Market Overview 2022-2027:
The latest research study “Electric School Bus Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027” by IMARC Group, finds that the global electric school bus market is expected to exhibit a CAGR of 34.5% during 2022-2027.
Industry Definition and Application:
An electric school bus is an electric vehicle (EV) that operates smoothly without noise, enabling the driver to concentrate on the road ahead. It requires less maintenance than conventional fuel-powered school buses that run on diesel, compressed natural gas (CNG), propane, or gasoline. It also reduces operational costs, generates new jobs in green manufacturing, and provides valuable storage for renewable energy via vehicle-to-grid (V2G) technologies. At present, electric school bus finds extensive applications in schools for generating additional revenue by selling excess electricity to energy providers.
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The global electric school bus market is primarily driven by the rising demand for high-performance and fuel-efficient school buses. Additionally, there is a rise in cognitive development and physical health issues among students due to the widespread use of diesel school buses. Along with this, technological advancements in the automotive industry are contributing to market growth. Moreover, the increasing awareness about numerous benefits of electric school buses, such as functional safety and high voltage, reliability, durability, and cold weather performance, has augmented the product demand.
Besides this, the easy availability of charging infrastructure and electronic components has catalyzed market growth. Furthermore, several key players are providing technical assistance to school districts and developing localized electric school bus transition plans, which in turn is driving the market further. Other factors, including favorable government policies, declining battery prices, surging air pollution levels, and rapid urbanization, are also anticipated to create a positive market outlook.
|Electric School Bus Market Report Scope|
|Growth Rate||CAGR of 34.5% from 2022 to 2027|
|Base year for estimation||2021|
|Report coverage||Revenue forecast, company ranking, competitive landscape, growth factors, and trends|
|Segments covered||Type, Capacity Design Type, Sales Channel, Application and Region|
The report has been segmented the market into following categories:
Breakup by Type:
- Battery Electric School Bus
- Hybrid School Bus
Breakup by Capacity Design Type:
- Type A
- Type C
- Type D
Breakup by Sales Channel:
- Direct Sales
Breakup by Application:
- Preschool Education
- Primary School
Breakup by Geography:
- North America:( United States, Canada)
- Asia-Pacific: (China, Japan, India, South Korea, Australia, Indonesia, Others)
- Europe: (Germany, France, United Kingdom, Italy, Spain, Russia, Others)
- Latin America: (Brazil, Mexico, Others)
- Middle East and Africa
Competitive Landscape with Key Player:
- Beiqi Foton Motor Co. Ltd. (Beijing Automotive Group Co. Ltd.)
- Blue Bird Corporation
- Navistar International Corporation (Traton Group)
- BYD Company Ltd.
- Collins Bus Corporation (REV Group Inc.)
- Dominion Energy Inc.
- Mercedes-Benz Group AG
- The Lion Electric Company.
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