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Electric Bus Market to Grow at 20.2% CAGR to Hit USD 105,808.15 Million by 2028 | Says, The Insight Partners

According to The Insight Partners research reports on Electric Bus can help you gain crucial insights regarding the key drivers and market augmentation.

NEW YORK, UNITED STATES, February 3, 2023 / -- According to our latest market study on “Electric Bus Market Forecast to 2028 - COVID-19 Impact and Global Analysis By Vehicle Type (Battery Electric Bus, Hybrid electric Bus, Plug-in Hybrid Electric Bus); Hybrid Powertrain (Series Parallel Hybrid, Parallel Hybrid, Series Hybrid); Battery (Lithium iron phosphate (LFP), Lithium Nickel Manganese Cobalt Oxide (NMC)); End User (Public, Private) and Geography,” the Electric Bus market was valued at US$ 29,179.51 million in 2021 and is projected to reach US$ 105,808.15 million by 2028; it is expected to grow at a CAGR of 20.2% from 2021 to 2028.

Electric Bus Market: Competitive Landscape and Key Developments

King Long United Automotive Industry Co. Ltd; AB Volvo; Shenzhen Wuzhoulong Motors Co., Ltd; BYD Company Limited; Daimler; AGAlexander Dennis Limited; EBUSCO; Proterra Solaris Bus & Coach S.A; and NFI Group Inc are among the key players profiled in the global electric bus market. In addition, several other important market players were studied and analyzed during the course of this market research study to get a holistic view of the global market and its ecosystem.

In 2021, Volvo Buses offered a solid electric bus product portfolio platform for globally sustainable and efficient public transportation. Volvo Buses is expanding its electromobility as they have launched new Volvo BZL Electric chassis, which helps in reducing energy consumption and sustaining motor and battery health.

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Companies Profiled in this report includes: King Long United Automotive Industry Co. Ltd; AB Volvo; Shenzhen Wuzhoulong Motors Co., Ltd; BYD Company Limited; Daimler; AGAlexander Dennis Limited; EBUSCO; Proterra Solaris Bus & Coach S.A; and NFI Group

Electric Bus Market: Vehicle Type Overview

Based on vehicle type, the electric bus market is segmented into battery electric bus, hybrid electric bus, and plug-in hybrid electric bus. The battery electric bus segment led the electric bus market with a share of 93.5% in 2020. It is expected to account for 95.3% of the total market by 2028.

Electric Bus Market: Hybrid Powertrain Overview

Based on hybrid powertrain, the electric bus market is segmented into series parallel hybrid, parallel hybrid, and series hybrid. The parallel hybrid segment led the electric bus market with a share of 64.3% in 2020. Further, it is expected to garner 63.6% share by 2028.

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Emergence of Autonomous and Semi-Autonomous Transportation Systems

Autonomous and semi-autonomous transportation systems have emerged due to advancements in instrumentation, actuation, and sensing technologies. Light detection and ranging (LiDAR), odometer, a global positioning system (GPS), and computer-aided vision are all characteristics that let autonomous buses perceive their environment. Autonomous driving has gained popularity in the electric bus industry over the years due to the technology's better efficiency (more predictable transit times) and lower prices (including fuel, labor, and maintenance costs). Original equipment manufacturers (OEMs) such as Navya SAS, AB Volvo, Easy Mile SAS, and SB Drive embrace autonomous driving and work on creating autonomous bus shuttles because of the benefits described above. For instance, the first full-sized self-driving urban electric bus, for example, has arrived in Europe. Cities will soon be home to the electric, self-driving bus. It has already come in some areas of the planet. Málaga, in southern Spain, is one of the most recent towns to conduct a live trial of autonomous buses. China approved new legislation in January allowing autonomous cars to be tested on public roadways. Meanwhile, a Chinese technology corporation, Huawei, has built a four-kilometer test track for self-driving buses. The test track, located in the eastern city of Wuxi, is equipped with sensors and cameras that connect directly with the automobiles. Furthermore, Norway is one of the world's electric vehicle pioneers, with electric vehicles accounting for more than half of all new automobiles sales by 2020. A year-long trial with a fleet of autonomous minibusses has begun in the capital city of Oslo. Thus, emergence of autonomous and semi-autonomous transportation systems will drive the electric bus market.

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The Insight Partners is a one stop industry research provider of actionable intelligence. We help our clients in getting solutions to their research requirements through our syndicated and consulting research services. We specialize in industries such as Semiconductor and Electronics, Aerospace and Defense, Automotive and Transportation, Biotechnology, Healthcare IT, Manufacturing and Construction, Medical Device, Technology, Media and Telecommunications, Chemicals and Materials.

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