Authored By: Sarah
19 Nov 2023

Electric Bus Market to witness growth at a CAGR of 9.23% through 2023-2027 | Reduction in battery prices and technological advancements to strengthen market 

The Electric Bus Market is anticipated to develop steadily due to declining battery costs and advancements in technology that minimise downtime. With a compound annual growth rate (CAGR) of 9.23%, the market is projected to expand by 61.03 million units through 2023 to 2027.

Technavio Analyst Quoted : “One important aspect propelling the market's expansion is the decline in battery costs.” 

As The entire cost of producing an electric bus is heavily influenced by battery pricing. Technology developments in electric bus batteries, especially Li-ion batteries, are the focus of battery producers in an effort to increase efficiency.

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Snapshot of Electric Bus Market Analysis


However,declining number of public transport users and Lack of adequate charging infrastructure are expected to hinder the growth of the market. However, Increasing popularity of wireless charging systems and technological advancements in electric buses will have a positive impact on the electric bus market during the forecast period.

AB Volvo , BKM.BY, Bollore SE and BYD Co. Ltd.CNH Industrial NV, Complete Coach Works, Eletra, GreenPower Motor Co. Inc., Jiacngsu Alfa Bus Co. Ltd., Linkker Oy, Mercedes Benz Group AG, NFI Group Inc., POL-MOT Holding SA, Proterra Inc., Tata Sons Pvt. Ltd., etc are some of the major market participants contributing significantly to the market development.

Technavio’s recent analysis of contrast media market, includes a detailed examination of its revenue forecasts, including market drivers and challenges, key market participants, and growth opportunities followed by detailed study of market segments  in North America, Europe, APAC, South America, and Middle East and Africa, geographically. As per forecast, Asia region is expected to have a market share of 92% during the forecast period.Learn more about the market dynamics and the aspects that our report's in-depth analysis predicts will have the biggest impact on the market under review.

Technavio’s analysis of the electric bus market also includes:

  • CAGR of the market during the forecast period 2023-2027
  • Detailed information on factors that will drive electric bus market growth during the next five years
  • Precise estimation of the electric bus market size and its contribution to the parent market
  • Accurate predictions on upcoming trends and changes in consumer behavior
  • The growth of the electric bus market industry across 
  • A thorough analysis of the market’s competitive landscape
  • Comprehensive details of factors that will challenge the growth of electric bus market
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