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Electric Bus Market Forecast to 2028 to Witness 20.2% of CAGR b

  • Electric Bus Market Forecast to 2028 – COVID-19 Impact and Global Analysis – by Vehicle Type (Battery Electric Bus, Hybrid Electric Bus, and Plug-In Hybrid Electric Bus), Hybrid Powertrain (Series-Parallel Hybrid, Parallel Hybrid, and Series Hybrid), Battery (Lithium Iron Phosphate (LFP) and Lithium Nickel Manganese Cobalt Oxide (NMC)), and End User (Public and Private)

    Market Overview:

    An electric powertrain is combined with fuel cell systems, controlled technology, and batteries to power hydrogen fuel cell buses. These buses are considered next-generation green transportation because their lifespan is far longer than a typical electric bus. The hydrogen fuel cell bus can refuel quickly and has many routes. With such benefits, the demand for hydrogen fuel cell buses is skyrocketing. For instance, over a thousand hydrogen buses will be launched throughout Europe during the next few years. China has been at the forefront of this technology, moving the battery-electric-driven business forward. In the US, the deployment of hydrogen-fueled buses has been slow, with hydrogen buses accounting for only 3.1% of total zero-emission buses (deployed or planned) across the country. The deployment will likely grow significantly over the next decade, with the scalability factor outweighing the high procurement costs. For instance, within the scope of three initiatives in Cwmbran, Warwickshire, and Ballymena, the UK Business Secretary announced a GBP 54 million fund to create the next generation of electric trucks and hydrogen-powered buses. The initiatives are expected to create around 10,000 employment and reduce 45 million tonne of carbon emissions across the UK. Thus, increasing demand for hydrogen fuel buses in some parts of the world is driving the growth of the electric bus market

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    The List of Companies - Electric Bus Market

    • AB Volvo
    • King Long United Automotive Industry Co., Ltd
    • Shenzhen Wuzhoulong Motors Co., Ltd
    • BYD Company Ltd
    • Daimler AG
    • Ebusco
    • CAF Group (Solaris Bus & Coach)
    • Proterra Inc
    • NFI Group
    • Van Hool NV

     

    Vehicle Type-Based Market Insights

    Based on vehicle type, the electric bus market is segmented into battery electric bus, hybrid electric bus, and plug-in hybrid electric bus. The battery electric bus segment led the Electric Bus Market with a share of 93.5% in 2020.

     

    Electric Bus Market, by Vehicle Type, 2020 and 2028 (%)

     

     

     

    Hybrid Powertrain-Based Market Insights

    Based on hybrid powertrain, the electric bus market is segmented into series parallel hybrid, parallel hybrid, and series hybrid. The parallel hybrid segment led the Electric Bus Market with a share of 64.3% in 2020.

     

    Battery-Based Market Insights

    Based on battery, the electric bus market is segmented into lithium iron phosphate (LFP) and lithium nickel manganese cobalt oxide (NMC). The lithium iron phosphate (LFP) segment led the Electric Bus Market with a share of 85.7% in 2020.

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