The Europe electric bus market is expected to grow from US$ 1,493.80 million in 2021 to US$ 5,882.93 million by 2028; it is estimated to grow at a CAGR of 21.6% from 2021 to 2028
An electric powertrain is combined with fuel cell systems, controlled technology, and batteries to power hydrogen-fueled buses.These buses are considered next-generation green transportation because their lifespan is far longer than a typical electric bus.
The hydrogen fuel cell bus can refuel quickly and has many directions.With such benefits, the demand for hydrogen fuel cell buses is skyrocketing.
For instance, over a thousand hydrogen buses are expected to be launched during the next few years.The deployment will grow significantly over the next decade, with the scalability factor outweighing the high procurement costs.
For instance, within the scope of three initiatives in Cwmbran, Warwickshire, and Ballymena, the UK Business Secretary announced a GBP 54 million fund to create the next generation of electric trucks and hydrogen-powered buses. The initiatives are expected to create around 10,000 jobs and reduce 45 million tons of carbon emissions across the UK. Thus, the increasing demand for hydrogen-fueled buses is driving the electric bus market across the region.
With the new features and technologies, vendors can attract new customers and expand their footprints in emerging markets.This factor is likely to drive the Europe electric bus market .
The Europe electric bus market is expected to grow at a good CAGR during the forecast period.
Europe Electric Bus Market Revenue and Forecast to 2028 (US$ Million)
Europe Electric Bus Market Segmentation
The Europe electric bus market is segmented based on vehicle type, hybrid powertrain, battery, end user, and country.Based on vehicle type, the market is segmented into the battery-electric bus, hybrid electric bus, and plug-in hybrid electric bus.
The battery-electric bus segment dominated the market in 2021.Based on hybrid powertrain, the market is segmented into series-parallel hybrid, parallel hybrid, and series hybrid.
The parallel hybrid segment dominated the market in 2021.Based on battery, the market is bifurcated into lithium iron phosphate (LIP) and lithium nickel manganese cobalt oxide (NMC).
The lithium iron phosphate (LIP) segment dominated the market in 2021. Based on end user, the market is bifurcated into public and private. The public segment dominated the market in 2021. Based on country, the Europe electric bus market is segmented into the UK, Germany, France, Italy, Russia, and the Rest of Europe. The UK dominated the market in 2021.
AB Volvo; BYD Company Ltd; CAF Group (Solaris Bus & Coach); Daimler AG; Ebusco; King Long United Automotive Industry Co., Ltd; NFI Group; Shenzhen Wuzhoulong Motors Co., Ltd; and Van Hool NV are among the leading companies in the Europe electric bus market.