Electric bus market size to grow by 61.03 thousand units between 2022 and 2027; Growth driven by a reduction in battery prices - Technavio

NEW YORK, June 16, 2023 /PRNewswire/ -- The electric bus market size is forecast to increase by 61.03 thousand units from 2022 to 2027, at a CAGR of 9.23%, according to the recent market study by Technavio. The growth of the market will be driven by the the reduction in battery prices, technological improvements to reduce downtime, and the government initiatives promoting electric buses. Charts & data tables about market and segment sizes for a historic period (2017-2021) and forecast period (2023-2027) have been covered in this report. Download the Sample Report

Technavio categorizes the global electric bus market Vendor Analysis:

The market is highly competitive, and established vendors have started acquiring smaller and regional players to help them enhance their global reach. Moreover, the market will also witness the entry of several new players, which will increase the level of competition among the existing players during the forecast period. Some of the key vendors covered in the report include AB Volvo and BKM.BY, Bollore SE, BYD Co. Ltd., CNH Industrial NV, Complete Coach Works, Eletra, GreenPower Motor Co. Inc., Jiangsu Alfa Bus Co. Ltd., Linkker Oy, Mercedes Benz Group AG, NFI Group Inc., POL-MOT Holding SA, Proterra Inc., Tata Sons Pvt. Ltd., TECNOBUS Spa, VDL Bus and Coach BV, Xiamen King Long United Automotive Industry Co. Ltd., Yinlong Energy China Ltd., and Zhongtong Bus Holding Co. Ltd.

Vendor Offerings –

Volvo Group - The company offers electric buses that are equipped with full load-carrying electric bus chassis, high energy density batteries, an efficient energy-saving motor, and an integrated intelligent electronic control system.

Bollore SE - The company offers electric buses that are equipped with air-ride suspension, ABS disk brakes, and pass-through storage.

GreenPower Motor Company Inc - The company offers an electric bus that features a Monocoque chassis and has been designed from the ground up to be battery electric.

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Key Benefits for Industry Players & Stakeholders – 

• The report offers information on the criticality of vendor inputs, including R&D, CAPEX, and technology.
• It also provides detailed analyses of the market's competitive landscape and vendors' product offerings.
• The report also provides a qualitative and quantitative analysis of vendors to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize vendors as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize vendors as dominant, leading, strong, tentative, and weak.

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Customer Landscape - Analysis of Price Sensitivity, Adoption Lifecycle, Customer Purchase Basket, Adoption Rates, and Purchase Criteria by Technavio

• One of the core components of the customer landscape is price sensitivity, an analysis of which will help companies refine marketing strategies to gain a competitive advantage. 
• Another key aspect is price sensitivity drivers (purchases are undifferentiated, the purchase is a key cost to buyers, and quality is not important), which range between LOW and HIGH.
• Furthermore, market adoption rates for all regions have been covered.

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Market Segmentation:

The market is segmented by application (intercity and intra-city), type (pure electric bus and plug-in hybrid bus), and geography (APAC, Europe, North America, and the Rest of the World).

• The market share growth in the intercity segment will be significant during the forecast period. In India, the Government of India is promoting the use of electric vehicles to replace internal combustion engine (ICE) vehicles by 2030. Furthermore, various electric bus charging system manufacturers are planning to start business operations within India due to the growth opportunities presented by the rising electric bus market in the country. The growth of this segment is primarily attributed to the increasing adoption of Electric Buses, which is driven by an increase in the global demand for the electric bus industry.

Market Dynamics:

Key DRIVERS:

• Reduction in battery prices
• Technological improvements to reduce downtime
• Government initiatives promoting electric buses

Electric buses have a higher load capacity compared to electric passenger cars, requiring large-capacity batteries for optimal vehicle downtime. The battery size of the vehicle increases when the load capacity increases. However, the major concern of the industry is the time taken for electric buses to get charged, as it takes longer than conventional buses. Hence, there is a need for fast-charging systems to minimize time loss between recharging. The total cost of an electric bus is reduced if there is any change in the battery prices, which brings a huge difference. Therefore, the continuous decrease in battery prices is a result of battery manufacturers achieving economies of scale. This will reduce the overall price of electric buses which will drive the growth of the global electric bus market during the forecast period.

