The global electric bus market is projected to grow at a CAGR of 14.5% during the forecast period, from an estimated market size of USD 18.6 billion in 2023 to USD 48.1 billion by 2030.
Rising GHG emissions and the increasing need for sustainable mobility solutions influence the electric bus market growth. Furthermore, the transport sector is one of the largest contributors to GHG emissions globally. For these reasons, many countries worldwide focus on incorporating electric buses into their public transportation. Introducing electric buses is expected to change global mass transit in the coming years by improving air quality, reducing noise levels, and increasing fuel efficiency. However, the industry would face challenges such as high costs for developing charging infrastructures. Unlike many developed countries, insufficient charging infrastructure is one of the major challenges in the growth of the electric bus market in developing countries, including India, South Korea, and others.
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Energizing Urban Transit: Anticipated Growth in Electric Bus Market Share by 2030
The market for electric buses is expected to grow significantly, with a noteworthy rise in market share predicted by 2030. Electric buses have become essential components of the shift towards greener urban mobility as international efforts to lower carbon emissions and support sustainable transportation gain traction. The adoption of electric buses is being pushed by government incentives, strict emission laws, and increased public awareness of environmental issues in different locations.
Important elements supporting market expansion include developments in battery technology, upgrades to the infrastructure for charging, and a concentrated effort to increase the efficiency and range of electric buses. The incorporation of electric buses into public transportation fleets is consistent with the worldwide initiative to reduce carbon emissions from the transportation industry.
Governments, public transportation companies, and electric bus manufacturers are working together to spur innovation and quicken the electrification of public transportation. The need for smart city projects and sustainable urban development emphasises the importance of electric buses in developing effective and ecologically friendly transportation networks.
Electric buses should become more competitive as the market develops due to continued breakthroughs in electric vehicle technology and cost reductions in battery production. Electric buses are becoming more widely acknowledged for their positive effects on the environment and economy, which makes them essential parts of the city’s transport system of the future.
It is crucial to keep an eye on technology advancements, market dynamics, and regulatory changes in order to comprehend how the electric bus industry is changing. The expected increase in market share is a reflection of how electric buses are changing the global transportation landscape and pointing the way towards more environmentally friendly and sustainable public transportation options.
Key Market Players:
The key players in the Electric bus market BYD (China), Yutong (China), Proterra (US), CAF (Solaris) (Spain), VDL Groep (Netherlands), and AB Volvo (Sweden). The key strategies adopted by major companies to sustain their position in the market are expansions, contracts and agreements, and partnerships.
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