The Electric Bus Market is being driven by Reduction in battery prices of electric buses
The Electric Bus Market is expected to grow at a CAGR of 16.7% during 2024 and 2029. During this period, the market is also expected to show a growth of USD 25059.3 million. In the electric bus market, the adoption of high-power charging solutions is crucial for efficient and convenient operation. Inductive wireless charging technology, developed by the US Department of Energy's Oak Ridge National Laboratory (ORNL), offers a significant advantage with a 20-kW capacity. This system, demonstrated on an electric Toyota RAV4 with a 10-kWh battery, achieved a 90% efficiency rate, surpassing plug-in systems threefold. ORNL's innovation has paved the way for commercial wireless chargers with a 50-kW power capacity, aligning with the capabilities of quick plug-in chargers in the market.
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The market is segmented based on
According to Technavio, There are several factors that are causing the market to flourish during the forecast period, which are as follows:
However, the market also witnesses some limitations, which are as follows:
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Market Scope |
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Report Coverage |
Details |
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Page number |
245 |
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Base year |
2024 |
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Historic period |
2019-2023 |
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Forecast period |
2025-2029 |
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Growth momentum & CAGR |
Accelerate at a CAGR of 16.7% |
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Market growth 2025-2029 |
USD 25059.3 million |
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Market structure |
market_structure.ucfirst |
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YoY growth 2024-2025(%) |
15.9 |
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Key countries |
China, Japan, India, South Korea, Australia, US, Brazil, Germany, UK, Canada, US, China, India, UK, and Germany |
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Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
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The transport sector is shifting towards electric buses as a solution to combat air pollution and address environmental concerns. Automobile manufacturers are producing fuel-efficient, non-polluting buses, including hydrogen fuel cell-powered and battery-electric vehicles (BEV). Zero emissions targets are driving the demand for these zero-emission vehicles, which do not emit vehicle emissions or ozone-depleting substances. Fast charging infrastructure and advancements in battery technology, such as lithium-ion batteries and battery management systems, are crucial for the widespread adoption of electric buses. Hybrid electric buses (HEV) and battery-electric buses (BEV) are replacing conventional bus flees to reduce greenhouse gas emissions and improve air quality. Artificial Intelligence and advanced technology are also being integrated into electric buses to enhance safety and efficiency. The transition from internal combustion engine (ICE) based buses to electric buses is a significant step towards sustainable transportation.
The electric bus market represents a significant segment within the larger automobile manufacturing industry. This sector focuses on the production of non-polluting, fuel-efficient buses as a response to growing environmental concerns and the need to combat air pollution. Key players in this market are leading global automobile manufacturers, producing not only buses but also passenger cars, commercial vehicles, and all-terrain vehicles. Market expansion is driven by the adoption of advanced technologies, such as increased electronic components, secure safety systems, autonomous capabilities, and emission standardization. Furthermore, the pursuit of improved fuel efficiency through electronic fuel control and vehicle customization adds to the market's appeal.. Industries are leveraging the products belonging to the market for customer engagement, transactional notifications, and promotional offers.
Technavio Research
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