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.
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 analysis of the electric bus market also includes: