logo

Electric Bus Battery Pack Market Size

The electric bus battery pack market is poised for substantial growth, driven by the increasing adoption of electric buses and the rising demand for eco-friendly public transportation solutions. This expansion is fueled by governmental initiatives to phase out conventional vehicles and the growing focus on renewable energy and sustainable infrastructure. The market's growth is further supported by significant investments from leading manufacturers in research and development, aimed at creating advanced battery technologies with improved performance and efficiency. These factors collectively contribute to the robust increase in market size over the forecast period.

Home right-chevron-icon Market Analysis right-chevron-icon Automotive Research right-chevron-icon Auto Parts Research right-chevron-icon Automotive Exterior Products Research right-chevron-icon Vehicle Powertrain Research right-chevron-icon EV Powertrain Research right-chevron-icon Electric Bus Battery Pack Market right-chevron-icon Market Size

Market Size of electric bus battery pack Industry

Electric Bus Battery Pack Market Summary
share button
svg icon Study Period 2017 - 2029
svg icon Market Size (2024) USD 4.98 Billion
svg icon Market Size (2029) USD 7.42 Billion
svg icon Largest Share by Propulsion Type BEV
svg icon CAGR (2024 - 2029) 8.28 %
svg icon Largest Share by Region Asia-Pacific

Major Players
major-player-company-image

*Disclaimer: Major Players sorted in no particular order

Key Players

WHY BUY FROM US?

1. CRISP & INSIGHTFUL
2. TRUE BOTTOM-UP
3. EXHAUSTIVENESS
4. TRANSPARENCY
5. CONVENIENCE
KNOW MORE

Single User License

$4750

Team License

$5250

Corporate License

$8750

Book before:
Single User License
Team License
Corporate License
Book before:

Electric Bus Battery Pack Market Analysis

The Electric Bus Battery Pack Market size is estimated at 4.98 billion USD in 2024, and is expected to reach 7.42 billion USD by 2029, growing at a CAGR of 8.28% during the forecast period (2024-2029).

4.98 Billion

Market Size in 2024 (USD)

7.42 Billion

Market Size in 2029 (USD)

-10.10 %

CAGR (2017-2023)

8.28 %

CAGR (2024-2029)

Largest Segment by Propulsion Type

99.55 %

value share, BEV, 2023

Icon image

BEV segment in e-buses is dominant, owing to factors such as zero emission, cheap technology over PHEV, very less maintenance and implementation of governmental Norms.

Largest Segment by Battery Chemistry

52.73 %

value share, LFP, 2023

Icon image

Cheap production, better safety, long range offerings, long life span are the factors maintaining the dominance of LFP battery in global electric bus sales.

Largest Segment by Battery Form

82.61 %

value share, Prismatic, 2023

Icon image

Prismatic batteries dominate electric buses market owing to its low cost, simple construction due to fewer electrical connections, high energy density, and safety.

Leading Market Player

14.71 %

market share, Contemporary Amperex Technology Co. Ltd. (CATL), 2022

Icon image

Contemporary Amperex Technology Co. Ltd. (CATL). dominates the global electric bus battery pack market due to its wide reach, strong production, and large exports.

Largest Segment by Capacity

55.01 %

value share, 40 kWh to 80 kWh, 2023

Icon image

Intercity travel, cost-effective long-distance transport, and convenient availability are driving demand for big buses with batteries over 250 kWH.

Rising environmental concerns and governmental initiatives are driving the growth of the global electric bus market, supported by expansions in battery manufacturing

  • Buses remain a popular mode of transportation globally, but rising environmental concerns and governmental moves to phase out conventional vehicles, like diesel and petrol buses, are fueling the demand for e-buses. However, factors like the COVID-19 pandemic led to a dip in e-bus demand in 2020. As the EV market rebounded, e-bus sales surged by 32% in 2021, propelling battery pack sales up by 30.9% in the same year.
  • The growing demand for electric buses, driven by expanding public transportation services, is spurring the need for diverse battery types in both battery electric and plug-in hybrid buses. Notably, the US witnessed a remarkable 66% surge in transit electric bus sales in 2022 compared to the previous year. States like California are setting ambitious zero-emission targets, aiming to sell only zero-emission buses by 2030. These developments collectively pushed the global demand for bus batteries up by 15% in 2022 over 2021.
  • In April 2023, Lion Electric, a Canada-based battery company, inaugurated a new manufacturing facility dedicated to batteries for medium- and heavy-duty vehicles, including buses. The company was eyeing a production capacity of 1.7 GWh by the close of 2023. Such initiatives, seen not only in Canada but globally, are poised to bolster the demand for electric bus batteries in the coming years.
Electric Bus Battery Pack Market