Major Trends:

• Increasing popularity of wireless charging systems
• Technological advancements in electric buses
• Technological advancements in electric buses

The global electric bus market is expected to experience growth due to the increasing popularity of wireless charging systems. Inducting wireless technology offers the necessary higher power levels to conveniently charge electric buses which proves advantageous for electric bus operators. The improved performance has led to the introduction of wireless chargers with a 50-kW power capacity which is equivalent to commercially available quick plug-in chargers. As a result, these high-power inductive wireless charging systems are important for charging large vehicles like electric buses, and their introduction is expected to drive market growth during the forecast period.

Key Challenges:

• Declining number of public transport users
• Lack of adequate charging infrastructure
• Reduction in subsidies in China

The declining number of public transport users is a major challenge to the global electric bus market growth. The increasing preference for personal vehicles is reducing the demand for public transportation. Due to the high cost of electric buses, transport authorities are hesitant to replace their current conventional bus fleet. This is a restriction on the growth of the electric bus market. The rapid increase in the production of passenger cars in line with the increasing demand for them is posing a major challenge to the penetration of electric buses in many regions. The demand for public transportation services is decreasing due to the growing demand for passenger cars.

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What are the key data covered in this Electric Bus Market report?

• CAGR of the market during the forecast period
• Detailed information on factors that will drive the growth of the electric bus market between 2023 and 2027
• Precise estimation of the size of the electric bus market and its contribution to the market in focus on the parent market
• Accurate predictions about upcoming trends and changes in consumer behavior
• Growth of the electric bus market industry across Asia, Europe, North America, and the Rest of the World (ROW)
• A thorough analysis of the market's competitive landscape and detailed information about vendors
• Comprehensive analysis of factors that will challenge the growth of electric bus market vendors

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The micro electric vehicle (EV) market is estimated to grow at a CAGR of 8.02% between 2022 and 2027. The size of the market is forecast to increase by 1,542.22 thousand units. Furthermore, this report extensively covers market segmentation by type (golf and micro cars and quadricycle), application (commercial, personal, and public utilities), and geography (North America, APAC, Europe, South America, and the Middle East and Africa).

Table of contents

1 Executive Summary

• 1.1 Market OverviewExhibit 01: Executive Summary – Chart on Market Overview
• Exhibit 02: Executive Summary – Data Table on Market Overview
• Exhibit 03: Executive Summary – Chart on Global Market Characteristics
• Exhibit 04: Executive Summary – Chart on Market by Geography
• Exhibit 05: Executive Summary – Chart on Market Segmentation by Application
• Exhibit 06: Executive Summary – Chart on Market Segmentation by Type
• Exhibit 07: Executive Summary – Chart on Incremental Growth
• Exhibit 08: Executive Summary – Data Table on Incremental Growth
• Exhibit 09: Executive Summary – Chart on Vendor Market Positioning

2 Market Landscape

• 2.1 Market ecosystem
• Exhibit 10: Parent market
• Exhibit 11: Market Characteristics

3 Market Sizing

• 3.1 Market definition
• Exhibit 12: Offerings of vendors included in the market definition

• 3.2 Market segment analysis 
• Exhibit 13: Market segments

• 3.3 Market size 2022

• 3.4 Market outlook: Forecast for 2022-2027 
• Exhibit 14: Chart on Global - Market size and forecast 2022-2027 (thousand units)
• Exhibit 15: Data Table on Global - Market size and forecast 2022-2027 (thousand units)
• Exhibit 16: Chart on Global Market- Year-over-year growth 2022-2027 (%)
• Exhibit 17: Data Table on Global Market- Year-over-year growth 2022-2027 (%)

