Electric Bus Market

The global electric bus market 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 market for electric buses is developing with many countries establishing net-zero emission standards. The usage of electric buses is increasing globally, which are the most sustainable means of public transportation. Moreover, technological improvements in EV batteries have reduced the cost of EV batteries significantly, thereby reducing the overall cost of electric buses and further encouraging their market expansion. Governments across all regions are supporting the electrification targets by providing incentives, tax exemptions, and subsidies on electric buses which further drives the adoption of electric buses globally.

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The electric bus market is dominated by a few globally established players, such as BYD Company Ltd. (China), Yutong Co., Ltd is (China). The other major companies operating in this market are VDL Groep (Netherlands), AB Volvo (Sweden), and CAF from Spain Solaris Bus & Coach sp. z o.o. (China). Each one of these companies based its operations on product innovations, agreements, and collaborations to establish their positions within this market electric buses sector.

BYD Company Ltd. is one of the largest manufacturers of commercial electric vehicles that major on electric buses. The company was founded in 1995 with headquarters in Shenzhen, China. In addition, the company offers the widest array of electric buses across the world, taking the first position of being the world's largest manufacturer of battery-electric buses. The company also has three segments: rechargeable batteries and photovoltaics, handset components and assembly services, as well as automobiles and related products. It designs, builds, and produces a variety of electric buses ready for the markets in China, the US, India, and Europe. BYD cooperates with city transport authorities throughout the world to distribute electric buses that vary in their specifications and sizes. As an innovative firm with a global expansion strategy, BYD invests a lot in research and development to boost bus performance and maximize efficiency. Also, it collaborates with other major players in the automotive and transportation industries to boost its global presence.

Another significant manufacturer in the electric bus market is Yutong Co., Ltd. The company is headquartered in Zhengzhou and was established in 1993. Although it also deals with construction equipment, vehicle parts, and real estate, Yutong's primary business is the manufacture of buses. Diversified products, such as electric buses available in lengths ranging from 5 to 18 meters and for applications including school buses, mini-buses, city transportation, and heavy-duty buses. The new energy/electric bus line Yutong offers includes hybrids, fully electric buses, and fuel cell-powered buses. Its new energy power system used in electric buses has become quite a popular powertrain in the bus industry. Yutong has made significant R&D investments to enhance smart technologies, including an intelligent driving system that boosts the safety and efficiency of its electric buses. Their strategic goal is to become a leading provider of intelligent transportation solutions. Furthermore, Yutong collaborates with other transportation companies to develop integrated solutions for smart cities.

VDL Groep (VDL) operates in 105 industries in 19 different nations. In 1953, the corporation was established in the Netherlands. The company is divided into several business segments, its buses division being solely focused on the development and manufacturing of electric buses. As one of the top producers of electric buses in Europe, VDL builds customized buses to fit unique requirements and specifications for a range of applications, including public transportation, long-distance coaching, minibuses, and special projects. With more than 14,000 employees, VDL's newest fleet of Citeas is designed to offer environmentally friendly public transportation with technologies like floor batteries, composite walls and intelligent climate management. To accommodate a range of operational requirements, VDL offers a variety of charging methods, including pantograph systems for quick charging. The company just launched a new factory in Roeselare, Belgium, dedicated to e- mobility.

AB Volvo (Volvo) is one of the prominent players in the global electric bus market. The business operates in 18 nations with approximately 52 manufacturing facilities and affiliated companies. It has a sales network that reaches 190 countries worldwide. Volvo is involved in different industry sectors, such as financial services, Volvo Penta, buses, construction equipment, trucks, and others. The company offers a variety of hybrid and electric buses, including the Volvo 7900 hybrid/electric bus and the 8400 hybrid city bus. Moreover, Volvo produces hybrid motors and has supplied more than 5,000 electric buses and coaches since 2010. By December 2022, about 104,147 individuals are working at Volvo. In February 2024, Volvo Group acquired the battery division of Proterra Inc. for USD 210 million, which includes a battery research unit in California and a manufacturing unit in South Carolina. This agreement has bolstered Volvo's knowledge in electric buses, enabling Proterra to remain independent.

Related Reports:

Electric Bus Market by Propulsion (BEV, FCEV), Battery (LFP, NMC, NCA), Length (<9, 9-14, >14m), Application (City, Coach, Midi, School), Seating/Battery Capacity, Range, Power Output, Autonomy Level, Component, Consumer Region - Global Forecast to 2030

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