According to the report by Expert Market Research (EMR), the Europe electric bus market size reached a value of USD 2.23 billion in 2023. Aided by heightened environmental concerns, evolving regulatory landscapes, and advancements in electric vehicle (EV) technology, the market is projected to further grow at a CAGR of 18.5% between 2024 and 2032 to reach a value of USD 10.71 billion by 2032.
Electric buses, characterised by their zero tailpipe emissions and reduced operational costs compared to traditional diesel buses, represent a transformative approach to urban mobility. They are increasingly seen as a viable solution for cities aiming to decrease carbon footprints and combat urban air pollution.
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EU regulations and individual country policies advocating for reduced greenhouse gas emissions play a pivotal role. Many European countries have set timelines for phasing out fossil fuel-powered buses, providing significant impetus for the adoption of electric buses, consequently driving up the Europe electric bus market share.
Innovations in battery technology, electric drivetrains, and charging infrastructure have enhanced the range and efficiency of electric buses, making them more appealing for widespread use. Moreover, financial incentives such as grants, subsidies, and tax exemptions are crucial in supporting transit authorities and bus operators in transitioning to electric fleets.
As per the Europe electric bus market analysis, there is a notable increase in the demand for plug-in hybrid electric buses (PHEVs). These buses utilise batteries to power an electric motor and also rely on fuels like gasoline to operate an internal combustion engine (ICE). Initially, the bus operates on electric power, and once the battery is depleted, it seamlessly switches to the internal combustion engine.
The key components of a plug-in hybrid electric bus include batteries, charge ports, electric traction motors, and fuel tanks, among others. On the other hand, fuel-cell electric buses are also gaining popularity in Europe due to their unique ability to incorporate both hydrogen fuel cells and batteries/capacitors, leading to Europe electric bus market development.
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Germany is at the forefront, influenced by its national policy frameworks and leading automotive industry. The UK and France are also significant markets, spurred by stringent environmental targets and substantial investments in public transit electrification. The Netherlands and Scandinavia are notable for their high adoption rates of electric buses, supported by ambitious national environmental agendas and high public receptivity to sustainable transport solutions.
Europe Electric Bus Market Segmentation
The market can be divided based on the propulsion type, length, battery type, range, battery capacity, end user, and country.
Market Breakup by Propulsion Type
- Battery Electric Bus
- Plug-in Hybrid Electric Bus
- Fuel Cell Electric Bus
Market Breakup by Length
- Less than 9 Meters
- 9-14 Meters
- Above 14 Meters
Market Breakup by Battery Type
- Lithium-ion Battery
- Nickel-Metal Hydride Battery (NiMH)
- Others
Market Breakup by Range
- Less than 200 Miles
- More than 200 Miles
Market Breakup by Battery Capacity
- Up to 400 kWh
- Above 400 kWh
Market Breakup by End User
- Private
- Public
Market Breakup by Country
- Germany
- United Kingdom
- France
- Italy
- Others
Competitive Landscape
The EMR report looks into the market shares, plant turnarounds, capacities, investments, and mergers and acquisitions, among other major developments, of the leading companies operating in Europe electric bus market. Some of the major players explored in the report by Expert Market Research are as follows:
- Yutong Bus Co., Ltd.
- Daimler Truck AG
- IVECO S.p.A
- Solaris Bus & Coach sp. z o.o.
- AB Volvo
- Traton SE
- Karsan Otomotiv San. ve Tic. A.S
- Xiamen Golden Dragon Bus Co.,LTD
- TAM-Europe d.o.o.
- BYD Europe B.V.
- Others
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