Electric Bus Market: Insights into Trends, Revenue, and Opportunities from 2016-2026

According to a TechSci Research report titled "Global Electric Bus Market By Battery Type (Lithium Ion & Lead Acid), By Application (Intracity, Intercity & Airport Bus), By Bus Length (6-8m, 9-12m, & Above 12m), By Seating Capacity (Up to 30-Seater, 31-40 Seater, & Above 40), By Region, Competition, Forecast & Opportunities, 2026," the estimated number of electric bus units in the global market will reach 121.12 thousand by 2026. The report highlights that powering vehicles with electricity is about 2.5 times cheaper compared to diesel, and electricity prices are more stable than gasoline or diesel prices. The U.S. National Renewable Energy Laboratory found that Battery Electric Buses (BEBs) have five times higher fuel economy than diesel buses on equivalent routes. Additionally, maintenance costs for electric motors are significantly lower due to their fewer moving parts and higher efficiency. Furthermore, battery electric buses emit around 60% less life cycle global warming emission (1,078 g/mile CO2e) than diesel buses (2,680 g/mile CO2e) and are 12% lower than natural gas-powered vehicles. Consequently, governments and private transport agencies are actively replacing their old diesel or petrol/gasoline vehicles with electrically powered buses. The expansion of EV charging infrastructure, lower costs of EV batteries and components, and the deployment of electric buses in airports and intercity transportation facilities are further contributing to the growth of the global electric bus market. Several well-known and start-up companies are investing in electric vehicle technologies and launching advanced vehicle models, which is expected to accelerate the market's growth in the next five years.

Browse more than 116 market data figures and 16 tables spread through 110 Pages and an in-depth TOC on"Global Electric Bus Market"

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The global electric bus market can be segmented based on seating capacity, battery type, application, bus length, region, and company. Seating capacity includes three segments: buses with seating capacity of 30 seats and below, 31-40 seats, and above 40 seats. Bus length is classified into three categories: 6-8 meters, 9-12 meters, and above 12 meters. Medium-sized buses with seating capacity between 31 and 40 seats and a length of 9 to 12 meters are widely preferred for intercity and intracity transportation, driving the demand for electric buses. The market is also segmented by battery type, with lithium-ion batteries and lead-acid batteries being the two options. Lithium-ion batteries, known for their better performance, lightweight nature, and faster charging capabilities, are popular among electric bus manufacturers and users, and this trend is expected to continue in the next five years. In terms of application, the market is divided into intercity, intracity, and airport bus segments. Electric buses currently dominate the intracity transportation market due to their shorter range compared to diesel buses. However, technologically advanced electric buses with better range are gaining popularity for intercity transportation. Geographically, the market is segmented into North America, Europe, Asia-Pacific, and the Middle East & Africa. Asia-Pacific, with developing economies and increasing investments in the municipal and private fleets, is witnessing rapid growth in electric bus sales, especially in countries like China, India, and Japan.

In 2020, the electric bus market experienced a decline of 18.32% in volume due to the COVID-19 pandemic and the subsequent lockdowns, which affected the global supply chain, international trade, production, and sales. The lockdowns resulted in a contraction of aggregate investment, overall production decline, and a negative impact on people's purchasing power. This decline left a remarkable depreciation in the electric bus market across most countries; however, it is currently reviving and is set to overcome the descent in the 2021-2022 period owing to the governments’ stimulus for economy revival and unlocking international trades and investments. On the other hand, due to succumbed growth in ICE vehicles, in various countries like India, Japan, Singapore, United States, Germany, United Kingdom, etc. electric bus market witnessed a massive growth in the year 2020.

Zhengzhou Yutong Bus Co., Ltd., BYD Auto Co., Ltd., VDL Groep, Solaris Bus & Coach sp. z o.o., etc. are some of the leading players operating in the global electric bus market. Apart from these flagship companies, many startup companies are also increasing their footprint in the global electric bus market by pushing their low-cost products blended with ease of availability. Major electric bus manufacturing companies are signing up contracts and partnerships with government and private transit or transport corporations across the globe for better market penetrations.

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“Owing to development of EV charging infrastructure and due to lower ownership cost, there is a rapid replacement of diesel buses by electric buses fleet by transport agencies. Also, increasing global EV brands penetration and expansion of manufacturing capabilities are further expected to back the growth of the global electric bus market in future years.”, said Mr. Karan Chechi, Research Director with TechSci Research, a research based global management consulting firm.

“Global Electric Bus Market By Battery Type (Lithium Ion & Lead Acid), By Application (Intracity, Intercity & Airport Bus), By Bus Length (6-8m, 9-12m, & Above 12m), By Seating Capacity (Up to 30-Seater, 31-40 Seater, & Above 40), By Region, Competition, Forecast & Opportunities, 2026” has evaluated the future growth potential of the global electric bus market and provides statistics and information on market size, structure and future market growth. The report intends to provide cutting-edge market intelligence and help decision makers take sound investment decisions. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges, and opportunities in the global electric bus market.

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