Asia-Pacific, led by China, dominates the global EV battery pack market with remarkable growth

  • The global electric bus battery pack market witnessed significant growth during the historical period (2017-2021), driven by the increasing adoption of electric buses in several countries worldwide. The adoption of electric buses is driven by the growing need for clean and green public transportation to combat air pollution and greenhouse gas emissions. Additionally, the continuous research and development activities undertaken by leading battery manufacturers have resulted in the development of advanced electric bus battery packs with high energy density and longer lifespan, which are an ideal replacement for traditional fossil fuel-based buses.
  • In the base year of 2022-2023, the global electric bus battery pack market is expected to witness steady growth, driven by several factors such as the increasing need for eco-friendly public transportation, the rising demand for electric vehicles, and the government initiatives to promote the adoption of clean energy. Furthermore, the growing focus on renewable energy and sustainable infrastructure is expected to boost the demand for electric buses in various regions across the world.
  • The global electric bus battery pack market is expected to witness significant growth, driven by the increasing adoption of electric buses, the rising need for clean and green public transportation, and the expanding electric vehicle market during the forecast (2023-2029). Furthermore, leading OEMs and battery manufacturers are investing heavily in research and development to create new and advanced technologies that offer better performance and efficiency, which is expected to further boost the growth of the market.

Electric Bus Battery Pack Industry Segmentation

BEV, PHEV are covered as segments by Propulsion Type. LFP, NCA, NCM, NMC, Others are covered as segments by Battery Chemistry. 15 kWh to 40 kWh, 40 kWh to 80 kWh, Above 80 kWh, Less than 15 kWh are covered as segments by Capacity. Cylindrical, Pouch, Prismatic are covered as segments by Battery Form. Laser, Wire are covered as segments by Method. Anode, Cathode, Electrolyte, Separator are covered as segments by Component. Cobalt, Lithium, Manganese, Natural Graphite, Nickel are covered as segments by Material Type. Asia-Pacific, Europe, Middle East & Africa, North America, South America are covered as segments by Region.

  • Buses remain a popular mode of transportation globally, but rising environmental concerns and governmental moves to phase out conventional vehicles, like diesel and petrol buses, are fueling the demand for e-buses. However, factors like the COVID-19 pandemic led to a dip in e-bus demand in 2020. As the EV market rebounded, e-bus sales surged by 32% in 2021, propelling battery pack sales up by 30.9% in the same year.
  • The growing demand for electric buses, driven by expanding public transportation services, is spurring the need for diverse battery types in both battery electric and plug-in hybrid buses. Notably, the US witnessed a remarkable 66% surge in transit electric bus sales in 2022 compared to the previous year. States like California are setting ambitious zero-emission targets, aiming to sell only zero-emission buses by 2030. These developments collectively pushed the global demand for bus batteries up by 15% in 2022 over 2021.
  • In April 2023, Lion Electric, a Canada-based battery company, inaugurated a new manufacturing facility dedicated to batteries for medium- and heavy-duty vehicles, including buses. The company was eyeing a production capacity of 1.7 GWh by the close of 2023. Such initiatives, seen not only in Canada but globally, are poised to bolster the demand for electric bus batteries in the coming years.
Propulsion Type
BEV
PHEV
Battery Chemistry
LFP
NCA
NCM
NMC
Others
Capacity
15 kWh to 40 kWh
40 kWh to 80 kWh
Above 80 kWh
Less than 15 kWh
Battery Form
Cylindrical
Pouch
Prismatic
Method
Laser
Wire
Component
Anode
Cathode
Electrolyte
Separator
Material Type
Cobalt
Lithium
Manganese
Natural Graphite
Nickel
Other Materials
Region
Asia-Pacific
By Country
China
India
Japan
South Korea
Thailand
Rest-of-Asia-Pacific
Europe
By Country
France
Germany
Hungary
Italy
Poland
Sweden
UK
Rest-of-Europe
Middle East & Africa
North America
By Country
Canada
US
South America
customize-icon Need A Different Region Or Segment?
Customize Now

