Europe Electric Bus Market to Grow at 19.81% During 2024-2032, Impelled by Enhanced Focus on Sustainable Development

March 17, 2023 | Automotive Industry

According to the latest report by IMARC Group, titled "Europe Electric Bus Market Report by Propulsion Type (Battery Electric Vehicle (BEV), Fuel Cell Electric Vehicle (FCEV), Plug-in Hybrid Electric Vehicle (PHEV)), Battery Type (Lithium-ion Battery, Nickel-Metal Hydride Battery (NiMH), and Others), Length (Less than 9 Meters, 9-14 Meters, Above 14 Meters), Range (Less than 200 Miles, More than 200 Miles), Battery Capacity (Up to 400 kWh, Above 400 kWh), and Country 2024-2032," the Europe electric bus market is expected to grow at a CAGR of 19.81% during 2024-2032. An electric bus is a bus that is propelled using a zero-emissions electricity source. It can be fed continuously from an external source. Its electricity source is ground-based non-contact conductors, hydrogen-fuel cells, onboard batteries, or overhead wires. It has fewer regular maintenance costs and offers a smooth ride to the users. It is considered to be a next-generation transportation mode as its lifespan is longer. It is gradually emerging as a sustainable mode of transportation and gaining widespread traction across Europe.


Europe Electric Bus Market Trends:

The market in Europe is majorly driven by the increasing sales of electric buses due to an enhanced focus on sustainable development. In line with this, the rising focus on the electrification of mass transit solutions is significantly contributing to the market. Furthermore, the increasing demand for emission-free public transport and favorable government policies are positively influencing the market. Apart from this, various governments across the European region are undertaking initiatives to make their public transport more sustainable and fuel efficient. This, in turn, is expected to create a positive outlook for the market. Moreover, the growing environmental concerns among the masses are catalyzing the market. Besides, numerous key players are focusing on developing hydrogen fuel cell-powered electric buses, which is projected to create numerous growth opportunities in the market. In addition, the rising investments by battery manufacturers to manufacture cost-effective, technologically advanced batteries are expected to propel the demand for electric buses. The prominent players are also investing in research and development activities to develop and integrate new technologies in electric buses. For instance, the integration of Artificial Intelligence (AI) is anticipated to enhance operational efficiency and safety while lowering carbon emissions, thus boosting the market growth.


Market Summary:

  • On the basis of the propulsion type, the market has been categorized into Battery Electric Vehicles (BEV), Fuel Cell Electric Vehicle (FCEV), and Plug-in Hybrid Electric Vehicle (PHEV).
  • Based on the battery type, the market has been classified into lithium-ion batteries, Nickel-Metal Hydride Battery (NiMH), and others.
  • Based on the length, the market has been segmented into less than 9 meters, 9-14 meters, and above 14 meters.
  • Based on the range, the market has been categorized into less than 200 miles and more than 200 miles.
  • Based on the battery capacity, the market has been classified into up to 400 kWh and above 400 kWh.
  • On the basis of the country, the market has been divided into Germany, France, the United Kingdom, Italy, Spain, and others.
  • The competitive landscape of the market has been studied in the report with detailed profiles of the key players operating in the market.
     

Report Coverage:

Report Features Details
Base Year of the Analysis 2023
Historical Period 2018-2023
Forecast Period 2024-2032
Units US$ Billion
Segment Coverage Propulsion Type, Battery Type, Length, Range, Battery Capacity, Country
Countries Covered Germany, France, United Kingdom, Italy, Spain, Others
Customization Scope 10% Free Customization
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Europe Electric Bus Market to Grow at 19.81% During 2024-2032, Impelled by Enhanced Focus on Sustainable Development
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