Electric Buses: US$57.68 Billion Opportunity by 2026

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Counties like China, India, and others, issued many regulations to support the electric bus market in full swing

The global electric bus market is forecasted to reach US$57.68 billion in 2026, experiencing growth at a CAGR of 11.51 per cent during the period spanning from 2022 to 2026.

“Growth in the global electric bus market was supported by factors such as rapid urbanization, increased oil prices, the surge in air pollution, government initiatives and falling prices of batteries. However, the market growth is expected to be restrained by high development costs, limited battery capacity and the growing popularity of natural gas-fueled buses,” read a report by Research and Markets.

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The global electric bus market by propulsion can be segmented as follows: battery-electric bus, plug-in hybrid electric bus and fuel cell electric bus. In 2021, the dominant share of the global electric bus market was held by battery-electric buses, followed by plug-in hybrid electric buses and fuel cell electric buses.

Factors such as an increase in demand for fuel-efficient vehicles, rising demand for the electric school bus and lightweight technology has helped in boosting the market growth.

While most of the industries worldwide suffered a negative impact from COVID-19, the electric bus market witnessed a mixed impact on it. Initially, the market witnessed a drop in passengers, since people lessen their mobility via public transport worrying to be in contact with the COVID-19 virus.

In addition to this, the market faced disruption in the supply chain which acted as a challenge in manufacturing new buses. However, the market saw an increase in registration as many countries used this sector to impose recovery in their economy. Counties like China, India, and others, issued many regulations to support the electric bus market in full swing.

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Mukul Yudhveer Singh
Mukul Yudhveer Singh
Mukul Yudhveer Singh is an Editor at EFY. He’s an experienced business journalist who is both an enthusiast and a cynic of technology. Believes in data, as well as hunch-based journalism. He defines journalism as- reporting facts which help the audience take their own decisions, not ones that influence them!

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