Electric Bus Battery Pack Market Size Summary

The electric bus battery pack market is experiencing robust growth, driven by the increasing adoption of electric buses as a sustainable transportation solution. This shift is largely fueled by rising environmental concerns and government initiatives aimed at phasing out conventional diesel and petrol buses. The market has seen a resurgence post-COVID-19, with significant sales increases in electric buses and their corresponding battery packs. The demand for diverse battery types is expanding, particularly in regions like the United States, where states such as California are setting ambitious zero-emission targets. Global manufacturers are responding to this demand by investing in new production facilities and technologies, which are expected to further bolster the market's growth trajectory.

The market landscape is characterized by a high level of consolidation, with major players like BYD, CATL, and Samsung SDI dominating the scene. These companies are heavily investing in research and development to enhance battery performance and efficiency, aligning with the growing focus on renewable energy and sustainable infrastructure. The global push for eco-friendly public transportation is complemented by the expanding electric vehicle market, which is seeing significant contributions from leading OEMs and battery manufacturers. As the market continues to evolve, the integration of advanced technologies and strategic partnerships will play a crucial role in meeting the increasing demand for electric bus battery packs worldwide.

Explore More >

Electric Bus Battery Pack Market Size - Table of Contents

  1. 1. MARKET SEGMENTATION (includes market size in Value in USD and Volume, Forecasts up to 2029 and analysis of growth prospects)

    1. 1.1 Propulsion Type

      1. 1.1.1 BEV

      2. 1.1.2 PHEV

    2. 1.2 Battery Chemistry

      1. 1.2.1 LFP

      2. 1.2.2 NCA

      3. 1.2.3 NCM

      4. 1.2.4 NMC

      5. 1.2.5 Others

    3. 1.3 Capacity

      1. 1.3.1 15 kWh to 40 kWh

      2. 1.3.2 40 kWh to 80 kWh

      3. 1.3.3 Above 80 kWh

      4. 1.3.4 Less than 15 kWh

    4. 1.4 Battery Form

      1. 1.4.1 Cylindrical

      2. 1.4.2 Pouch

      3. 1.4.3 Prismatic

    5. 1.5 Method

      1. 1.5.1 Laser

      2. 1.5.2 Wire

    6. 1.6 Component

      1. 1.6.1 Anode

      2. 1.6.2 Cathode

      3. 1.6.3 Electrolyte

      4. 1.6.4 Separator

    7. 1.7 Material Type

      1. 1.7.1 Cobalt

      2. 1.7.2 Lithium

      3. 1.7.3 Manganese

      4. 1.7.4 Natural Graphite

      5. 1.7.5 Nickel

      6. 1.7.6 Other Materials

    8. 1.8 Region

      1. 1.8.1 Asia-Pacific

        1. 1.8.1.1 By Country

          1. 1.8.1.1.1 China

          2. 1.8.1.1.2 India

          3. 1.8.1.1.3 Japan

          4. 1.8.1.1.4 South Korea

          5. 1.8.1.1.5 Thailand

          6. 1.8.1.1.6 Rest-of-Asia-Pacific

      2. 1.8.2 Europe

        1. 1.8.2.1 By Country

          1. 1.8.2.1.1 France

          2. 1.8.2.1.2 Germany

          3. 1.8.2.1.3 Hungary

          4. 1.8.2.1.4 Italy

          5. 1.8.2.1.5 Poland

          6. 1.8.2.1.6 Sweden

          7. 1.8.2.1.7 UK

          8. 1.8.2.1.8 Rest-of-Europe

      3. 1.8.3 Middle East & Africa

      4. 1.8.4 North America

        1. 1.8.4.1 By Country

          1. 1.8.4.1.1 Canada

          2. 1.8.4.1.2 US

      5. 1.8.5 South America

Electric Bus Battery Pack Market Size FAQs

The Electric Bus Battery Pack Market size is expected to reach USD 4.98 billion in 2024 and grow at a CAGR of 8.28% to reach USD 7.42 billion by 2029.

In 2024, the Electric Bus Battery Pack Market size is expected to reach USD 4.98 billion.

Electric Bus Battery Pack Market Report Snapshots

Electric Bus Battery Pack Market SIZE & SHARE ANALYSIS - GROWTH TRENDS & FORECASTS UP TO 2029