According to the latest report by IMARC Group, titled “Electric School Bus Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028”, the global electric school bus market size reached US$ 20.5 Billion in 2022. Electric school buses use electric motors instead of regular internal combustion engines (ICEs) to ensure quiet operation, which allows the driver to focus on the road. In addition to being powered by onboard electric motors and a battery system, these buses can also operate using an external energy source, such as a power grid. When compared to conventional school buses that run on diesel, propane, gasoline or compressed natural gas (CNG), these buses have very minimal maintenance costs. Currently, they are widely used by schools to foster sustainable development, reduce emissions, and generate additional income by selling excess electricity to utility companies. Some of the numerous benefits associated with electric school buses include high voltage, functional safety, cold-weather performance, and reliability.
Global Electric School Bus Market Trends:
The global market is primarily driven by multiple favorable initiatives undertaken by government bodies of several countries to create sustainable and fuel-efficient urban public transport systems. This can be attributed to the increasing concerns regarding the depletion of fossil fuels. Additionally, the escalating demand for alternative energy due to the rapidly fluctuating fuel prices is also resulting in the uptake of fuel-efficient and high-performance school buses. In line with this, continual technological advancements in the automotive industry, along with the easy availability of electronic components and continually improving charging infrastructure, is providing an impetus to the market. Some of the other factors contributing to the market include the lowering costs of lithium-ion (Li-ion) batteries, inflating disposable income levels, rapid urbanization, and extensive research and development (R&D) activities and mergers and acquisitions (M&As) conducted by key players. Looking forward, the market value is projected to reach US$ 121.4 Billion by 2028, expanding at a CAGR of 33.8% during 2023-2028.
- Based on the type, the market has been segmented into battery electric school bus and hybrid school bus.
- On the basis of the capacity design type, the market has been divided into type A, type C, and type D.
- Based on the sales channels, the market has been categorized into direct sales and distributor.
- On the basis of the application, the market has been classified into preschool education, primary school, and others.
- On the geographical front, the market has been segregated into North America (the United States and Canada), Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia and others), Europe (Germany, France, the United Kingdom, Italy, Spain, Russia and others), Latin America (Brazil, Mexico and others), and Middle East and Africa.
- The competitive landscape of the market has been studied in the report with the detailed profiles of the key players. Some of these players include Beiqi Foton Motor Co. Ltd. (Beijing Automotive Group Co. Ltd.), Blue Bird Corporation, BYD Company Ltd., Collins Bus Corporation (REV Group Inc.), Dominion Energy Inc., Mercedes-Benz Group AG, Navistar International Corporation (Traton Group) and The Lion Electric Company.
|Base Year of the Analysis
||Type, Capacity Design Type, Sales Channel, Application, Region
|| Asia Pacific, Europe, North America, Latin America, Middle East and Africa
||United States, Canada, Germany, France, United Kingdom, Italy, Spain, Russia, China, Japan, India, South Korea, Australia, Indonesia, Brazil, Mexico
||Beiqi Foton Motor Co. Ltd. (Beijing Automotive Group Co. Ltd.), Blue Bird Corporation, BYD Company Ltd., Collins Bus Corporation (REV Group Inc.), Dominion Energy Inc., Mercedes-Benz Group AG, Navistar International Corporation (Traton Group) and The Lion Electric Company
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