4 Historic Market Size

• 4.1 Global electric bus market 2017 - 2021 
• Exhibit 18: Historic Market Size – Data Table on Global electric bus market 2017 - 2021 (thousand units)

• 4.2 Application Segment Analysis 2017 - 2021 
• Exhibit 19: Historic Market Size – Application Segment 2017 - 2021 (thousand units)

• 4.3 Type Segment Analysis 2017 - 2021 
• Exhibit 20: Historic Market Size – Type Segment 2017 - 2021 (thousand units)

• 4.4 Geography Segment Analysis 2017 - 2021 
• Exhibit 21: Historic Market Size – Geography Segment 2017 - 2021 (thousand units)

• 4.5 Country Segment Analysis 2017 - 2021 
• Exhibit 22: Historic Market Size – Country Segment 2017 - 2021 (thousand units)

5 Five Forces Analysis

• 5.1 Five forces summary
• Exhibit 23: Five forces analysis - Comparison between 2022 and 2027

• 5.2 Bargaining power of buyers 
• Exhibit 24: Chart on Bargaining power of buyers – Impact of key factors 2022 and 2027

• 5.3 Bargaining power of suppliers 
• Exhibit 25: Bargaining power of suppliers – Impact of key factors in 2022 and 2027

• 5.4 Threat of new entrants 
• Exhibit 26: Threat of new entrants – Impact of key factors in 2022 and 2027

• 5.5 Threat of substitutes 
• Exhibit 27: Threat of substitutes – Impact of key factors in 2022 and 2027

• 5.6 Threat of rivalry
• Exhibit 28: Threat of rivalry – Impact of key factors in 2022 and 2027

• 5.7 Market condition
• Exhibit 29: Chart on Market condition - Five forces 2022 and 2027

6 Market Segmentation by Application

• 6.1 Market segments
• Exhibit 30: Chart on Application - Market share 2022-2027 (%)
• Exhibit 31: Data Table on Application - Market share 2022-2027 (%)

• 6.2 Comparison by Application 
• Exhibit 32: Chart on Comparison by Application
• Exhibit 33: Data Table on Comparison by Application

• 6.3 Intercity - Market size and forecast 2022-2027 
• Exhibit 34: Chart on Intercity - Market size and forecast 2022-2027 (thousand units)
• Exhibit 35: Data Table on Intercity - Market size and forecast 2022-2027 (thousand units)
• Exhibit 36: Chart on Intercity - Year-over-year growth 2022-2027 (%)
• Exhibit 37: Data Table on Intercity - Year-over-year growth 2022-2027 (%)

• 6.4 Intra city - Market size and forecast 2022-2027 
• Exhibit 38: Chart on Intra city - Market size and forecast 2022-2027 (thousand units)
• Exhibit 39: Data Table on Intra city - Market size and forecast 2022-2027 (thousand units)
• Exhibit 40: Chart on Intra city - Year-over-year growth 2022-2027 (%)
• Exhibit 41: Data Table on Intra city - Year-over-year growth 2022-2027 (%)

• 6.5 Market opportunity by Application 
• Exhibit 42: Market opportunity by Application (thousand units)

7 Market Segmentation by Type

• 7.1 Market segments
• Exhibit 43: Chart on Type - Market share 2022-2027 (%)
• Exhibit 44: Data Table on Type - Market share 2022-2027 (%)

• 7.2 Comparison by Type
• Exhibit 45: Chart on Comparison by Type
• Exhibit 46: Data Table on Comparison by Type

• 7.3 Pure electric bus - Market size and forecast 2022-2027 
• Exhibit 47: Chart on Pure electric bus - Market size and forecast 2022-2027 (thousand units)
• Exhibit 48: Data Table on Pure electric bus - Market size and forecast 2022-2027 (thousand units)
• Exhibit 49: Chart on Pure electric bus - Year-over-year growth 2022-2027 (%)
• Exhibit 50: Data Table on Pure electric bus - Year-over-year growth 2022-2027 (%)

