Electric Bus Market Outlook by Vehicle Type, Region, Growth and Demand Forecast, 2013-2025

On the basis of vehicle type, the electric bus market is segmented into battery electric bus (BEB), plug-in hybrid electric bus (PHEB), and hybrid electric bus (HEB). The BEB category recorded the highest sales by volume in in 2017, with a market share of more than 75%. Furthermore, the category is expected to continue being the largest vehicle type in the market, owing to the declining battery prices and the minimum levels of carbon emissions it offers.

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Global electric bus market is projected to reach 331,327 units by 2025, the growth of the market is majorly driven by stringent government norms and regulations on emissions, increasing government support for electric vehicles, and declining battery prices.

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A major portion of crude oil imports by the countries around the world is used in their public transport vehicles. These countries are looking to cut down their crude oil import bills by adopting electric vehicles. In spite of the high initial cost, electric buses offer low operating cost as compared to their conventional counterparts. Public transport authorities in developing economies are focusing more on long term environmental and cost benefits.

Some of the key players in the global electric bus market include AB Volvo, Zhengzhou Yutong Group Co. Ltd., Shenzhen Wuzhoulong Motors Co. Ltd., Daimler AG, BYD Company Limited, King Long United Automotive Industry Co. Ltd., Alexander Dennis Limited, New Flyer Industries Inc., EBUSCO, Solaris Bus & Coach S.A., and Proterra Inc.