Electric Bus Market 2030 Report: BYD, Yutong, Proterra, CAF (Solaris), VDL Groep, and AB Volvo

PUNE, INDIA, May 30, 2023/EINPresswire.com/ -- The electric bus market has been experiencing significant growth in recent years due to increasing concerns about air pollution, the need to reduce greenhouse gas emissions, and the advancement of electric vehicle technology. Electric buses offer numerous benefits over traditional diesel or gasoline-powered buses, including lower operating costs, reduced emissions, and quieter operation.

The key players in the Electric bus market are BYD (China), Yutong (China), Proterra (US), CAF (Solaris) (Spain), VDL Groep (Netherlands), and AB Volvo (Sweden). The key strategies adopted by major companies to sustain their position in the market are expansions, contracts and agreements, and partnerships.

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“Above 400 kWh is estimated to be the fastest growing battery capacity for electric buses.”

Electric buses usually offer the above 400 kWh battery capacity range for intercity or long-distance commutes. The developments in battery technologies and the reduction in prices of batteries have positively impacted the growth of above 400 kWh batteries. In their product offerings, many leading OEMs have introduced electric buses with above 400 kWh battery capacity. For instance, in 2021, AB Volvo (Germany) launched its electric bus BZL Electric with a battery capacity of 470 kWh.

The above 400 kWh battery capacity segment is projected to be the fastest-growing battery segment during the forecast period. Asia Pacific leads the above 400 kWh segment of the electric bus market. This is mainly because of the region’s focus on R&D in battery technologies. It is also expected that the declining battery prices and the ongoing innovations in battery compositions will drive market growth in this region during the forecast period.

The above 200 miles range electric buses will be the fastest-growing market.

The incorporation of electric buses in long-distance commutes is gradually increasing, and electric bus manufacturers have recognized the need for electric buses with a higher range per charge. Hence, electric buses above 200 miles are expected to be the fastest-growing market over the forecast period. The key reason is - increased R&D in battery technologies by leading manufacturers and OEMs. Manufacturers are actively developing batteries that offer a higher range. For instance, Proterra’s (US) fifth-generation battery-electric transit bus features a new streamlined vehicle design, maximizing the energy stored onboard the vehicle to increase power and range up to 329 miles. The Proterra ZX5+ model can travel up to 240 miles with a 440-kWh battery on a single charge.

North America is expected to command the above 200 miles segment during the forecast period. This is mainly because the region has a relatively more developed charging infrastructure, which aids the easier incorporation of electric buses in long-distance commutes. Many North American cities and transit agencies have installed high-capacity charging stations along major transit corridors to support the deployment of electric buses. For instance, the Toronto Transit Commission has installed ten fast-charging stations along a busy transit corridor. Furthermore, many North American OEMs have product offerings above 200 miles of range, further driving the growth of electric buses with above 200 miles range.

North America is expected to be the fastest growing second largest electric bus market.

North America is home to major electric bus manufacturers and is renowned for innovations, cutting-edge R&D, and technological advancements in electric buses. Government support through incentives and tax benefits, the presence of individual investors, and technological edge drive the North American electric bus market. Robust infrastructure, improved power grid, government support, and increased adoption have enabled OEMs to develop electric buses and coaches of varying specifications. For instance, in September 2021, BYD (China) announced that it would build battery-electric buses for Tampa International Airport in Florida at the company’s US Coach & Bus factory in Lancaster, California.

North America has many OEMs, such as Proterra, NFI Group, and Blue Bird Corporation, which provide innovative electric buses incorporated with advanced technologies. The increasing demand for zero-emission public transport will further boost the North American electric bus market. Many policies have been drafted to promote the adoption of electric buses in the region. Toronto has announced that it will convert 50% of its fleets into electric buses by 2050.

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The US is North America's largest and fastest-growing market for electric buses. The country has a well-developed power grid, charging infrastructure, and a strong economy. In September 2021, Capital Metro in Austin, Texas, approved a plan to purchase 26 40-foot Proterra ZX5 Max electric transit buses. Government mandates and the willingness to adopt new technologies would fuel the US electric bus market. Canada also has schemes and funding by the government that will encourage private fleets to adopt electric buses and coaches. Such government schemes are driving the North American electric bus market.

Ganesh Pardeshi
ReportsnReports
+1 347 333 3771
ganesh.pardeshi@reportsandreports.com
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