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Electric Bus Market to Soar at 11.58% CAGR till 2027; Promising Advancements in Fuel Cell Technology to Positively Impact the Market Growth

August 19, 2020 | Automotive & Transportation

The global electric bus market volume is projected to reach 256 thousand units by 2027 owing to increasing deployment of electric vehicles in traffic-heavy urban areas worldwide, states Fortune Business Insights™ in its report, titled “Electric Bus Market Size, Share & COVID-19 Impact Analysis, By Type (Battery Electric Vehicle, Plug-in Hybrid Electric Vehicle, and Fuel Cell Electric Vehicle), and Regional Forecasts, 2020-2027”. As per the report, the market volume stood at 198 thousand units in 2019 and is expected to grow at 11.58% from 2020 to 2027.


The electric bus market growth is likely to get stalled because of the coronavirus pandemic as the demand for public transport has plunged since the pandemic broke out in early 2020. Moreover, downturn in industrial activities and lockdown measures have severely affected production of buses and other vehicles, which is expected to further impede the growth of the market.


Volvo Launches Self-Charging, Zero-Noise Bus


In April 2020, Volvo introduced the S-Charge model, its novel self-charging electric bus offering with hybrid capabilities. Designed to be noiseless, the bus promises zero emissions at higher speeds when running on electricity, whilst covering longer distances. Electric propulsion can be utilized up to the speeds of 50km/hour. The bus has been engineered to operate on electricity for up to 1km at a time, depending on the climate and topography it is working under. Additionally, the bus will also be connected to the Volvo Zone Management, which enables the driver to tune the bus to switch to electric in selected areas and regulate speed without the need for the driver to intervene.


To get a detailed report summary and research scope of this market, click here:


https://www.fortunebusinessinsights.com/electric-bus-market-102021


Planned Deployment of Electric Buses Worldwide to Boost the Market


With a view to curb emissions from public transport systems, countries around the world have put in place comprehensive plans to deploy these buses and other vehicles to ensure sustainable mobility in urban areas. For example, Transit Systems, a transport company in Australia, announced in May 2020 that it will be deploying 100 hydrogen fuel cell electric buses across the country under its H20zBus Project. In the UK, the operator company Stagecoach had planned on deploying zero-emission bus fleets in the Greater Manchester area in early 2020, with support from the British government’s Ultra-Low Emission Bus Scheme. In the US, companies are looking to expand their reach to cover different end-users. For instance, in 2018, Proterra and Daimler announced plans to electrify school buses running in North America, attracting investments worth USD 155 million at the IAA Hannover 2018. Growing deployment of these buses in major cities worldwide will, therefore, favor the growth of the market during the forecast period.


Key Companies to Focus on Broadening Operational Horizons


The emergence of e-mobility in urban areas has generated a wide plethora of innovation opportunities for companies in this market. Key players are developing hybrid solutions to reduce carbon emissions, while some are heavily investing to design fully-electric solutions. These innovations are also eliciting not just investments from different entities, but they are also being provided with the necessary regulatory support, which further propelling these companies to advance clean urban mobility technologies.


Industry Developments:



  • June 2020: Arrival, a UK-based start-up, rolled out its futuristic electric type of bus bus, having secured investments from Hyundai and Kia in 2019. The bus is designed for commercial applications and boasts of next-gen features such as a touchscreen display panel and tap-to-pay sensors.


List of Key Players Covered in the Market Report:



  • Scania AB (Södertälje, Sweden)

  • New Flyer Industries (Winnipeg, Canada)

  • Proterra, Inc. (Burlingame, California, United States)

  • AB Volvo (Gothenburg, Sweden)

  • BYD Co., Ltd (Shenzen, China)

  • Iveco (Turin, Italy)

  • Daimler AG (Stuttgart, Germany)


Further Report Findings:



  •  The plug-in hybrid electric vehicle segment is expected to display healthy growth as these buses are easy to charge. In 2019, the segment held a market share of 8.0%, while the fuel cell vehicle segment held a share of 0.6%.

  • Rapid expansion of charging infrastructure in China, Japan, and South Korea will aid Asia Pacific to tighten its hold on the electric bus market share during the forecast period. The region’s market volume in 2019 was at 194 thousand units.

  • In North America and Europe, speedy advancements in e-mobility solutions will bolster market growth.


Table of Segmentation:





































 ATTRIBUTE



  DTEAILS



Study Period



  2016-2027



Base Year



  2019



Forecast Period



  2020-2027



Historical Period



  2016-2018



Unit



  Volume (thousand units)



Segmentation



By Type



  • Battery Electric Vehicle (BEV)

  • Plug-in Hybrid Electric Vehicle (PHEV)

  • Fuel Cell Electric Vehicle (FCEV)



By Geography



  • North America (U.S., Canada, and Mexico)

  • Europe (U.K., Germany, France, Netherlands, and Rest of Europe)

  • Asia-Pacific (Japan, China, India, South Korea, and Rest of Asia- Pacific)

  • Rest of the World


Electric Bus Market
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  • 2019
  • 2016-2018
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