The global electric bus market is projected to grow at a CAGR of 41.7% during the forecast period, from an estimated market size of USD 58.9 billion in 2023 to USD 678.3 billion by 2030. The market is driven by factors such as demand for zero-emission vehicles, growing environmental concerns, and government initiatives promoting sustainable transportation drive the electric bus market.
The 9-14 m is the largest electric bus segment.
Most public transport fleets worldwide have incorporated the 9–14 m buses. This is mainly because of this segment’s relatively larger seating capacity. These buses can generally travel up to 350 km on a single charge, which suits the intracity applications. Furthermore, OEMs increasingly focus on this segment for product launches, and large supply orders are underway.
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Furthermore, the government initiatives for incorporating electric buses in their public transportation in these countries would also aid the growth of 9–14 m segment buses. For instance, India has a vision of increasing the share of electric buses to 40% by 2030. Over 11,000 buses belonging to the Andhra Pradesh State Regional Transportation will be replaced by electric buses, and 100% of the public transport fleet of four cities and all government vehicles in this state are to be made electric by 2024.
LFP is expected to be the fastest-growing battery type for electric buses.
The LFP batteries are low-priced and have higher thermal stability than NMC batteries. They are widely used in high-performance electric buses, offering a high current rate, optimum thermal stability, and long cycle life. These batteries are also preferred for long-haul buses as they can accommodate heavy battery packs built with low-density cells and offer the required range. In addition, these batteries show better efficiency at lower temperatures than the other battery types. The only challenge with this battery type is that they have lower energy density than NMC and NCA batteries.
The Asia Pacific Region is projected to account for the largest share during the forecast period.
Asia Pacific is expected to be the largest market for electric buses during the forecast period. The electric bus market in the region is driven by the need to reduce urban pollution and dependency on fossil fuels, along with growing government initiatives toward clean public transportation. Many of the leading players in the electric bus market, including BYD (China), Yutong (China), King Long (China), Zhongtong (China), Tata Motors (India), Ashok Leyland (India), JBM Auto Limited (India) and many others are from Asia Pacific.
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