The Global Electric Bus Market- Growth, COVID-19 impact and Forecast (2021-2025)
Global electric bus market is segmented based on Bus type as Battery electric bus (BEB), Plug-In hybrid electric bus and Hybrid electric bus; based on Powertrain type as Parallel hybrid, Series parallel hybrid and Series hybrid; based on battery type as Lithium iron phosphate, lithium nickel manganese cobalt oxide and others; based on geography as APAC, Europe, North America, and ROW.
Introduction
Electric buses can store the electricity on board, or can be fed continuously from an external source. The majority of buses storing electricity are battery electric buses, in which the electric motor obtains energy from an on-board battery, although examples of other storage modes do exist, such as the gyrobus which uses flywheel energy storage.
As of 2019, 99% of the battery electric buses in the world have been deployed in China, with more than 421,000 buses on the road, which is 17% of China's total bus fleet.
Electric bus purchases are expected to increase, supported by the continuous government initiatives to promote e-mobility, and the overall ebus adoption is likely to reach 40% of new bus purchases, globally, by 2040
The outbreak of COVID-19 and the subsequent shutdowns have affected the e-bus market in several countries. The negative impacts of the pandemic are visible in the global supply chains as several orders get delayed.
Table of Contents
Market Overview
The global electric bus market is expected to grow to $24.32 billion by 2025 at a CAGR of 11.63%
The global electric bus market is forecasted to reach 331,327 units by 2025, registering a CAGR of 16.6% during the forecast period.
Electric bus adoption in public transport urban fleet is growing all over the world.
In Europe, there are around 4,000 electric buses running. A small part of the global circulating of 400,000 units of electric bus.Still today, roughly 98 percent of the electric buses
Key Trends
The leading manufacturers at the global level are going for joint ventures with the manufacturers in developing economies, where the demand for such vehicles has upsurge in the recent past.
This is the best time for electric bus manufacturers around the world to strengthen their foothold in the global electric bus market. Thus, the growing adoption of these buses is the major trend spotted in the market.
Key Market Players
The market is dominated by global vendors like Volvo Group, Daimler, Zhengzhou Yutong Bus, Anhui Ankai Automobile, BYD and Solaris Bus & Coach
Growth Drivers and Challenges
The market has witnessed significant growth in the recent past owing to the strict government norms and regulations, rising government support for electric vehicles, and declining battery prices.
Other key factors which have driven the market growth are the establishment of quick charging infrastructure and the development of highly capable batteries.
The price of electric buses is much higher as compared to their conventional counterparts.
The lack of electric vehicle (EV) charging infrastructure is also hindering the penetration of electric buses in the public transport system across countries, thereby restraining the growth of the global electric bus market.
Covid 19 pandemic has affected the automotive industry and significantly electric vehicles by triggering an unprecedented fall in sales in early 2020.
The government issued strict guidelines on the movement of public goods & services, due to which automobile companies cannot produce vehicles. As a result, the production of electric buses has substantially declined and affected the topline of electric bus manufacturers thereby, impacting to the market growth in the recent year.