IMARC Group, a leading market research company, has recently releases report titled “Europe Electric Bus Market: Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028.” The study provides a detailed analysis of the industry, including the Europe electric bus market share, size, growth, trends, and forecasts. The report also includes competitor and regional analysis and highlights the latest advancements in the market.
Industry Overview of Europe Electric Bus
An electric bus is a mode of public transportation that has an environmentally friendly propulsion system. It comprises advanced features, such as regenerative braking, telematics, and connectivity options. It is powered by electricity, typically stored in advanced batteries, instead of relying on fossil fuels. It is more cost-effective as compared to its diesel or gasoline counterparts and has lower operating and maintenance costs due to lower fuel expenses. It is highly energy-efficient, with electric motors converting a large percentage of the energy from the battery into propulsion, which reduces energy consumption per passenger mile compared to traditional buses. It is quieter than conventional buses as it produces less noise and vibration and enhances the passenger experience. As it assists in reducing carbon emissions while maintaining sustainability in the environment, the demand for electric bus is increasing in Europe.
How Big Is the Europe Electric Bus Market?
The Europe electric bus market size reached US$ 2.3 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 8.2 Billion by 2028, exhibiting a growth rate (CAGR) of 23.7% during 2023-2028.
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What are the growth prospects and trends in the Europe electric bus industry?
At present, the rising consumer awareness about air quality and the harmful health impacts of diesel emissions represents one of the primary factors strengthening the market growth in Europe. Apart from this, the increasing development of high-capacity batteries with longer ranges is bolstering the market growth.
Moreover, the rising adoption of electric buses, as they provide a smoother, quieter, and more comfortable riding experience for passengers, is offering lucrative growth opportunities to industry players in Europe. In line with this, the increasing number of charging infrastructure, such as fast-charging and depot charging solutions, is supporting the market growth. Besides this, the rising preference for cleaner and greener public transportation options is contributing to the growth of the market in Europe.
Furthermore, governing agencies in Europe are encouraging the adoption of electric buses by implementing stringent emission standards and regulations. They are also providing various subsidies and tax benefits on electric bus purchases, which is impelling the market growth. Additionally, the integration of electric bus fleets with renewable energy sources is positively influencing the growth in Europe.
What is included in market segmentation?
The report has segmented the market into the following categories:
Breakup by Propulsion Type:
- Battery Electric Vehicle (BEV)
- Fuel Cell Electric Vehicle (FCEV)
- Plug-in Hybrid Electric Vehicle (PHEV)
Breakup by Battery Type:
- Lithium-ion Battery
- Nickel-Metal Hydride Battery (NiMH)
- Others
Breakup by Length:
- Less than 9 Meters
- 9-14 Meters
- Above 14 Meters
Breakup by Range:
- Less than 200 Miles
- More than 200 Miles
Breakup by Battery Capacity:
- Up to 400 kWh
- Above 400 kWh
Breakup by Country:
- Germany
- France
- United Kingdom
- Italy
- Spain
- Others
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