Electric Bus Market - Growth, Trends, Covid-19 Impact, And Forecasts (2021 - 2026)

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The electric bus market was valued at USD 14.03 billion in 2020 and is anticipated to reach USD 24.34 billion by 2026 at a CAGR of about 11.63%, during the forecast period (2021-2026).

The outbreak of COVID-19 and the subsequent shutdowns have affected the e-bus market in several countries. The negative impacts of the pandemic are visible in the global supply chains as several orders get delayed. Hence, the reduction in production rate at the start of the year due to the pandemic-induced disruptions affected the market last year. However, the market regained its growth by the end of 2020.

The growth of the electric bus market has been attributed to the increasing concerns about the depletion of fossil fuels and environmental pollution. In order to tackle the aforementioned issues, many governments across the world have initiated changes in the public transportation systems, by replacing heavy-duty diesel and gasoline-run buses with zero-emission electric buses.

Asia-Pacific has been leading the electric bus market, with increased government initiatives in countries, like India, China, and Japan. Currently, ...
... China is the most promising market for electric buses, globally, and this is likely to lead the e-bus demand over the forecast period. Moreover, the overall bus purchases in the country is expected to remain stable, with more than 400,000 new purchases by 2025.

Electric bus purchases are expected to increase, supported by the continuous government initiatives to promote e-mobility, and the overall e-bus adoption is likely to reach 40% of new bus purchases, globally, by 2040

Key Market Trends

Battery Electric Bus to Witness Growth

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Transit agencies across various countries have been significantly promoting the adoption of electric buses for public transportation. Among the regions, Asia-Pacific and North America are likely to show high adoption rates of battery-electric buses during the forecast period, owing to their on-going purchase orders for e-buses. For instance,

- In September 2020, the city of Bodö of Norway placed an order for 31 electric Volvo buses. In the 31 electric buses, 17 are of the 12-meter Volvo 7900 Electric model and the remaining 14 are high-capacity Volvo 7900 Electric Articulated buses. These buses have a capacity of up to 120 passengers.
- In June 2020, VyBuss AB ordered 49 high-capacity Volvo 7900 Electric Articulated buses. The new buses, which are scheduled to enter operation in Jönköping, Sweden in summer 2021.

Not only various cities are adding electric buses in their fleet, but major investment has been seen by the governments for research and development of these buses. For instance, in February 2020, Canada launched North America's first research cluster for researching fuel cell and battery-electric buses. The Canadian Urban Transit Research and Innovation Consortium (CUTRIC), along with seven other partners, are contributing USD 4.2 million to support the National Academic Committee on Zero-Emission Buses (NAC-ZEB), along with additional federal funding of USD 551,000. CUTRIC will support research in electric and hydrogen bus modeling and simulation tools, cybersecurity of electric buses, battery, and fuel cell electric bus performance visualization for batteries, motors, powertrain, fuel cell stack optimization, etc.

Asia-Pacific Dominates the Electric Bus Market

In Asia-Pacific, China is the largest manufacturer and consumer of e-buses in the world. The country's domestic demand has been supported by the national sales targets, favorable laws, supportive subsidies, and municipal air-quality targets.

During the forecast period, China may continue to witness growth in the adoption of electric buses, as more than 30 Chinese cities have made plans to achieve 100% electrified public transit by the start of 2021, including Guangzhou, Zhuhai, Dongguan, Foshan, and Zhongshan in the Pearl River Delta, along with Nanjing, Hangzhou, Shaanxi, and Shandong.

Major Chinese e-bus suppliers are expanding their market presence outside China with the increasing electric bus deployment around the world. In 2020, Chinese bus makers sold around 61,000 new energy buses, whereas the total bus production in China accounted for around 150,000 units. For instance,

- In November 2020, Yutong Bus signed an agreement with Qatar Free Zones Authority (QFZA) and Mowasalat to establish a KD factory in Qatar. Company will be supplying 741 units of e-buses for FIFA World Cup 2022.
- In January 2021, -BYD announced that it has bagged a cumulative order to supply 1,002-unit pure-electric buses to Bogota, Colombia. These buses are scheduled to be delivered during 2021 and into the first half of 2022 and will be put into operation on 34 bus routes across five regions of the city.

Competitive Landscape

The market for electric buses is slightly consolidated, with the presence of major Chinese players that cater to the requirements global requirements. Some of the prominent players in the Volvo Group, Daimler AG, BYD Auto Co., Ltd, and Zhengzhou Yutong Bus Co., Ltd. among others. Owing to the increasing number of orders for its electric buses from the domestic and international markets the competition in the market is growing, For instance,

In June 2020, Link Transit in Wenatchee, Washington, received the delivery of 10 new all-electric 35-ft K9S buses, with a range of up to 215 miles (346 km) and seating for up to 32 passengers.

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