• 7.4 Plug-in hybrid bus - Market size and forecast 2022-2027 
• Exhibit 51: Chart on Plug-in hybrid bus - Market size and forecast 2022-2027 (thousand units)
• Exhibit 52: Data Table on Plug-in hybrid bus - Market size and forecast 2022-2027 (thousand units)
• Exhibit 53: Chart on Plug-in hybrid bus - Year-over-year growth 2022-2027 (%)
• Exhibit 54: Data Table on Plug-in hybrid bus - Year-over-year growth 2022-2027 (%)

• 7.5 Market opportunity by Type 
• Exhibit 55: Market opportunity by Type (thousand units)

8 Customer Landscape

• 8.1 Customer landscape overview 
• Exhibit 56: Analysis of price sensitivity, lifecycle, customer purchase basket, adoption rates, and purchase criteria

9 Geographic Landscape

• 9.1 Geographic segmentation 
• Exhibit 57: Chart on Market share by geography 2022-2027 (%)
• Exhibit 58: Data Table on Market share by geography 2022-2027 (%)

• 9.2 Geographic comparison 
• Exhibit 59: Chart on Geographic comparison
• Exhibit 60: Data Table on Geographic comparison

• 9.3 APAC - Market size and forecast 2022-2027 
• Exhibit 61: Chart on APAC - Market size and forecast 2022-2027 (thousand units)
• Exhibit 62: Data Table on APAC - Market size and forecast 2022-2027 (thousand units)
• Exhibit 63: Chart on APAC - Year-over-year growth 2022-2027 (%)
• Exhibit 64: Data Table on APAC - Year-over-year growth 2022-2027 (%)

• 9.4 Europe - Market size and forecast 2022-2027 
• Exhibit 65: Chart on Europe - Market size and forecast 2022-2027 (thousand units)
• Exhibit 66: Data Table on Europe - Market size and forecast 2022-2027 (thousand units)
• Exhibit 67: Chart on Europe - Year-over-year growth 2022-2027 (%)
• Exhibit 68: Data Table on Europe - Year-over-year growth 2022-2027 (%)

• 9.5 North America - Market size and forecast 2022-2027 
• Exhibit 69: Chart on North America - Market size and forecast 2022-2027 (thousand units)
• Exhibit 70: Data Table on North America - Market size and forecast 2022-2027 (thousand units)
• Exhibit 71: Chart on North America - Year-over-year growth 2022-2027 (%)
• Exhibit 72: Data Table on North America - Year-over-year growth 2022-2027 (%)

• 9.6 Rest of World (ROW) - Market size and forecast 2022-2027 
• Exhibit 73: Chart on Rest of World (ROW) - Market size and forecast 2022-2027 (thousand units)
• Exhibit 74: Data Table on Rest of World (ROW) - Market size and forecast 2022-2027 (thousand units)
• Exhibit 75: Chart on Rest of World (ROW) - Year-over-year growth 2022-2027 (%)
• Exhibit 76: Data Table on Rest of World (ROW) - Year-over-year growth 2022-2027 (%)

• 9.7 China - Market size and forecast 2022-2027 
• Exhibit 77: Chart on China - Market size and forecast 2022-2027 (thousand units)
• Exhibit 78: Data Table on China - Market size and forecast 2022-2027 (thousand units)
• Exhibit 79: Chart on China - Year-over-year growth 2022-2027 (%)
• Exhibit 80: Data Table on China - Year-over-year growth 2022-2027 (%)

