New York, Jan. 11, 2024 (GLOBE NEWSWIRE) -- Market Size & Overview:
As of the latest research study, the global electric bus market witnessed a valuation of approximately USD 20.31 billion in 2022, with a projected Compound Annual Growth Rate (CAGR) of 11.95%. The market is anticipated to reach a remarkable USD 50.14 billion by the year 2030.
This exponential growth is attributed to the escalating global electric bus market emphasis on fostering electric mass transit solutions, driven primarily by governmental support aimed at promoting the use of electric vehicles.
The COVID-19 pandemic temporarily halted developments in the global market, creating a hiatus in the manufacturing sector. However, this standstill is expected to be short-lived, paving the way for renewed market growth.
The Middle East and Africa are poised to emerge as leading regions in the global market during the forecast period, propelled by government initiatives promoting electric mass transit vehicles in the region.
The presence of a high concentration of Original Equipment Manufacturers (OEMs) in these regions, coupled with the increasing production of electric buses, is projected to bolster the growth of the electric bus market.
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Market Scope:
| Report Coverage | Details | |
| Market Revenue 2022 | USD 20.31 billion | |
| Projected Market Value (2030F) | USD 50.14 billion | |
| Global Market Growth Rate (CAGR 2023 to 2030) | 11.95% | |
| Forecast Period | 2022-2030 | |
| No. of Pages | 43 Pages | |
| Market Segmentation | By End-User, By Battery Type, By Application, and By Region | |
| Regions Covered | North America, Europe, East Asia, South ,Asia & Oceania, Latin America, Middle East & Africa | |
| Key Companies Profiled | Solaris, BYD, Volvo Buses, Zhongtong Bus, Irizar, Proterra, Alexander Dennis Limited, Yutong, Nova Bus, New Flyer, Blue Bird Corporation, VDL Bus & Coach, Temsa, Ebusco, Gillig., | |
Top 8 Trends in the Electric Bus Market:
- Increasing Government Support and Initiatives: Governments worldwide are increasingly focusing on promoting sustainable transportation solutions. Incentives, subsidies, and policy frameworks supporting the adoption of electric buses are driving market growth.
- Rapid Technological Advancements: Ongoing advancements in electric vehicle (EV) technology, including improvements in battery efficiency, charging infrastructure, and energy storage solutions, are enhancing the performance and feasibility of electric buses.
- Growing Environmental Awareness: Rising environmental consciousness and concerns about air quality are compelling cities and transportation authorities to transition from traditional diesel buses to electric alternatives, reducing emissions and environmental impact.
- COVID-19 Resilience and Recovery: While the pandemic initially disrupted manufacturing and supply chains, the electric bus market is showing resilience and is expected to recover as economic activities resume, with governments prioritizing sustainable solutions in post-pandemic recovery plans.
- Global Expansion and Distribution Networks: Market players are expanding their global reach by strengthening distribution networks. This expansion allows manufacturers to tap into emerging markets and meet the growing demand for electric buses on a worldwide scale.
- Focus on Energy Efficiency and Range Improvement: Continuous efforts to enhance the energy efficiency of electric buses, coupled with improvements in battery range and performance, are key trends. These advancements address concerns about the limited range and charging infrastructure, making electric buses more attractive to transit operators.
- Integration of Smart and Connected Features: The integration of smart technologies and connectivity features in electric buses is gaining traction. These features include real-time monitoring, predictive maintenance, and advanced driver assistance systems, enhancing overall operational efficiency and safety.
- Partnerships and Collaborations: Strategic partnerships and collaborations between OEMs, technology providers, and government agencies are becoming increasingly common. These alliances aim to pool resources, share expertise, and accelerate the development and adoption of electric buses.
In a nutshell, the Persistence Market Research report is a must-read for start-ups, industry players, investors, researchers, consultants, business strategists, and all those who are looking to understand this industry. Get a glance at the report at: https://www.persistencemarketresearch.com/market-research/electric-bus-market.asp
Potential Impacts of Mergers and Acquisitions:
Market Consolidation: M&A activities often lead to market consolidation, reducing the number of competitors in the industry. This can result in increased market share for the surviving entities, potentially leading to enhanced pricing power and competitiveness.
Synergy Realization: Companies engaging in M&A often cite synergies as a primary motivation. Synergies can be operational, cost-related, or revenue-related. Achieving these synergies can lead to improved efficiency, reduced costs, and increased overall performance.
Operational Efficiencies: Mergers can lead to the integration of operations, streamlining processes, and eliminating duplications. This can result in cost savings and improved operational efficiencies, contributing to enhanced profitability.
Innovation and Research and Development (R&D): M&A activities can stimulate innovation and R&D efforts. The combined resources and expertise of the merged entities may lead to the development of new products, technologies, or services that can strengthen their competitive position in the market.
Employee Impact: Mergers can have significant implications for employees. There may be workforce redundancies, restructuring, or changes in leadership. Employee morale and productivity can be affected, and effective communication and integration strategies are crucial to mitigate negative impacts.
Financial Performance: M&A transactions can impact the financial performance of the involved companies. While successful mergers can result in increased profitability and shareholder value, unsuccessful ones can lead to financial challenges and losses.
Market Reaction: The stock market and industry stakeholders often react to M&A news. Positive reactions may lead to increased investor confidence and improved stock prices, while negative reactions can result in decreased shareholder value and potential regulatory scrutiny.
Customer and Supplier Relationships: M&A can affect relationships with customers and suppliers. Companies need to manage these relationships carefully to ensure continuity and satisfaction. Changes in ownership or management can impact trust and loyalty.
