The global electric bus industry is projected to grow at a CAGR of 14.2% during the forecast period, from an estimated market size of USD 17.0billion in 2024 to USD 37.5 billion by 2030.
The growing demand for electric buses is driven by several factors, such as government initiatives, subsidies and tax exemptions for electric vehicle adoption, charging infrastructure, and advancements in battery pack technology. Moreover, many countries are making agreements with electric bus companies to electrify the public fleet. Such developments and initiatives drive the adoption of electric buses on a global level.
The fuel cell stacks are projected to experience rapid growth in the electric bus components segment during the forecast period. Ongoing advancements in hydrogen fuel cells are primarily motivated by the efficiency of fuel cell buses, which can travel 300–400 miles on just one tank of fuel.Plug Power and Ballard Power Systems are among the leading companies working on fuel cell stack technologies to improve efficiency and dependability. Governments are making huge investments in the creation of infrastructure and transportation powered by hydrogen. A USD 68 million fund has been alotted by the UK’s Business Secretary to help projects in Cambran, Warwickshire, and Ballymena that are aimed at developing and hydrogen buses and electric buses. USD 14.2 million is allocated to develop and manufacture low-cost hydrogen fuel cell technology for buses and establish a hydrogen center of excellence with Wrightbus in Ballymena, Northern Ireland. The Asia Pacific region is expected to lead the fuel stacks market, largely due to the substantial presence of fuel cell stack manufacturers in the area. Fuel cell stacks for buses and other applications are produced by major participants in the industry, such as GS Yuasa (Japan) and Doosan Fuel Cell (South Korea). Market growth is also aided by government programs in this area that support hydrogen fuel cell electric buses. For example, Jiashan County, Zhejiang, issued a supply order to Golden Dragon (China) for 100 fuel cell electric buses in 2020, valued at USD 20 million.
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Above 70 seats electric buses are expected to see rapid growth during the forecast period. The main factor propelling this market’s growth is the growing number of people who choose public transit over driving alone for their daily commutes, which increases the need for large-capacity electric buses. Using buses with lesser seating capacities would result in greater operational expenses because more buses would be needed for the required number of trips or buses. The increasing number of people commuting by public transport on a daily basis is another significant element that is driving up demand for electric buses with high passenger counts. More than 70 passengers can ride in these articulated or bi-articulated high-capacity buses. In these buses, LFP or NMC batteries are typically utilised. With eight NMC batteries totalling 264 kWh, the 12-meter Mercedes-Benz e-Citaro electric bus can accommodate 74 passengers. Yutong also provides an electric bus, E10 which is a 10.9 m bus of 18300 kg weight with a passenger capacity of 70 seats powered by a 423-kWh battery. This highlights the potential for OEMs to focus on manufacturing electric buses with more seating capacity as there is increasing demand for efficient public transportation and growing urbanization which is further propelling this market.
North America is estimated to be the fastest-growing market for electric school buses, by application during the forecast period. Leading electric bus manufacturers are clustered in regions known for significant advancements in electric bus technology. Strong infrastructure, governmental support, and increasing adoption rates have propelled the development of electric buses here.The electric school bus industry is leading in North America, particularly the US. This leadership is being driven by heavy government funding, combined with state incentives and a firm commitment to green transport. ARPA-E, the Vehicle Technologies Program, and the Advanced Energy Storage Technologies Research Program are all helpful programs to the US electric bus business. Regulations such as the ZEV rebate scheme in Nebraska and New York contribute to the growth of the market. In addition, substantial financial support, initiatives such as the EPA’s Clean School Bus Rebate Program, state-level incentives, and cutting-edge technology from leading corporations are propelling the adoption of electric school buses in this area.
Key Market Players
Key players in the market include BYD Company Ltd. (China), Yutong Co., Ltd. (China), VDL Groep (Netherlands), AB Volvo (Sweden) and CAF (Solaris Bus & Coach sp. z o.o.) (Spain). These companies have a worldwide presence and offer a range of products and rely on their R&D capabilities and diversified product and service portfolios to increase their market share. These companies focus on product launches, collaborations, acquisitions, contracts, and partnerships to strengthen their footprint through product innovations and extend their business reach.
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