The Latin America, Middle East and Africa Electric Bus Market would witness market growth of 24.2% CAGR during the forecast period (2023-2030).
City buses are the major source of black carbon emissions in the transportation sector. In order to design and plan low-emission transportation networks for the general public that include electric buses, the UNEP is offering technical and policy help to many cities in Latin America, and Africa. In addition, the UNEP has offered technical assistance to locate and remove roadblocks and promotes the adoption and development of clean buses to win over the public. This help has been made possible by the International Clean Transportation Council (ICCT) along with regional partners. In the coming years, the expansion of the market is anticipated to be driven by these government initiatives.
The cost of operating buses is further reduced because the energy used to power them is less expensive than diesel. The overall costs of BEVs are anticipated to drop significantly with improvements in battery technology and ongoing battery price declines. In the upcoming years, it's anticipated that public transportation systems will buy 100% battery-electric buses at an even faster rate, bolstering the expansion of the market.
Saudi Arabia was responsible for more than 52% of GCC auto sales in 2020, according to a report published by International Trade Administration in 2021. In Saudi Arabia, 436,000 automobiles were sold overall in 2020. The National Industrial Development Center (NIDC) is looking to bring in three to four Original Equipment Manufacturers (OEMs) from all points along the ICE and EV value chain to help meet its 2030 goal of producing 300,000 vehicles annually with 40% local content. According to the Saudi Arabia’s Government, one of the Transport General Authority (TGA) projects being carried out in collaboration with Al Madinah Region Development Authority (MDA) and the local government is the new electric bus for the Madinah region. Hence, the market will rise over the future years due to all these factors.
The Brazil market dominated the LAMEA Electric Bus Market by Country in 2022, and would continue to be a dominant market till 2030; thereby, achieving a market value of $2,305.4 Million by 2030. The Argentina market is estimated to grow a CAGR of 24.8% during (2023 - 2030). Additionally, The UAE market would showcase a CAGR of 23.1% during (2023 - 2030).
Based on Battery Type, the market is segmented into Lithium Iron Phosphate, and Lithium Nickel Manganese Cobalt Oxide. Based on Vehicle, the market is segmented into Battery Electric Vehicle, Plug-in Hybrid Electric Vehicle, and Fuel Cell Electric Vehicle. Based on Application, the market is segmented into Intercity, and Intracity. Based on End-use, the market is segmented into Public, and Private. Based on countries, the market is segmented into Brazil, Argentina, UAE, Saudi Arabia, South Africa, Nigeria, and Rest of LAMEA.
Free Valuable Insights: The Worldwide Electric Bus Market is Projected to reach USD 121.2 Billion by 2030, at a CAGR of 20.8%
The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include BYD Company Ltd., Volvo Group, Solaris Bus & Coach sp. z o.o. (Construcciones y Auxiliar de Ferrocarriles, S.A.), Volkswagen AG, Nissan Motor Co., Ltd, Ashok Leyland Limited (Hinduja Group Ltd.), Mercedes-Benz Group AG (Daimler Truck Holding AG), Yutong Bus Co., Ltd., Tata Motors Limited (Tata Group) and Hyundai Motor Company.
By Battery Type
By Vehicle
By Application
By End-Use
By Country
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