Electric Bus Market – Growth, Trends, COVID-19 Impact, and Forecasts (2021 – 2026)



The electric bus market was valued at USD 14.03 billion in 2020 and is anticipated to reach USD 24.34 billion by 2026 at a CAGR of about 11.63%, during the forecast period (2021-2026).

Press Release

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The outbreak of COVID-19 and the subsequent shutdowns have affected the e-bus market in several countries. The negative impacts of the pandemic are visible in the global supply chains as several orders get delayed. Hence, the reduction in production rate at the start of the year due to the pandemic-induced disruptions affected the market last year. However, the market regained its growth by the end of 2020.

The growth of the electric bus market has been attributed to the increasing concerns about the depletion of fossil fuels and environmental pollution. In order to tackle the aforementioned issues, many governments across the world have initiated changes in the public transportation systems, by replacing heavy-duty diesel and gasoline-run buses with zero-emission electric buses.

Key Market Trends

Battery Electric Bus to Witness Growth

Transit agencies across various countries have been significantly promoting the adoption of electric buses for public transportation. Among the regions, Asia-Pacific and North America are likely to show high adoption rates of battery-electric buses during the forecast period, owing to their on-going purchase orders for e-buses. For instance,

РIn September 2020, the city of Bod̦ of Norway placed an order for 31 electric Volvo buses. In the 31 electric buses, 17 are of the 12-meter Volvo 7900 Electric model and the remaining 14 are high-capacity Volvo 7900 Electric Articulated buses. These buses have a capacity of up to 120 passengers.
РIn June 2020, VyBuss AB ordered 49 high-capacity Volvo 7900 Electric Articulated buses. The new buses, which are scheduled to enter operation in J̦nk̦ping, Sweden in summer 2021.

Competitive Landscape

The market for electric buses is slightly consolidated, with the presence of major Chinese players that cater to the requirements global requirements. Some of the prominent players in the Volvo Group, Daimler AG, BYD Auto Co., Ltd, and Zhengzhou Yutong Bus Co., Ltd. among others. Owing to the increasing number of orders for its electric buses from the domestic and international markets the competition in the market is growing, For instance,

In June 2020, Link Transit in Wenatchee, Washington, received the delivery of 10 new all-electric 35-ft K9S buses, with a range of up to 215 miles (346 km) and seating for up to 32 passengers.

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