According to our latest market study on "Electric Bus Market Forecast to 2028 - COVID-19 Impact and Global Analysis - by Vehicle Type, Hybrid Powertrain, Battery, and End User" the Electric Bus market was valued at US$ 29,179.51 million in 2021 and is projected to reach US$ 105,808.15 million by 2028; it is expected to grow at a CAGR of 20.2% from 2021 to 2028.

Strict regulations on emissions set by the government

Air pollution is a significant contributor to global mortality, with vehicular emissions seriously threatening public health and the environment. Governments worldwide are investing heavily in infrastructure to reduce air pollution and ozone-depleting compounds by enacting stringent regulations on automobile emissions. This has led to a growing market for eco-friendly electric buses that offer clean and efficient urban transportation, providing a viable alternative for maintaining clean air in cities. For example, the Swiss government has set a target of 15% electric vehicle penetration by 2022 and a goal of eliminating vehicle emissions by 2025, France has banned the sale of ICE vehicles by 2040. The European Commission has also proposed installing 1.3 million publicly accessible chargers by 2030 to support the market share of EVs. Similarly, China is making strides in promoting electric mobility, with more than half a million electric buses already in service. India has launched the Faster Adoption and Manufacturing Scheme to support the development of the hybrid and electric vehicle market. South Korea has set its sights on making Jeju Island carbon-free by 2030, with incentives and infrastructure supporting the adoption of smart transportation. With governments worldwide enforcing strict pollution standards, the demand for electric buses is set to increase rapidly.

Key Findings of Study:

Geographically, the electric bus market is segmented into five key regions-North America, Europe, Asia Pacific (APAC), the Middle East & Africa (MEA), and South America (SAM). North America held the largest revenue share in 2020, followed by Europe and APAC. On the basis of vehicle type, the electric bus market is segmented into battery electric bus, hybrid electric bus, and plug-in hybrid electric bus. The battery electric bus segment led the electric bus market with a share of 93.5% in 2020 and is expected to account for 95.3% of the total market by 2028. Based on hybrid powertrain, the electric bus market is categorized into series parallel hybrid, parallel hybrid, and series hybrid. The parallel hybrid segment led the electric bus market with a share of 64.3% in 2020 and is expected to garner 63.6% share by 2028.

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