You are here :
Electric Bus Market - Growth, Trends, COVID-19 Impact, And Forecasts (2021 - 2026)
Published on: Feb 2021 | From USD $4250 | Published By: MORDOR INTELLIGENCE | Number Of Pages: 100
The electric bus market was valued at USD 14.03 billion in 2020 and is anticipated to reach USD 24.34 billion by 2026 at a CAGR of about 11.63%, during the forecast period (2021-2026).
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. Hence, the reduction in production rate at the start of the year due to the pandemic-induced disruptions affected the market last year. However, the market regained its growth by the end of 2020.
The growth of the electric bus market has been attributed to the increasing concerns about the depletion of fossil fuels and environmental pollution. In order to tackle the aforementioned issues, many governments across the world have initiated changes in the public transportation systems, by replacing heavy-duty diesel and gasoline-run buses with zero-emission electric buses.
Asia-Pacific has been leading the electric bus market, with increased government initiatives in countries, like India, China, and Japan. Currently, China is the most promising market for electric buses, globally, and this is likely to lead the e-bus demand over the forecast period. Moreover, the overall bus purchases in the country is expected to remain stable, with more than 400,000 new purchases by 2025.
Electric bus purchases are expected to increase, supported by the continuous government initiatives to promote e-mobility, and the overall e-bus adoption is likely to reach 40% of new bus purchases, globally, by 2040
Key Market Trends
Battery Electric Bus to Witness Growth
Transit agencies across various countries have been significantly promoting the adoption of electric buses for public transportation. Among the regions, Asia-Pacific and North America are likely to show high adoption rates of battery-electric buses during the forecast period, owing to their on-going purchase orders for e-buses. For instance,
- In September 2020, the city of Bodö of Norway placed an order for 31 electric Volvo buses. In the 31 electric buses, 17 are of the 12-meter Volvo 7900 Electric model and the remaining 14 are high-capacity Volvo 7900 Electric Articulated buses. These buses have a capacity of up to 120 passengers.
- In June 2020, VyBuss AB ordered 49 high-capacity Volvo 7900 Electric Articulated buses. The new buses, which are scheduled to enter operation in Jönköping, Sweden in summer 2021.
Not only various cities are adding electric buses in their fleet, but major investment has been seen by the governments for research and development of these buses. For instance, in February 2020, Canada launched North America’s first research cluster for researching fuel cell and battery-electric buses. The Canadian Urban Transit Research and Innovation Consortium (CUTRIC), along with seven other partners, are contributing USD 4.2 million to support the National Academic Committee on Zero-Emission Buses (NAC-ZEB), along with additional federal funding of USD 551,000. CUTRIC will support research in electric and hydrogen bus modeling and simulation tools, cybersecurity of electric buses, battery, and fuel cell electric bus performance visualization for batteries, motors, powertrain, fuel cell stack optimization, etc.
Asia-Pacific Dominates the Electric Bus Market
In Asia-Pacific, China is the largest manufacturer and consumer of e-buses in the world. The country’s domestic demand has been supported by the national sales targets, favorable laws, supportive subsidies, and municipal air-quality targets.
During the forecast period, China may continue to witness growth in the adoption of electric buses, as more than 30 Chinese cities have made plans to achieve 100% electrified public transit by the start of 2021, including Guangzhou, Zhuhai, Dongguan, Foshan, and Zhongshan in the Pearl River Delta, along with Nanjing, Hangzhou, Shaanxi, and Shandong.
Major Chinese e-bus suppliers are expanding their market presence outside China with the increasing electric bus deployment around the world. In 2020, Chinese bus makers sold around 61,000 new energy buses, whereas the total bus production in China accounted for around 150,000 units. For instance,
- In November 2020, Yutong Bus signed an agreement with Qatar Free Zones Authority (QFZA) and Mowasalat to establish a KD factory in Qatar. Company will be supplying 741 units of e-buses for FIFA World Cup 2022.
- In January 2021, -BYD announced that it has bagged a cumulative order to supply 1,002-unit pure-electric buses to Bogota, Colombia. These buses are scheduled to be delivered during 2021 and into the first half of 2022 and will be put into operation on 34 bus routes across five regions of the city.
The market for electric buses is slightly consolidated, with the presence of major Chinese players that cater to the requirements global requirements. Some of the prominent players in the Volvo Group, Daimler AG, BYD Auto Co., Ltd, and Zhengzhou Yutong Bus Co., Ltd. among others. Owing to the increasing number of orders for its electric buses from the domestic and international markets the competition in the market is growing, For instance,
In June 2020, Link Transit in Wenatchee, Washington, received the delivery of 10 new all-electric 35-ft K9S buses, with a range of up to 215 miles (346 km) and seating for up to 32 passengers.
