An influential report forecasts that the world electric bus market should grow at a compounded annual growth rate (CAGR) of 22.9 percent a year until 2030. The report analyses each bus market segment to 2030, with 2021 as the base year.
Electric traction has now proven itself as a solution to curbing the enormous pollution generated by fossil fuel vehicles. Electric buses are set to emerge as its most promising segment, driven by government incentives around the world.
Electric buses offer clean, safe, reliable, and comfortable public transport while helping cut the amount of CO2 emitted into the environment. Governments everywhere are pressing public transport operators to roll-over their fleets with electric buses. Indeed, government incentives are the prime factor driving electric bus market growth. Currently China has more than 350,000 electric buses in its public transport fleet, making it the largest electric bus market.
Elsewhere the US, India, Japan, South Korea, and the UK and Europe are rapidly boosting the share of electric buses in their public transport fleets. Ever stricter environmental regulations should hike demand for electric buses yet more in years to come. The combination of these factors will ensure continued growth in demand for electric buses during the forecast period.
In 2021 the pure electric bus segment overtook the hybrid segment. Hybrid buses use a fossil fuel, typically diesel, to generate power. This makes them less clean than their pure electric counterparts.
Though pure electric buses cost more than hybrid ones, their running and maintenance costs are lower, often providing lower lifetime cost. Factors like falling battery costs, advancements in electric traction and power transmission, and improving charger technology and infrastructure should boost demand for pure electric buses additionally.
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