Published Date: 30-Jun-2023
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According to a new report, published by KBV research, The Global Electric Bus Market size is expected to reach $121.2 billion by 2030, rising at a market growth of 20.8% CAGR during the forecast period.
The Lithium Iron Phosphate segment is leading the Global Electric Bus Market by Battery Type in 2022 thereby, achieving a market value of $111.5 billion by 2030. Compared to other lithium and lead-acid batteries, lithium iron phosphate batteries provide a number of advantages, including improved discharge, charge efficiency, a longer lifespan, maximum safety, and lightweight. Lithium iron phosphate batteries are a potential long-term investment because of their low maintenance requirements.
The Battery Electric Vehicle segment has shown the growth rate of 20.4% during (2023 - 2030). Compared to low-emission or zero-emission vehicles, the battery-powered bus is more effective. When compared to conventional buses, BEVs are more efficient, and it also enable the battery-powered bus to drive faster. BEVs are simpler and less expensive to charge than diesel or gasoline-powered buses. The development of innovative and effective battery technologies is being funded by numerous OEMs, which is propelling the expansion of this segment. The market for electric bus would benefit as well from supportive government legislation for BEVs.
The Intercity segment is generating the highest revenue share in the Global Electric Bus Market by Application in 2022 thereby, achieving a market value of $106.4 billion by 2030. The demand for intercity electric buses is growing due to the increased usage of public transportation and the growing number of people traveling to work, school, and universities worldwide. This could result in significantly higher chances for supporting smart transportation and increasing electric public transportation to decrease fatal traffic accidents under the current smart cities' growth.
The Private segment has shown the growth rate of 23.1% during (2023 - 2030). Many nations are deploying e-buses within their borders, accelerating the development of the electric bus market. There are several private initiatives and companies involved in the market. These initiatives aim to develop and promote electric buses as a sustainable and eco-friendly transportation solution. Some examples include Proterra from America, BYD from China, etc.
The Asia Pacific market dominated the Global Electric Bus Market by Region in 2022, and would continue to be a dominant market till 2030; thereby, achieving a market value of $75.9 billion by 2030. The Europe market is experiencing a CAGR of 19.5% during (2023 - 2030). Additionally, The North America market would showcase a CAGR of 20.5% during (2023 - 2030).
Full Report: https://www.kbvresearch.com/electric-bus-market/
The market research report has exhaustive quantitative insights providing a clear picture of the market potential in various segments across the globe with country wise analysis in each discussed region. The key impacting factors of the market have been discussed in the report with the elaborated company profiles of 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
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