• 9.8 India - Market size and forecast 2022-2027 
• Exhibit 81: Chart on India - Market size and forecast 2022-2027 (thousand units)
• Exhibit 82: Data Table on India - Market size and forecast 2022-2027 (thousand units)
• Exhibit 83: Chart on India - Year-over-year growth 2022-2027 (%)
• Exhibit 84: Data Table on India - Year-over-year growth 2022-2027 (%)

• 9.9 US - Market size and forecast 2022-2027 
• Exhibit 85: Chart on US - Market size and forecast 2022-2027 (thousand units)
• Exhibit 86: Data Table on US - Market size and forecast 2022-2027 (thousand units)
• Exhibit 87: Chart on US - Year-over-year growth 2022-2027 (%)
• Exhibit 88: Data Table on US - Year-over-year growth 2022-2027 (%)

• 9.10 Germany - Market size and forecast 2022-2027 
• Exhibit 89: Chart on Germany - Market size and forecast 2022-2027 (thousand units)
• Exhibit 90: Data Table on Germany - Market size and forecast 2022-2027 (thousand units)
• Exhibit 91: Chart on Germany - Year-over-year growth 2022-2027 (%)
• Exhibit 92: Data Table on Germany - Year-over-year growth 2022-2027 (%)

• 9.11 UK - Market size and forecast 2022-2027 
• Exhibit 93: Chart on UK - Market size and forecast 2022-2027 (thousand units)
• Exhibit 94: Data Table on UK - Market size and forecast 2022-2027 (thousand units)
• Exhibit 95: Chart on UK - Year-over-year growth 2022-2027 (%)
• Exhibit 96: Data Table on UK - Year-over-year growth 2022-2027 (%)

• 9.12 Canada - Market size and forecast 2022-2027 
• Exhibit 97: Chart on Canada - Market size and forecast 2022-2027 (thousand units)
• Exhibit 98: Data Table on Canada - Market size and forecast 2022-2027 (thousand units)
• Exhibit 99: Chart on Canada - Year-over-year growth 2022-2027 (%)
• Exhibit 100: Data Table on Canada - Year-over-year growth 2022-2027 (%)

• 9.13 Market opportunity by geography 
• Exhibit 101: Market opportunity by geography (thousand units)

10 Drivers, Challenges, and Trends

• 10.1 Market drivers

• 10.2 Market challenges

• 10.3 Impact of drivers and challenges 
• Exhibit 102: Impact of drivers and challenges in 2022 and 2027

• 10.4 Market trends

11 Vendor Landscape

• 11.1 Overview

• 11.2 Vendor landscape
• Exhibit 103: Overview on Criticality of inputs and Factors of differentiation

• 11.3 Landscape disruption
• Exhibit 104: Overview on factors of disruption

• 11.4 Industry risks
• Exhibit 105: Impact of key risks on business

12 Vendor Analysis

• 12.1 Vendors covered
• Exhibit 106: Vendors covered

• 12.2 Market positioning of vendors 
• Exhibit 107: Matrix on vendor position and classification

• 12.3 AB Volvo
• Exhibit 108: AB Volvo - Overview
• Exhibit 109: AB Volvo - Business segments
• Exhibit 110: AB Volvo - Key offerings
• Exhibit 111: AB Volvo - Segment focus

• 12.4 BKM.BY
• Exhibit 112: BKM.BY - Overview
• Exhibit 113: BKM.BY - Product / Service
• Exhibit 114: BKM.BY - Key offerings

• 12.5 Bollore SE
• Exhibit 115: Bollore SE - Overview
• Exhibit 116: Bollore SE - Business segments
• Exhibit 117: Bollore SE - Key offerings
• Exhibit 118: Bollore SE - Segment focus

• 12.6 BYD Co. Ltd.
• Exhibit 119: BYD Co. Ltd. - Overview
• Exhibit 120: BYD Co. Ltd. - Business segments
• Exhibit 121: BYD Co. Ltd. - Key news
• Exhibit 122: BYD Co. Ltd. - Key offerings
• Exhibit 123: BYD Co. Ltd. - Segment focus

