Global Electric Bus Market Units to Reach 820,150 Units On-Road by 2028, finds Bekryl
According to recently updated report by Bekryl, the global electric bus market is expected to surpass 820,150 units by 2028. While China will continue to dominate the market, leading players will strategically enhance their business footprint in South Asia, Western Europe and North America. competition is expected to heighten owing to emergence of new players and already established conventional bus manufacturers.
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Electric bus market units is expected to surpass 820,150 units by 2028, finds Bekryl Market Analysts. The industry was valued at US$ 37 billion in 2017. While China will register single digit growth rate, rest of the world will attain double digit growth during the forecast period. As such, many companies including China based players are actively engaged in business expansion in Europe, Asia and North America.
Bekryl’s market research report, Global Electric Bus Market Size Analysis and Industry Opportunity, finds China to account for 98.5% of global sales in 2018. China not only leads in electric bus production but also the highest sales. This has created remarkably higher market opportunity for industry players in the country. As per the estimates, China will be able to replace 92% of conventional buses with electric buses by 2028. The industry is highly fragmented with presence of large number of government supported companies. Yutong accounted for majority of the regional share.
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Some key trends from the global Electric Bus market:
Trend#1: Plant Expansion
Demand for electric bus has significantly increased in last few years. Various government is actively encouraging the deployment of e-buses with lucrative incentives. As such, companies are not only strengthening their marketing channels but also focusing on setting up production plant across continent. Plant expansion is a part of strategic importance. Pricing plays a key role in overall bus tenders. As such, local/regional production plants will greatly reduce the operational cost and ensure higher return on investment (ROI) on long term duration.
Companies are strategically focusing on plant capacity addition in order to lower supply chain gap. For instance, in 2017, BYD Company set up new electric bus manufacturing plant at Komaram, Hungary, in order to cater to growing demand in Eastern Europe. Another company Proterra set up manufacturing plant at Los Angeles, U.S. in the same year.
Trend#2: Focus on Battery Technology
Various electric bus manufactures focus on enhancing their battery technology and charging solutions through partnership and product development. These manufacturers focus on prolonging the bus run duration as well as minimizing the charging duration.
In 2017, Proterra Inc. partnered with LG Chem, a South Korea based chemical company, in order to develop battery cell optimized for the heavy duty vehicle market. Similar development is witnessed across other leading companies.
Trend#3: School Electric Bus Market to Create New Revenue Opportunities for Industry Players
While transit electric buses will continue to dominate the global sales, school electric bus will gain highest traction during the forecast period. The trend will be strong in North America, wherein school buses account for a larger share. As per the estimates, there are close to 460,000 school buses operational in U.S. The Government is focusing on phasing out conventional buses with e-buses in order to comply with sustainable growth. In 2016, U.S. government came up with grants worth US$ 7.7 Million for electric bus deployment across 88 participants. In 2018, U.S. government again came up with US$ 8.7 Million grant to either replace or retrofit the existing conventional buses. As per the 2018 EPA’s DERA Funding policies, a rebate of US$ 15,000 to US$20,000 per unit is applicable to buses with 2006 or older version.
Bekryl estimates the school electric buses will be a disruptive driving force in U.S. Lower competition and government support will further help companies to drive high ROI. While there is immense opportunity, the deployment is expected to be partially slower and will gain high traction post 2023.
Some key global electric bus market players are Yutong, New Flyer of America, BYD Company Limited, AB Volvo, Daimler AG, Proterra, Inc., and Zhongtong Bus & Holding Co., Ltd.,. Also, other key contributors are Ashok Leyland, Ltd., Solaris Bus & Coach S.A., EBUSCO, Shenzhen Wuzhoulong Motors Co., Ltd, and Alexander Dennis Limited.
Electric Bus Industry Revenue Analysis By:
By Vehicle Type:
Hybrid Electric Vehicle
Battery Electric Vehicles
By Charging Infrastructure:
By Coach Length:
By Drivertrain Technology:
Series Parallel Hybrid
Bekryl Market Analysts is a global market research and consulting service firm that helps industry stakeholders to take smarter decisions and achieve remarkable growth in today’s disruptive business environment. We bring together data, leader’s opinion and analytical service to help client define their growth strategy ranging from mergers and acquisitions based strategic decisions to finding market opportunity in business verticals namely chemicals, food & beverages, automotive, electronics and industrial production.