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Battery Electric Bus Market Value: Current Insights and Future Prospects

Battery Electric Bus Market Value: Current Insights and Future Prospects

Battery Electric Bus (BEB) Market Overview

The research report with top-level information is a key benefit that provides qualitative and quantitative factors of the Battery Electric Bus (BEB) Market. In this research survey, the features that have powered and reserved the market’s growth is also included in this market report. The research outline also contains the primary industry’s pattern and the international market’s projected volume based on the provincial estimation. Moreover, it also, gives details of a portion of the complete industry, new turns of events, and the effect of domestic and constrained market players, examinations openings as far as arising income pockets, changes in market strategies, product confirmations, key choices, product dispatches, landscape extensions, and mechanical developments and possessions in the market.

The global Battery Electric Bus (BEB) market size was estimated at USD 41.8 billion in 2023 and is projected to reach USD 332.8 billion in 2030 at a CAGR of 34.5% during the forecast period 2023-2030.

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Battery Electric Bus (BEB) is a type of public transportation vehicle that is powered entirely by electricity stored in onboard batteries. Unlike traditional buses that rely on internal combustion engines running on fossil fuels like diesel or gasoline, BEBs operate using electric motors powered by rechargeable batteries. These buses produce zero tailpipe emissions, contributing to improved air quality and reduced greenhouse gas emissions in urban environments. BEBs are a key component of the transition to sustainable and environmentally-friendly transportation systems.

The battery electric bus market is driven by factors such as increasing demand for fuel-efficient, efficient and low-emission buses, strict government rules and regulations on vehicle emissions and declining battery prices. However, the market growth is limited by high production costs and low fuel economy and serviceability. Additionally, technological advancements and proactive government initiatives to adopt e-buses are creating lucrative growth opportunities for the market. In addition, governments are implementing various measures to promote the adoption of electric buses worldwide.

The covid-19 pandemic has severely affected battery electric bus rollouts. Several public transit systems around the globe are facing extreme revenue losses due to a decline in transit ridership during the pandemic. According to the American Public Transportation Association (APTA), a decline of 80% was observed in April 2020 in public transit usage, and ridership levels for the rest of 2020 also declined by more than 60% compared to 2019.

Delvens Industry Expert's Standpoint

The pandemic had a considerable impact on businesses globally, with nations like India and China bearing the brunt of the virus's outbreak. Rising demand for non-polluting, air-combating, fuel-efficient buses along with initiatives from major countries seeking alternatives to transform their existing conventional bus fleets with electric buses are some of the key factors driving the growth of the global electric bus industry. In addition, growing environmental concerns, strict regulations, and government initiatives to achieve zero emissions targets are triggering the adoption of electric buses. The battery electric vehicles will have a great positive impact in the future. These factors have led to the expansion of the market and increased demand for Battery Electric Bus (BEB) solutions.

Battery Electric Bus (BEB) Market Key Findings

·        The Battery Capacity segment is further fragmented into Less Than 400 kWh, above 400 kWh. The above 400 kWh segment is expected to account for a larger market size during the forecast period. Battery electric buses usually offer the aforementioned 400 kWh battery capacity for long-distance or long-distance journeys. The development of battery technology and the drop in battery prices had a positive effect on the growth of batteries over 400 kWh. Many leading OEMs have introduced electric buses with a battery capacity of more than 400 kWh into their product range. For example, in 2021, AB Volvo (Germany) launched its electric bus BZL Electric with a battery capacity of 470 kWh.

·        The Application segment is further bifurcated into intercity and intracity. The Intracity is the largest market during the forecast period. Due to rapid urbanization, clean mobility solutions have become critical. A growing urban population would increase the need for large-scale urban transport, which has huge potential for electric mobility. In addition, many major OEMs such as BYD, Proterra, AB Volvo, Ebusco and others offer electric buses for urban use in their product portfolio. For example, in 2021 Nova Bus (Canada) announced an order from the Chicago Transit Authority for 600 new 40-foot electric buses for its intracity service.

·        The Consumer segment is further bifurcated into private and government. Government to account for a larger market size during the forecast period. Governments are embracing electric buses as a safe and sustainable means of public transport. Several governments around the world offer contracts to OEMs to supply electric buses for use in their public transport services. The Asia-Pacific region is expected to dominate the public sector segment during the forecast period as most of the countries in the region have state-owned public transport networks. Governments in this region have started to introduce electric buses in public transport, which will accelerate the growth of the market.

·        The market is also divided into various regions such as North America, Europe, Asia-Pacific, South America, and Middle East and Africa. Asia-Pacific is estimated to account for the largest market share during the forecast period owing to the increasing need to reduce pollution and dependency on fossil fuels.

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Battery Electric Bus (BEB) Market Regional Analysis

Asia-Pacific to Dominate the Market

·        Asia-Pacific is estimated to account for the largest market share during the forecast period owing to the increasing need to reduce pollution and dependency on fossil fuels.

·        Moreover, the growing government initiatives towards clean public transport and availability of key market players like BYD, Yutong etc.

Battery Electric Bus (BEB) Market Competitive Landscape

·        BYD Company Limited

·        AB Volvo

·        Proterra

·        VDL Group

·        King Long United Automotive Industry Co. Ltd

·        Daimler Truck AG

·        NFI Group Inc

·        Zhongtong Bus Holding Co. Ltd.

·        Anhui Ankai Automobile Co. Ltd

·        Ashok Leyland Limited

·        Zhengzhou Yutong Bus Co., Ltd.

·        TATA Motors Limited

·        CAF (Solaris)

·        Yinlong Energy

·        Blue bird Corporation

·        The lion electric company

·        Blue bus

·        Gillig LLC

·        JBM Auto Ltd.

·        Scania

·        CRCC Corporation

Recent Developments in The Battery Electric Bus (BEB) Market

·        In January 2022, the valley transportation authority (VTA) in Santa Clara City, US, will install an innovative clean energy microgrid and EV fleet charging system with Proterra and Scale Microgrid Solutions. This project will showcase how clean energy paired with fleet-scale EV charging can enable the adoption of fully electric vehicles fleets. Expected to come online in late 2023, it will help VTA further reduce greenhouse gas emissions.

·        In January 2023, Daimler AG received an order to supply 45 buses to VLP transport for intercity transport.

Reasons to Acquire Battery Electric Bus (BEB) Market Report

·        Increase your understanding of the market for identifying the most suitable strategies and decisions based on sales or revenue fluctuations in terms of volume and value, distribution chain analysis, market trends, and factors.

·        Gain authentic and granular data access for the Battery Electric Bus (BEB) Market to understand the trends and the factors involved in changing market situations.

·        Qualitative and quantitative data utilization to discover arrays of future growth from the market trends of leaders to market visionaries and then recognize the significant areas to compete in the future.

·        In-depth analysis of the changing trends of the market by visualizing the historic and forecast year growth patterns.

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