Market Size of Mexico Automotive Electric Bus Industry
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| Market Size (2024) | USD 0.28 Billion |
| Market Size (2029) | USD 1.09 Billion |
| CAGR (2024 - 2029) | 31.62 % |
| Market Concentration | High |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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Mexico Automotive Electric Bus Market Analysis
The Mexico Automotive Electric Bus Market size is estimated at USD 0.28 billion in 2024, and is expected to reach USD 1.09 billion by 2029, growing at a CAGR of 31.62% during the forecast period (2024-2029).
- The COVID-19 pandemic compelled about 95% of all automotive-related companies to put their workforces on hold due to lockdowns. Globally, the repercussions of the lockdown were immense and unprecedented due to the halt of manufacturing activities. However, the market was expected to regain its momentum as economic activities resumed and vehicle production rose worldwide.
- Electric buses are becoming more popular owing to two factors, which include minimizing pollution and lowering maintenance and operating costs when compared to hybrid diesel-electric buses. The cost of fuel heavily influences the cost of transportation. Diesel prices are growing every year. On the other hand, electric buses are substantially less expensive in the long term and provide a pleasant method of transportation compared to diesel and gasoline engine buses. This, combined with the need to reduce emissions in order to meet growing regulatory inspection, will fuel market growth for completely electric buses.
- Transitioning from traditional fuel-powered municipal buses to emission-free transportation would be a key element in boosting the demand for electric buses in the region. Increased government investments in public transportation will drive market expansion over the coming years. However, the high purchase cost would limit the expansion of the Mexican electric bus market.
Mexico Automotive Electric Bus Industry Segmentation
An electric bus is a type of public transportation vehicle that runs on electricity instead of traditional fossil fuels. It is equipped with an electric motor and relies on rechargeable batteries or other forms of electrical energy storage to power its operations, making it a more environmentally friendly and sustainable option for urban mobility.
The Mexican electric bus market report covers the latest trends and technological developments in the market along with demand by vehicle type, consumer type, and share of major players across this region. By vehicle type, the market has been segmented into battery electric and other electric buses. Similarly, by consumer type, the market has been divided into government and fleet owners.
The report provides comprehensive insights into the market size and forecast for the Mexican electric bus market based on the value (USD) for each of the abovementioned segments.
| By Vehicle Type | |
| Battery Electric Bus | |
| Other Electric Bus |
| By Consumer Type | |
| Government | |
| Fleet Owners |
Mexico Automotive Electric Bus Market Size Summary
The Mexican automotive electric bus market is poised for significant growth, driven by the increasing demand for sustainable and cost-effective public transportation solutions. The shift from traditional diesel-powered buses to electric alternatives is fueled by the need to reduce emissions and comply with stringent environmental regulations. Electric buses offer substantial savings in maintenance and operating costs, along with enhanced passenger comfort due to lower noise and vibration levels. The government's commitment to expanding the share of electricity from clean sources and the establishment of national systems for public transport electrification underscore the country's progressive stance towards sustainable mobility. Mexico City, in particular, is at the forefront of this transformation, with ongoing initiatives to electrify its public transportation fleet.
Despite the high initial purchase costs, the Mexican electric bus market is expected to experience robust expansion, supported by government investments and favorable policies. The market is characterized by the presence of major global players such as Daimler, BYD, Yutong, and Volvo, alongside local companies like Advanced Power Vehicles, which are actively contributing to the transition. The introduction of new electric bus models and the establishment of local manufacturing facilities, such as Volvo's plant in Tultitlan, further bolster the market's growth prospects. As Mexico continues to lead in the adoption of electric buses, the market is set to benefit from ongoing government support and the increasing availability of clean transportation technologies.
Mexico Automotive Electric Bus Market Size - Table of Contents
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1. MARKET DYNAMICS
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1.1 Market Drivers
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1.1.1 Increasing Adoption of Electric Buses
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1.1.2 Others
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1.2 Market Restraints
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1.2.1 Disturbances in Supply Chain
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1.2.2 Others
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1.3 Porter's Five Forces Analysis
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1.3.1 Threat of New Entrants
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1.3.2 Bargaining Power of Buyers/Consumers
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1.3.3 Bargaining Power of Suppliers
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1.3.4 Threat of Substitute Products
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1.3.5 Intensity of Competitive Rivalry
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2. MARKET SEGMENTATION
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2.1 By Vehicle Type
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2.1.1 Battery Electric Bus
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2.1.2 Other Electric Bus
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2.2 By Consumer Type
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2.2.1 Government
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2.2.2 Fleet Owners
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Mexico Automotive Electric Bus Market Size FAQs
How big is the Mexico Automotive Electric Bus Market?
The Mexico Automotive Electric Bus Market size is expected to reach USD 0.28 billion in 2024 and grow at a CAGR of 31.62% to reach USD 1.09 billion by 2029.
What is the current Mexico Automotive Electric Bus Market size?
In 2024, the Mexico Automotive Electric Bus Market size is expected to reach USD 0.28 billion.
