The Asia Pacific Region to grow at the fastest CAGR in the Electric School Bus Market
According to Custom Market Insights (CMI), The Global Electric School Bus Market Size was valued at USD 18 billion in 2021 and is estimated to reach USD 40 billion by the end of 2030 at a CAGR of approximately 14% during the forecast period 2022-2030.
The report examines the Electric School Bus market’s drivers and restraints and their impact analysis. Also, the report mentions global opportunities prevailing in the Electric School Bus market.
Electric School Bus Market: Overview
The market research report for electric school buses has highlighted recent improvements in market quality and competitive strategies. Business owners can use the statistics presented in this report to direct their operations in the present. Access the historical data analyzed in this study from 2019 and a projection covering 2022 to 2030.
Commercial transport companies’ shifting attention to sustainable transportation will fuel the market demand. Additionally, to increase their commitment to creating a sustainable environment, governments are concentrating on expediting the adoption of e-buses.
The main element hampering market growth is the high initial cost of electric buses. Heavy capital expenditures and sizable down payments are necessary for the purchase of electric buses and PHEV buses. The demand for e-buses is also being negatively impacted by additional costs such as storage costs, taxes, loan interest, cost of insurance, and licensing.
Browse the full “Electric School Bus Market Size, Trends and Insights By Battery Type (Lithium Nickel Manganese Cobalt Oxide, Lithium Iron Phosphate), By Propulsion Type (Battery Electric Vehicle, Fuel Cell Electric Vehicle, Plug-in Hybrid Electric Vehicle), By Battery Capacity (Below 100 kWh, 100-300 kWh, Above 300 kWh), By Seating Capacity (Below 40 seats, 40-70 Seats, Above 700 Seats), and By Region – Global Industry Overview, Statistical Data, Competitive Analysis, Share, Outlook, and Forecast 2023–2032” report at https://www.custommarketinsights.com/report/electric-school-bus-market/
Developing sustainable and fuel-efficient urban public transportation systems is one of many positive initiatives performed by government bodies of various nations that are the main drivers of the worldwide market. This is a result of the growing worries about the depletion of fossil fuels. Additionally, the adoption of fuel-efficient and high-performance school buses results from the rising demand for alternative energy due to the continuously fluctuating fuel prices.
In keeping with this, the market is being stimulated by ongoing technological developments in the automotive sector, cheap access to electrical components and constantly improved charging infrastructure. The market is also influenced by other factors, such as falling lithium-ion (Li-ion) battery prices, rising disposable income levels, growing urbanization, intensive research and development (R&D), and merger and acquisitions (M&A) operations carried out by important players.
The global Electric School Bus market is categorized into propulsion, battery, battery, and seating capacity. Due to its superior sitting comfort compared to 40-seaters and the greatest capacity for long-distance public transportation, the 40–70-seater electric bus sector held a 60% market share in 2021. To reduce ticket prices and boost customer numbers, transportation service providers are ordering 40-70-seater electric buses.
In 2021, the Electric Bus Market was anticipated to develop at the fastest growth rate in the Asia Pacific. The market is primarily driven by improvements in infrastructure, supportive government policies, and rising environmental consciousness. In nations like China and Japan, there is a significant investment in electric car infrastructure, and the use of electric vehicles is rising. Additionally, the regional government is spending significantly on R&D for electric vehicles and providing incentives to promote their adoption.
|Feature of the Report||Details|
|Market Size in 2021||USD 18 Billion|
|Projected Market Size in 2030||USD 40 Billion|
|CAGR Growth Rate||14% CAGR (2022-2030)|
|Prominent Players||BYD, Yutong, CAF, VDL Groep, AB Volvo, Dailmer AG, NFI Group, Ankai, King Long, Nissan Motor Corporation, Toyota Motor Corporation, SCANIA AB, General Motors, and Others|
|Key Segment||By Battery Type, Propulsion Type, Battery Capacity, Seating Capacity, and Region|
|Report Coverage||Revenue Estimation and Forecast, Company Profile, Competitive Landscape, Growth Factors and Recent Trends|
|Regional Scope||North America, Europe, Asia Pacific, Middle East & Africa, and South & Central America|
|Buying Options||Request tailored purchasing options to fulfil your requirements for research.|
Key Players Insights
Our market analysis includes a section specifically devoted to key players operating in the Electric School Bus market. Our analysts overview each player’s financial statements, product benchmarking and SWOT analysis. The competitive landscape section includes key development strategies, market share analysis, and market positioning analysis of globally mentioned competitors.
- VDL Groep
- AB Volvo
- Dailmer AG
- NFI Group
- King Long
- Nissan Motor Corporation
- Toyota Motor Corporation
- SCANIA AB
- General Motors
The global Electric School Bus market is segmented as follows:
By Battery Type
- Lithium Nickel Manganese Cobalt Oxide
- Lithium Iron Phosphate
By Propulsion Type
- Battery Electric Vehicle
- Fuel Cell Electric Vehicle
- Plug-in Hybrid Electric Vehicle
By Battery Capacity
- Below 100 kWh
- 100-300 kWh
- Above 300 kWh
By Seating Capacity
- Below 40 seats
- 40-70 Seats
- Above 700 Seats
On the basis of Geography
- The U.S.
- The UK
- Rest of Europe
- South Korea
- Rest of Asia Pacific
The Middle East & Africa
- Saudi Arabia
- South Africa
- Rest of the Middle East & Africa
- Rest of Latin America