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.
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.
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The prominent players in the Battery Electric Bus (BEB) market are
· 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 and More
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 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.
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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.
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.
Recent Developments
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.
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