Report : Europe Electric Bus Market Forecast to 2028 – COVID-19 Impact and Regional Analysis – by Vehicle Type (Battery Electric Bus, Hybrid electric Bus, and Plug-in Hybrid Electric Bus), Hybrid Powertrain (Series Parallel Hybrid, Parallel Hybrid, and Series Hybrid), Battery [Lithium Iron Phosphate (LFP) and Lithium Nickel Manganese Cobalt Oxide (NMC)], and End User (Public and Private)
At 21.6% CAGR, the Europe Electric Bus Market is speculated to be worth US$ 5,882.93 million by 2028, says Business Market Insights
According to Business Market Insights’ research, the Europe electric bus market was valued at US$ 1,493.80 million in 2021 and is expected to reach US$ 5,882.93 million by 2028, registering an annual growth rate of 21.6% from 2021 to 2028. Stringent government emission regulations and increasing demand for hydrogen fuel bus are the critical factors attributed to the market expansion.
Air pollution causes several diseases, of which some even become fatal at advanced stages. As vehicular discharge impacts public health, it may have a dangerous impact on the environment. Governments across the region are investing heavily in infrastructure development to reduce ozone-depleting compounds and air pollution levels. This will be accomplished by enacting strict government regulations on automobile emissions. The electric bus market is expanding as a result of these standards. Electric buses are eco-friendly since they do not emit any harmful pollutants. Furthermore, electric buses are efficient and provide clean urban transportation, giving a viable alternative to maintaining clean air in metropolitan areas. As a result, many urban areas in countries progressively accept E-transport systems. Moreover, in 2019, France established a goal of 100% zero-emission vehicles by 2040. The country enacted a law banning the sale of ICE vehicles by 2040 as part of the Paris Climate Agreement. In addition, the European Commission (EC) has proposed that 1.3 million public accessible chargers will be installed by 2030 to help EVs gain market share. The governments across the region enforced strict pollution standards, and directives are accelerating the use of electric buses, driving the market growth across region.
On the contrary, high initial and development cost hurdles the growth of Europe electric bus market.
Based on vehicle type, the Europe electric bus market is segmented into the battery-electric bus, hybrid electric bus, and plug-in hybrid electric bus. The battery-electric bus segment held 79.2% market share in 2021, amassing US$ 1,183.17 million. It is projected to garner US$ 4,797.01 million by 2028 to expand at 22.1% CAGR during 2021–2028.
Based on hybrid powertrain, the Europe electric bus market is segmented into series-parallel hybrid, parallel hybrid, and series hybrid. The parallel hybrid segment held 55.4% market share in 2021, amassing US$ 827.41 million. It is projected to garner US$ 3,291.50 million by 2028 to expand at 21.8% CAGR during 2021–2028.
Based on battery, the Europe electric bus market is bifurcated into lithium iron phosphate (LIP) and lithium nickel manganese cobalt oxide (NMC). The lithium iron phosphate (LIP) segment held 83.2% market share in 2021, amassing US$ 1,242.72 million. It is projected to garner US$ 4,980.30 million by 2028 to expand at 21.9% CAGR during 2021–2028.
Based on end user, the Europe electric bus market is bifurcated into public and private. The public segment held 79.3% market share in 2021, amassing US$ 1,184.99 million. It is projected to garner US$ 4,496.40 million by 2028 to expand at 21.0% CAGR during 2021–2028.
Based on country, the Europe electric bus market is segmented into the UK, Germany, France, Italy, Russia, and rest of Europe. Our regional analysis states that the UK captured 35.4% market share in 2021. It was assessed at US$ 528.84 million in 2021 and is likely to hit US$ 2,230.86 2,091.38 million by 2028, exhibiting a CAGR of 21.7% during the forecast period.
Key players dominating the Europe electric bus market are AB Volvo; BYD Company Ltd; CAF Group (Solaris Bus & Coach); Daimler AG; Ebusco; King Long United Automotive Industry Co., Ltd; NFI Group; Shenzhen Wuzhoulong Motors Co., Ltd; and Van Hool NV among others.
- In 2021, Volvo Buses is expanding its electromobility offering around the region. Volvo Buses now offers a solid platform for sustainable and efficient public transportation in cities around the world and reliable and profitable operations for customers, with the introduction of the new Volvo BZL Electric chassis.
- In 2021, Volvo Buses is the first European bus manufacturer to join ZEBRA, a significant collaboration launched in 2019 to accelerate the deployment of zero-emission buses in major Latin American cities. Volvo Buses will be required to carry out several activities under the agreement, including providing electric buses for purchase in Mexico City and Santiago within 18 months and demonstrating a zero-emission bus product in any selected cities within 12 months.
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