The electric bus market is booming due to increasing environmental concerns and government efforts to promote clean transportation. Tighter emissions standards and incentives for electric vehicles are driving demand, and advances in battery range and fast-charging infrastructure are making them more practical.of Asia Pacific This region is expected to become a major market, with the US (CAGR 13%) and UK (CAGR 14.2%) expected to see significant growth.
newark delaware, May 13, 2024 /PRNewswire/ — The electric bus market forecast is $21.3 billion By 2024.Market valuation is estimated as follows $68.5 billion By 2034projected onto CAGR is 12.4%.
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The global electric bus industry is experiencing rapid growth due to several dynamic factors. The growing demand for the electric bus market is due to non-polluting and fuel-efficient buses as well as efforts by major countries to promote the introduction of electric buses.
Governments around the world are exploring alternatives to converting their existing conventional bus fleets to eco-friendly electric buses due to environmental concerns and the need to combat air pollution.
Increasing environmental awareness and the urgency to address climate change have led regulators to introduce stricter emissions standards and provide incentives to encourage the uptake of electric vehicles, including buses.
Investment efforts by automakers to develop hydrogen fuel cell electric buses are driving demand. Hydrogen fuel cells are a promising alternative to traditional battery-powered electric buses, offering longer range and shorter refueling times, addressing range anxiety and operational efficiency concerns.
Technological advancements are playing a key role in shaping the growth trajectory of the electric bus industry. Innovations such as increased travel range and the introduction of fast charging infrastructure are increasing the practicality and feasibility of electric buses.
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Key points from market research
- Based on propulsion type, the BEV segment is expected to hold 60.2% market share in 2024.
- US It is expected to register a CAGR of 13% by 2034.
- of England It has recorded significant growth, with a projected CAGR of 14.2% by 2034.
- Based on battery type, the LFP segment is estimated to hold a market share of 55.5% in 2024.
“ With the growing emphasis on environmental sustainability and the urgent need to reduce greenhouse gas emissions, the growing focus on sustainability is driving transit agencies and local governments to drive the growth of the electric bus market. “By promoting investment in electrified public transport, we are promoting investment in electrified public transport.” Nikhil Kaitwade (Vice President, Future Market Insights, Inc.).
competitive environment
The global electric bus ecosystem is characterized by a competitive environment with established manufacturers such as BYD, Proterra, and Yutong dominating the industry. The players leverage their rich experience, robust manufacturing capabilities, and established industry presence to maintain their leadership positions.
Innovative startups such as Arrival and Rivian are disrupting the sector with innovative designs, advanced technology, and agile business models, challenging traditional players and innovating in the rapidly evolving electric bus industry. We are promoting it.
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Some of the key developments include:
In 2023, Daimler Trucks AG announced an ambitious roadmap to electrify its entire bus portfolio by 2030, demonstrating a firm commitment to sustainability and announcing the transition to emissions-free mobility solutions. We promoted it.
In 2023, Zhengzhou Yutong Bus Co., Ltd. will launch a breakthrough electric bus model equipped with cutting-edge autonomous driving technology, paving the way for safer and more efficient public transportation systems in future smart cities. Ta.
buy now Also, get full access to the Electric Bus industry report featuring comprehensive market forecasts, company share analysis, competitive intelligence, DROT analysis, market dynamics and challenges, and strategic growth initiatives.
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More valuable insights available
Future Market Insights provides unbiased global Electric Bus market analysis, providing historical data from 2019 to 2023 and forecast statistics from 2024 to 2034.
To understand the market opportunity, the electric bus industry is divided into three categories: propulsion type (BEV, FCEV), battery type (NMC, LFP, NCA), consumer (private, government), and range (up to 200 miles, over 200 miles). , classified based on power. Output (up to 250kW, above 250kW) and region (North America, latin america, western europe, eastern europe, south asia and the Pacific Ocean, east asia, middle east and Africa)
About Automobiles at Future Market Insights
Future Market Insights' automotive team provides expert analysis, time-efficient research, and strategic recommendations to deliver authentic insights and accurate results to help clients across the globe. With over 100 reports and over 1 billion data points, our team has been clearly analyzing industries in over 50 countries for over 10 years. The team briefly analyzes key trends such as competitive environment, profit margins, and R&D efforts.
About the author:
Nikhil Kaitwade (Vice President, Future Market Insights, Inc.) has over 10 years of experience in market research and business consulting. He has successfully completed over 1,500 of his client assignments, primarily in the automotive, chemical, industrial equipment, oil and gas, and service industries.
His core competencies center around developing research methodologies, proprietary analytical frameworks, creating statistical data models for price analysis, competitive mapping, and market feasibility analysis. His expertise extends broadly beyond analysis, advising clients on identifying growth potential in established niche market segments, investment/sale decisions, and market entry decisions.
Nikhil holds an MBA degree in Marketing and IT and a postgraduate degree in Mechanical Engineering. Nikhil has authored several publications and has been cited in journals such as EMS Now, EPR Magazine, and EE Times.
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