Market Overview

According to fortune business insights, the global electric bus market size was valued at 246,089 units in 2023. The market is projected to grow from 279,236 units in 2024 to 1,064,250 units by 2032, exhibiting a CAGR of 18.2% during the forecast period. Asia Pacific dominated the electric bus market with a market share of 98.39% in 2023.

These insights have been deep-dived into in a recent research report, titled “Electric Bus Market, 2024-2032.”

The analysis shows that top companies are investing more in electric buses because of rising demand for hydrogen fuel cells, growing environmental priorities, and stringent emission regulations. For example, advancements in battery and charging technology, coupled with robust government incentives, are accelerating adoption in urban transit. This trend indicates strong demand for electric buses worldwide.

Major Players Profiled in the Market Report:

• BYD Co., Ltd (Shenzhen, China)
• Proterra, Inc. (Burlingame, California, U.S.)
• AB Volvo (Gothenburg, Sweden)
• New Flyer Industries (Winnipeg, Canada)
• Daimler AG (Stuttgart, Germany)
• Scania AB (Södertälje, Sweden)
• Iveco (Turin, Italy)
• Yutong (Zhengzhou, China)
• Ebusco (Deurne, Netherlands)
• Xiamen King Long United Automotive Industry Co., Ltd. (Fujian, China)
• VDL Groep bv (Eindhoven, Netherlands)

Segments

High Adoption of BEVs to Propel Battery Bus Segment Growth

Based on propulsion type, the market is divided into battery-electric vehicles, plug-in hybrid electric vehicles, and fuel cell electric vehicles. The battery-electric vehicle segment holds the largest market share and dominates the market owing to robust government backing, widespread charging infrastructure, and mandates prioritizing zero-emission solutions.

Lower Total Cost of Ownership to Drive Short-Range Segment Expansion