Electric Bus Market - Growth, Trends, and Forecast (2019 - 2024)

The Electric Bus Market is segmented by Vehicle Type (Battery Electric Bus and Plug-in Hybrid Electric Bus), Consumer Segment (Government and Fleet Operators), and Geography.

Market Snapshot

Study Period:


Base Year:


Fastest Growing Market:

Asia Pacific

Largest Market:

Asia Pacific

Key Players:

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Market Overview

The electric bus market is expected to register a CAGR of 12.14%, during the forecast period (2019-2024).

  • The growth of the electric bus market has been attributed to the increasing concerns about 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 the 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.
  • However, fluctuations in government policies and subsidies are likely to impact the growth of electric buses. For instance, the Chinese government is planning to withdraw subsidies on electric buses by 2020, which is further anticipated to impact the cost of electric buses in the country, during the forecast period.


Scope of the Report

Electric buses, which primarily run by consuming electrical energy, have been considered under the scope of the market. Electric buses are being operated in two modes, electric-only and hybrid (electrical energy may be the primary fuel, thus, consuming less petroleum), which can be recharged from a standard electrical outlet.

The study on electric bus market covers the vehicle type and consumer segment. The market is also segmented by geography.


By Vehicle Type
Battery Electric Bus
Plug-in Hybrid Electric Bus
By Consumer Segment
Fleet Operators
North America
United States
Rest of North America
United Kingdom
Rest of Europe
Rest of Asia-Pacific
South America
Rest of South America
Middle East & Africa
Saudi Arabia
South Africa
Rest of Middle East & Africa

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Key Market Trends

Battery Electric Bus to Witness Growth

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 North America, among several states of the United States, California has been identified as the primary state for electric buses’ usage, and its transport authorities have agreed to operate 357 electric buses, including the purchased and ordered buses.

Additionally, across California, mayors from Sacramento, Los Angeles, San Francisco, San Jose, and Oakland, have signed a letter to the California Air Resources Board (CARB) in 2018, urging the transit agency to accelerate the deployment of electric bus.

Meanwhile in Asia-Pacific, especially in India, Olectr-BYD deployed nearly 100 electric buses in as of 2018, and is expected to continue to increase the number of its e-buses in the country, during the forecast period.


Electric Bus Market Trend 1

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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.

However, in 2017 and 2018, the sales of battery electric buses had declined, due to the changes in policies and subsidies between the national and local governments in the country.

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 2020, including Guangzhou, Zhuhai, Dongguan, Foshan, and Zhongshan in the Pearl River Delta, along with Nanjing, Hangzhou, Shaanxi, and Shandong. As of December 2018, nearly 16,000 electric buses were operated in Shenzhen, one of the Chinese megacities. 



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Competitive Landscape

Some of the major players in the electric bus market include BYD, Volvo, Daimler, Yutong, etc. Among them, BYD continues to be the top player, owing to the increasing number of orders for its electric buses from the domestic and international markets.

In 2018, companies, like BYD and Yutong, held a major share of more than 40% in the Chinese electric bus market.


Major Players

  1. Volvo Group
  2. Daimler AG
  3. Iveco Bus
  4. Zhengzhou Yutong Bus Co. Ltd
  5. Anhui Ankai Automobile Co. Ltd

* Complete list of players covered available in the table of contents below


Table of Contents


    1. 1.1 Study Deliverables

    2. 1.2 Study Assumptions

    3. 1.3 Scope of the Study




    1. 4.1 Market Overview

    2. 4.2 Market Drivers

    3. 4.3 Market Restraints

    4. 4.4 Industry Attractiveness - Porter's Five Forces Analysis

      1. 4.4.1 Threat of New Entrants

      2. 4.4.2 Bargaining Power of Buyers/Consumers

      3. 4.4.3 Bargaining Power of Suppliers

      4. 4.4.4 Threat of Substitute Products

      5. 4.4.5 Intensity of Competitive Rivalry

    5. 4.5 Technology Trends


    1. 5.1 By Vehicle Type

      1. 5.1.1 Battery Electric Bus

      2. 5.1.2 Plug-in Hybrid Electric Bus

    2. 5.2 By Consumer Segment

      1. 5.2.1 Government

      2. 5.2.2 Fleet Operators

    3. 5.3 Geography

      1. 5.3.1 North America

        1. United States

        2. Canada

        3. Mexico

        4. Rest of North America

      2. 5.3.2 Europe

        1. Germany

        2. United Kingdom

        3. France

        4. Spain

        5. Russia

        6. Rest of Europe

      3. 5.3.3 Asia-Pacific

        1. China

        2. India

        3. Japan

        4. Rest of Asia-Pacific

      4. 5.3.4 South America

        1. Brazil

        2. Argentina

        3. Rest of South America

      5. 5.3.5 Middle East & Africa

        1. Saudi Arabia

        2. South Africa

        3. Rest of Middle East & Africa


    1. 6.1 Vendor Market Share

    2. 6.2 Company Profiles

      1. 6.2.1 Daimler AG

      2. 6.2.2 Anhui Ankai Automobile Co. Ltd

      3. 6.2.3 BYD Co. Ltd

      4. 6.2.4 Iveco Bus

      5. 6.2.5 New Flyer Industries

      6. 6.2.6 Proterra Inc.

      7. 6.2.7 Ryobi Bus

      8. 6.2.8 Scannia AB

      9. 6.2.9 AB Volvo

      10. 6.2.10 Zhengzhou Yutong Bus Co. Ltd



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