Reasons to Purchase this report:
- The market estimate (ME) sheet in Excel format
- 3 months of analyst support
1.1 Study Assumptions
1.2 Scope of the Study
2 RESEARCH METHODOLOGY
3 EXECUTIVE SUMMARY
4 MARKET DYNAMICS
4.1 Market Drivers
4.2 Market Restraints
4.3 Industry Attractiveness - Porter's Five Forces Analysis
4.3.1 Threat of New Entrants
4.3.2 Bargaining Power of Buyers/Consumers
4.3.3 Bargaining Power of Suppliers
4.3.4 Threat of Substitute Products
4.3.5 Intensity of Competitive Rivalry
5 MARKET SEGMENTATION
5.1 By Vehicle Type
5.1.1 Battery Electric Bus
5.1.2 Plug-in Hybrid Electric Bus
5.1.3 Fuel Cell Electric Bus
5.2 By Consumer Segment
5.2.2 Fleet Operators
5.3.1 North America
126.96.36.199 United States
188.8.131.52 Rest of North America
184.108.40.206 United Kingdom
220.127.116.11 Rest of Europe
18.104.22.168 South Korea
22.214.171.124 Rest of Asia-Pacific
5.3.4 South America
126.96.36.199 Rest of South America
5.3.5 Middle East & Africa
188.8.131.52 Saudi Arabia
184.108.40.206 South Africa
220.127.116.11 Rest of Middle East & Africa
6 COMPETITIVE LANDSCAPE
6.1 Vendor Market Share
6.2 Company Profiles
6.2.1 Daimler AG
6.2.2 Anhui Ankai Automobile Co. Ltd
6.2.3 BYD Co. Ltd
6.2.4 Iveco Bus
6.2.5 New Flyer Industries
6.2.6 Proterra Inc.
6.2.7 Ryobi Bus
6.2.8 Scannia AB
6.2.9 AB Volvo
6.2.10 Zhengzhou Yutong Bus Co. Ltd
7 MARKET OPPORTUNITIES AND FUTURE TRENDS
Secondary Research Information is collected from a number of publicly available as well as paid databases. Public sources involve publications by different associations and governments, annual reports and statements of companies, white papers and research publications by recognized industry experts and renowned academia etc. Paid data sources include third party authentic industry databases.
Once data collection is done through secondary research, primary interviews are conducted with different stakeholders across the value chain like manufacturers, distributors, ingredient/input suppliers, end customers and other key opinion leaders of the industry. Primary research is used both to validate the data points obtained from secondary research and to fill in the data gaps after secondary research.
The market engineering phase involves analyzing the data collected, market breakdown and forecasting. Macroeconomic indicators and bottom-up and top-down approaches are used to arrive at a complete set of data points that give way to valuable qualitative and quantitative insights. Each data point is verified by the process of data triangulation to validate the numbers and arrive at close estimates.
The market engineered data is verified and validated by a number of experts, both in-house and external.
REPORT WRITING/ PRESENTATION
After the data is curated by the mentioned highly sophisticated process, the analysts begin to write the report. Garnering insights from data and forecasts, insights are drawn to visualize the entire ecosystem in a single report.
The process usually includes collection and interpretation of market data by using statistical and analytical techniques to support the decision making process.
The report helps in identifying and tracking emerging players in the market and their portfolios, enhances decision making capabilities and helps to create effective counter strategies to gain competitive advantage.
Market research reports provide in-depth analysis about the market conditions and requirements for effective decision making.
The report provides a snapshot of the global market size, segmentation data, marketing growth strategies, market share, export and import information, analysis and forecast of market trends, competition, domestic production, best sales prospects, statistical data, tariffs, regulations, distribution and business practices, end-user analysis, contact points and more.
These research reports include information about competitive strategies, solutions, fact-based research, key takeaways, recommendations, market considerations, emerging business models and market opportunities for multiple segments of an industry.
Market research reports assist in solving business problems and making better decisions to improve business as per the prevalent market trends.
Any person who has the capacity to make decisions for the business must buy the reports. These reports help management in decision making process. Market research helps person to obtain market information from different sources, and in multiple formats. It aims to study supply and demand, analyze data as per geography, age factors, demography, technology, product, psychographic & gender differences, and many other parameters. Access to in-depth market trends helps person to assess the market effectiveness. Some of the multiple techniques used for market research include customer analysis, choice modeling, competition and risk analysis, product research, advertising the research, marketing mix modeling, simulated test marketing, and more.
Market research studies several features of business environment, such as competitors, market structure, government regulations, economic trends, technological advances and financial analysis of companies, industries, and sectors. This helps person in the decision-making process of planning and implementing strategies for their markets.
1. Choose a topic.
2. Make skeleton catalogue.
3. Fill content. As for report content, there are two main information source, Primary and Secondary data collection. Secondary data collectionrefers to information searched from the Internet or data bought from database. Primary data collection refers to information concluded from telephone interview, face-to-face interview, expertâ€™s interview, meeting etc.
4. Audit the report
5. Publish the report.
With regard to information cost, information searching costs the least, database support the second least, and telephone interview the third least. Face-face interview cost higher, in-depth interview much higher and expert interview the highest. A research may adopt all of these approaches, or just some of them.
In general, a good-quality research report needs 1-3 months to be finished. Time and method varies according to different Publishers. Thus, itâ€™s difficult to define an exact procedure or process of making research report. Both time and cost vary. However, specialization has become a basic industry standard. Professional and dedicated products will be more and more popular.
There may be exceptions to this if you place order on a non-working day specifically because our publisher partners are located all over the globe. In case of physical delivery report will be couriered to you within 3 working days from the date of the receipt of payment and delivery time will differ based on your location
+1 (704) 266-3234
- In-depth database Our Reportâ€™s database covers almost all topics of all regions over the Globe..
- Recognised publishing sources Tie ups with top publishers around the globe.
- Customer Support Complete pre and post sales support.
- Safe & Secure Complete secure payment process.