• 12.7 CNH Industrial NV
• Exhibit 124: CNH Industrial NV - Overview
• Exhibit 125: CNH Industrial NV - Business segments
• Exhibit 126: CNH Industrial NV - Key news
• Exhibit 127: CNH Industrial NV - Key offerings
• Exhibit 128: CNH Industrial NV - Segment focus

• 12.8 Complete Coach Works
• Exhibit 129: Complete Coach Works - Overview
• Exhibit 130: Complete Coach Works - Product / Service
• Exhibit 131: Complete Coach Works - Key offerings

• 12.9 Eletra
• Exhibit 132: Eletra - Overview
• Exhibit 133: Eletra - Product / Service
• Exhibit 134: Eletra - Key offerings

• 12.10 GreenPower Motor Co. Inc. 
• Exhibit 135: GreenPower Motor Co. Inc. - Overview
• Exhibit 136: GreenPower Motor Co. Inc. - Product / Service
• Exhibit 137: GreenPower Motor Co. Inc. - Key news
• Exhibit 138: GreenPower Motor Co. Inc. - Key offerings

• 12.11 Jiangsu Alfa Bus Co. Ltd. 
• Exhibit 139: Jiangsu Alfa Bus Co. Ltd. - Overview
• Exhibit 140: Jiangsu Alfa Bus Co. Ltd. - Product / Service
• Exhibit 141: Jiangsu Alfa Bus Co. Ltd. - Key offerings

• 12.12 Linkker Oy
• Exhibit 142: Linkker Oy - Overview
• Exhibit 143: Linkker Oy - Product / Service
• Exhibit 144: Linkker Oy - Key offerings

• 12.13 Mercedes Benz Group AG 
• Exhibit 145: Mercedes Benz Group AG - Overview
• Exhibit 146: Mercedes Benz Group AG - Business segments
• Exhibit 147: Mercedes Benz Group AG - Key offerings
• Exhibit 148: Mercedes Benz Group AG - Segment focus

• 12.14 Proterra Inc.
• Exhibit 149: Proterra Inc. - Overview
• Exhibit 150: Proterra Inc. - Product / Service
• Exhibit 151: Proterra Inc. - Key news
• Exhibit 152: Proterra Inc. - Key offerings

• 12.15 TECNOBUS Spa
• Exhibit 153: TECNOBUS Spa - Overview
• Exhibit 154: TECNOBUS Spa - Product / Service
• Exhibit 155: TECNOBUS Spa - Key offerings

• 12.16 Xiamen King Long United Automotive Industry Co. Ltd. 
• Exhibit 156: Xiamen King Long United Automotive Industry Co. Ltd. - Overview
• Exhibit 157: Xiamen King Long United Automotive Industry Co. Ltd. - Product / Service
• Exhibit 158: Xiamen King Long United Automotive Industry Co. Ltd. - Key offerings

• 12.17 Yinlong Energy China Ltd. 
• Exhibit 159: Yinlong Energy China Ltd. - Overview
• Exhibit 160: Yinlong Energy China Ltd. - Product / Service
• Exhibit 161: Yinlong Energy China Ltd. - Key offerings

13 Appendix

• 13.1 Scope of the report

• 13.2 Inclusions and exclusions checklist 
• Exhibit 162: Inclusions checklist
• Exhibit 163: Exclusions checklist

• 13.3 Currency conversion rates for US$ 
• Exhibit 164: Currency conversion rates for US$

• 13.4 Research methodology
• Exhibit 165: Research methodology
• Exhibit 166: Validation techniques employed for market sizing
• Exhibit 167: Information sources

• 13.5 List of abbreviations 
• Exhibit 168: List of abbreviations

About Us
Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions. With over 500 specialized analysts, Technavio's report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio's comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.

Contact
Technavio Research
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UK: +44 203 893 3200
Email: [email protected]
Website: www.technavio.com

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