IMARC Group, a leading market research company, has recently releases report titled “Electric School Bus Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2024-2032” offers a comprehensive analysis of the industry, which comprises insights on the electric school bus market share. The global market size reached US$ 27.4 Billion in 2023. Looking forward, IMARC Group expects the market to reach US$ 281.1 Billion by 2032, exhibiting a growth rate (CAGR) of 29.51% during 2024-2032.
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Factors Affecting the Growth of the Electric School Bus Industry:
- Growing Environmental Concerns:
The growing adoption of electric school buses on account of rising environmental concerns among the masses across the globe is strengthening the growth of the market. In line with this, there is a rise in awareness among individuals about climate change and its associated impacts on health. Electric school buses offer a sustainable solution by producing zero tailpipe emissions and assisting in promoting a greener environment. Moreover, they significantly reduce the carbon footprint of student transportation, making them a suitable choice for school authorities committed to environmental sustainability.
- Stringent Emission Standards:
Governing agencies of numerous countries are encouraging the adoption of sustainable transportation solutions by implementing stringent emissions of carbon footprint. They are also providing several tax rebates and subsidies on the purchase of electric buses, which is supporting the growth of the market. These incentives aim to reduce the upfront costs associated with electric buses, making them more financially feasible for schools. In line with this, these stringent environmental standards encourage schools to adopt electric buses to avoid legal penalties and maintain environmental sustainability.
- Rising Demand for Cost-Effective Transportation Solutions:
The rising demand for cost-effective transportation solutions is propelling the growth of the market. Electric buses have lower operating costs as compared to traditional diesel or gasoline counterparts. They also require less maintenance due to their fewer moving parts. In addition, educational institutes are increasingly adopting electric buses on account of inflating fuel prices. Apart from this, schools are looking to optimize their budgets and allocate resources more efficiently, thereby adopting electric school buses as a cost-effective and sustainable alternative.
Leading Companies Operating in the electric school bus industry:
- 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)
- The Lion Electric Company
Electric School Bus Market Report Segmentation:
By Type:
- Type A
- Type C
- Type D
Battery electric school bus represented the largest segment as it minimizes emissions and promotes a greener environment.
By Capacity Design Type:
Type C accounted for the largest market share due to its balanced seating capacity and advanced braking systems.
By Sales Channel:
- Direct Sales
- Distributor
Direct sales exhibit a clear dominance in the market as they eliminate the need for intermediaries and reduce the overall cost of vehicles.
By Application:
- Preschool Education
- Primary School
- Others
Primary school holds the biggest market share on account of the rising demand for reliable and safe transportation solutions for children.
Regional Insights:
- 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
Asia Pacific dominates the electric school bus market due to favorable government initiatives.
Global Electric School Bus Market Trends:
The rising adoption of electric school buses, as they operate quietly and reduce noise pollution is strengthening the growth of the market. This is particularly crucial in urban areas where noise reduction is a priority.
Advancements in electric vehicle (EV) technology assist in improving in the range, battery life, and charging infrastructure for electric school buses, which is contributing to the growth of the market. In addition, these technological enhancements make electric buses more cost-effective and appealing to schools around the world.
Other Key Points Covered in the Report:
- Porters Five Forces Analysis
- Value Chain Analysis
- Strategic Recommendations
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