The MEA electric bus market is expected to grow from US$ 410.66 million in 2021 to US$ 1,163.89 million by 2028; it is estimated to grow at a CAGR of 16.0% from 2021 to 2028
Electric buses employ a variety of batteries. Low-cost lithium ion-phosphate batteries are increasingly used in electric buses. Batteries made of lithium-ion phosphate are both cost-effective and robust. The average price of these batteries is a significant benefit for automakers. Due to its speed, safety, and excellent thermal stability, lithium-ion phosphate batteries have seen a phenomenal increase in sales in recent years. To meet the growing demand for longer drives, market participants are implementing technical improvements to improve the operational efficiency of batteries. This will increase electric bus sales. Electric bus manufacturers are always trying to improve efficiency and increase the range of their vehicles. Furthermore, the production of high-density Nickel, Manganese, and Cobalt (NMC) batteries is subject to significant intellectual property rights. Moreover, LFP batteries avoid the risk of litigation and simultaneously promote domestic battery suppliers over competitors such as LG Chem and Samsung. Thus, the rising production of low-cost lithium ion-phosphate batteries is expected to drive the demand for the electric bus market during the forecast period across the region.
With the new features and technologies, vendors can attract new customers and expand their footprints in emerging markets. This factor is likely to drive the MEA electric bus market. The MEA electric bus market is expected to grow at a good CAGR during the forecast period.
MEA Electric Bus Market Revenue and Forecast to 2028 (US$ Million)
MEA Electric Bus Market Segmentation
The MEA electric bus market is segmented based on vehicle type, hybrid powertrain, battery, end user, and country. Based on vehicle type, the market is segmented into the battery-electric bus, hybrid electric bus, and plug-in hybrid electric bus. The battery-electric bus segment dominated the market in 2021. Based on hybrid powertrain, the market is segmented into series-parallel hybrid, parallel hybrid, and series hybrid. The parallel hybrid segment dominated the market in 2021. Based on battery, the market is bifurcated into lithium iron phosphate (LIP) and lithium nickel manganese cobalt oxide (NMC). The lithium iron phosphate (LIP) segment dominated the market in 2021. Based on end user, the market is bifurcated into public and private. The public segment dominated the market in 2021. Based on country, the MEA electric bus market is segmented into the UAE, Saudi Arabia, South Africa, and the Rest of MEA. Saudi Arabia dominated the market in 2021.
AB Volvo; BYD Company Ltd; CAF Group (Solaris Bus & Coach); Daimler AG; and King Long United Automotive Industry Co., Ltd are among the leading companies in the MEA electric bus market.
Some of the leading companies are: