs, officially unveiled its new Los Angeles manufacturing facility in June 2017. OEMs are exploring other potential markets also. For instance, in April 2019, 20 units of Yutong E12 full electric buses were delivered to Denmark. This batch of vehicles became the first fully electric buses purchased by Denmark. Yutong has also become the first full-electric bus brand represented in Denmark and is also the first Chinese bus brand with sizable volume in Denmark.
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The Asia Pacific region is the largest electric bus market in the world. It comprises some of the fastest developing and developed economies in the world. The growth in the region can be attributed to the dominance of the Chinese market and the presence of leading OEMs such as BYD and Yutong in the country, resulting in the exponential growth of the electric bus and coach market in the Asia Pacific. Also, Shenzhen was the first city in the world to have a fully electrified public transport fleet. The large volumes of electric bus production, favorable regulations for electric buses, and rapidly growing charging infrastructure are projected to boost the Asia Pacific electric bus market.
- Governments are working with OEMs to electrify public transport fleets and build charging stations. How will this transform the overall electric bus market?
- How will fast-paced developments in battery technologies change the dynamics of the electric bus market?
- The industry is focusing on different powertrain technologies. Which are the leading companies working on it, and what organic and inorganic strategies have been adopted by them?
- The fuel cell electric bus segment is expected to have a significant market during the forecast. How will this transform the overall electric bus market?
- Analysis of your competition, including major players in this market and ecosystem.