Regulatory and Legal Challenges: Mergers are subject to regulatory approval, and navigating the regulatory landscape can be complex. Antitrust concerns, regulatory scrutiny, and legal challenges can arise, affecting the timing and success of the M&A transaction.
Industry Dynamics: M&A activities can alter the competitive dynamics of an industry. The strengthened market position of the merged entity may influence the strategic decisions of other players, leading to further industry reshaping.
Future Outlook in Electric Bus Market:
Increasing Market Penetration: The electric bus market is likely to experience further penetration as more cities and countries adopt stringent emission regulations and environmental targets. Government incentives and policies favouring electric vehicles may also drive increased adoption.
Technological Advancements: Ongoing advancements in battery technology, charging infrastructure, and electric drivetrain systems are expected. This could lead to improvements in electric bus performance, range, and charging times, making them more attractive and competitive compared to traditional buses.
Cost Reductions: Continued advancements in technology and economies of scale are likely to contribute to a reduction in the overall cost of electric buses. As manufacturing processes become more efficient and the cost of battery production decreases, the upfront cost of electric buses may become more competitive with conventional buses.
Infrastructure Development: The expansion and improvement of charging infrastructure will play a crucial role in the widespread adoption of electric buses. Governments and private entities are expected to invest in developing a robust charging network to support the growing fleet of electric buses.
Global Market Growth: The electric bus market is anticipated to witness global growth, with regions like Asia Pacific, Europe, and North America leading the way. Government initiatives, environmental concerns, and advancements in technology will contribute to the market's expansion.
Diverse Offerings and Models: Manufacturers are likely to introduce a broader range of electric bus models to cater to various transit needs. This may include different sizes, capacities, and specialized designs to meet the requirements of specific urban or suburban environments.
Key Companies Profiled in the Electric Bus Market:
- Solaris: Solaris is a European manufacturer specializing in the production of buses, including electric buses. Known for innovation, Solaris has been a pioneer in electric mobility solutions for public transportation.
- BYD: BYD, which stands for "Build Your Dreams," is a Chinese multinational company that manufactures electric vehicles, including electric buses. BYD has a global presence and is one of the leading players in the electric bus market.
- Volvo Buses: Volvo Buses is a subsidiary of the Swedish automotive giant Volvo Group. They are known for manufacturing a wide range of buses, including electric buses. Volvo Buses focuses on sustainability and innovative transportation solutions.
- Zhongtong Bus: Zhongtong Bus is a Chinese company specializing in the production of buses and commercial vehicles. They are actively involved in the electric bus market, providing a range of electric models for public transportation.
- Irizar: Irizar is a Spanish manufacturer of buses and coaches, including electric buses. They are recognized for their commitment to sustainability and the development of environmentally friendly transport solutions.
- Proterra: Proterra is an American company that designs and manufactures electric buses and charging systems. Proterra is a key player in the North American electric bus market, focusing on providing clean and efficient transit solutions.
- Alexander Dennis Limited: Alexander Dennis Limited (ADL) is a British bus and coach manufacturer. They are involved in the production of various buses, including electric models, and are known for their commitment to innovation and quality.
- Yutong: Yutong is a Chinese company and one of the world's largest bus manufacturers. They are a major player in the electric bus market, providing a range of electric buses for different purposes and industries.
Electric Bus market is segmented as follows:
By End-User:
Private: Private end-users refer to entities or individuals who procure and operate electric buses for non-public purposes. This could include corporate fleets, private transportation companies, or other non-public entities.
Public: Public end-users involve government agencies, municipal corporations, and public transportation authorities that deploy electric buses for public transit services. This segment contributes significantly to the electrification of mass transit systems.
By Battery Type:
Lithium Iron Phosphate: Lithium Iron Phosphate (LiFePO4) is a type of lithium-ion battery known for its stability, safety, and longer cycle life. Electric buses equipped with LiFePO4 batteries are favored for their reliability and enhanced safety features.
Lithium Nickel Manganese Cobalt Oxide: Lithium Nickel Manganese Cobalt Oxide (NMC) batteries are another type of lithium-ion battery that offers a balance between energy density and power. Electric buses with NMC batteries often provide a combination of good range and performance.
By Application:
Intracity: Intracity electric buses are designed for short-distance travel within urban areas. They are optimized for frequent stops and starts, addressing the transportation needs of city dwellers while contributing to reduced emissions in urban environments.
Intercity: Intercity electric buses are tailored for longer-distance travel between cities or regions. These buses often have features that prioritize comfort, extended range, and highway-speed capabilities, making them suitable for intercity transportation.
By Region
North America: Growing adoption of electric buses in the U.S. and Canada, driven by environmental concerns and government incentives. Investments in charging infrastructure and policy initiatives support fleet electrification.
Europe: Europe leads in sustainable transportation, with countries like France, the UK, Germany, Spain, and Italy actively integrating electric buses. Robust regulatory frameworks and incentives contribute to widespread adoption.
Asia Pacific: Asia Pacific, especially China, is a global leader in electric bus adoption. Extensive investments in electric mobility infrastructure and market growth. Japan, India, and Southeast Asia are gradually embracing electric buses for cleaner urban mobility.
The Middle East & Africa: The Middle East & Africa are exploring electric buses to diversify fleets and reduce reliance on traditional fuels. GCC countries, including UAE and Saudi Arabia, invest in sustainability. South Africa introduces electric buses to address urban pollution.
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