Electric Buses Market Seen Soaring 19.8% Growth to Reach USD 155 Billion by 2030
Key Highlights of the Report:
>>Electric buses were gaining traction worldwide as cities and governments sought to reduce emissions and promote sustainable public transportation.
>>Governments in various countries were offering financial incentives, tax breaks, and subsidies to encourage the adoption of electric buses.
>>The Indian government had been actively promoting the adoption of electric vehicles, including electric buses, through various policy measures and incentives. Initiatives like the Faster Adoption and Manufacturing of Hybrid and Electric Vehicles (FAME) scheme provided subsidies and financial incentives to encourage electric bus deployment.
>>The Indian government’s Smart Cities Mission included a focus on promoting sustainable and green transportation. Many cities under this initiative were looking to introduce electric buses as a part of their public transport systems.
According to a new report by Univdatos Market Insights Electric Buses Market, is expected to reach USD 155 Billion in 2030 by growing at a CAGR of 19.8%. Electric buses, also known as e-buses, are buses that are powered primarily by electricity. These buses use electric motors and batteries to drive the wheels and propel the vehicle forward. The concept of electric buses is part of the broader shift toward electric vehicles (EVs) and sustainable transportation. The rise of electric bus demand represents by many driving factors like cost saving, technological advancements, supportive policies, and growing public awareness. These driving factors affect the demand for electric buses globally. As individuals, governments, and businesses continue to champion sustainable transportation solutions, the electrification of public transit through electric buses is set to pave the way for a brighter, more sustainable future.
The EV30@30 Initiative: Accelerating Global Electric Vehicle Adoption:
The EV30@30 initiative was introduced during the 8th CEM in June 2017 with the primary objective of expediting the adoption of electric vehicles (EVs), aiming to achieve a minimum of 30 percent new EV sales by the year 2030. Presently, the campaign boasts a total of 13 member countries and is backed by 23 supporting companies and organizations. This campaign focuses on promoting the electric vehicle market for various categories, including electric passenger cars, light commercial vans, buses, and trucks. It encompasses different types of EVs such as battery-electric, plug-in hybrid, and fuel-cell vehicles. Additionally, the initiative endeavors to develop a robust charging infrastructure capable of supplying ample power to accommodate the increasing number of EVs on the road. The EV30@30 Initiative is a driving force in the global push towards a sustainable and greener transportation future. By promoting the adoption of electric vehicles across vehicle classes and supporting various EV technologies, the initiative sets the stage for a cleaner and more sustainable transportation sector. With the commitment of member countries and support from corporations and organizations, the EV30@30 campaign stands as a beacon of hope in the fight against climate change and a promising pathway towards a cleaner and more sustainable world.
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The EVI Zero Emission Government Fleet Declaration and Drive to Zero: Accelerating Global Adoption of Zero-Emission Vehicles:
The EVI Zero Emission Government Fleet Declaration was announced at Pittsburgh’s Global Clean Energy Action Forum on 23rd September 2022. Participating governments pledge to reduce carbon and air pollutant emissions from their vehicle fleets by promoting and adopting zero-emission vehicles across all vehicle classes. They aim to achieve 100 percent zero-emission light-duty vehicle acquisitions in their civil government fleet by 2035, with aspirations for the same in medium- and heavy-duty vehicle acquisitions. Drive to Zero, an international campaign to accelerate the zero-emission truck and bus segment, now boasts more than 100 pledge partners thanks to this influx of pledge partners in the second half of 2020. Drive to Zero’s goal is to drive market viability for zero-emission commercial vehicles in key vehicle segments in urban communities by 2025 and achieve full market penetration by 2040. By signing the pledge, partners agree to work strategically and collaboratively under the auspices of Drive to Zero to support and grow mechanisms to speed the early market for zero-emission trucks, buses and equipment. It is an official campaign of CEM under the organization’s Electric Vehicles Initiative (EVI). Drive to Zero is now coordinating a “Global MOU” of nations to commit to aggressive zero-emission commercial vehicle targets by 2030 and 2050 and set actions in place to achieve them.
“Victoria’s EV Revolution: Incentives, Targets, and Bold Initiatives”
Victoria’s range of incentives has played a pivotal role in encouraging the widespread adoption of electric vehicles. Offering subsidies of $3,000 — $5,000 for Battery Electric Vehicles (BEVs) priced under $68,740, the government aims to make electric cars more accessible and affordable for the masses. Moreover, drivers of EVs, Plug-in Hybrid Electric Vehicles (PHEVs), and hybrids benefit from reduced stamp duty and registration fees, providing further financial incentives to switch to cleaner transportation options. Victoria’s EV revolution is a testament to the power of proactive policies, financial incentives, and infrastructure development in accelerating the global shift toward sustainable transportation. By striving to reduce carbon emissions and promote zero-emission vehicles, Victoria serves as a guiding light for other regions around the world. As the electric vehicle market continues to expand and technology advances, the impact of Victoria’s initiatives will undoubtedly be felt far beyond its borders, driving us toward a greener, cleaner, and more sustainable future for all.
Fig: Internal combustion engine bans or electrification targets, Country wise
To make the 2020s a transformative decade for the electric vehicle (EV) industry, a heightened sense of ambition and action is required from both leading and follower markets. In markets that exhibited substantial progress during the 2010s, the primary focus for 2021 and beyond should be the continued implementation and tightening of regulatory instruments, such as the European Union’s CO2 emissions regulation for cars and vans, China’s New Energy Vehicles (NEV) mandate, and California’s Zero-Emission Vehicle (ZEV) mandate. In the short term, efforts should be directed towards ensuring EVs remain competitive while gradually phasing out purchase subsidies as EV sales expand. This can be achieved through differentiated taxation of vehicles and fuels based on their environmental performance, along with strengthening regulatory measures to foster a thriving clean vehicle industry. Countries with limited electric car deployments can benefit from the lessons learned and technological advances in the automotive and battery sectors to support the production and adoption of EVs. Additionally, product innovation and expertise in charging services will prove advantageous for emerging economies. However, these nations must also implement stricter fuel economy and emissions standards. Countries with significant markets for second-hand imported cars can leverage policy levers to embrace affordable electric car models, with a particular focus on implications for electricity grids. As of now, over 20 countries have announced complete phase-outs of internal combustion engine (ICE) car sales over the next 10–30 years, including emerging economies like Cabo Verde, Costa Rica, and Sri Lanka. Furthermore, more than 120 countries, accounting for approximately 85% of the global road vehicle fleet (excluding two/three-wheelers), have committed to economy-wide net-zero emissions pledges aiming to achieve net-zero in the next few decades. Global progress in EV adoption and the broader pursuit of net-zero emissions require collaborative efforts, regulatory reinforcement, and the integration of EVs into multiple sectors. As countries worldwide prioritize sustainability and cleaner transportation, the EV revolution will continue to accelerate, reshaping the future of mobility and contributing to a cleaner and greener planet.
Key Offerings of the Report
Market Size, Trends, & Forecast by Revenue | 2023−2030
Market Dynamics — Leading Trends, Growth Drivers, Restraints, and Investment Opportunities
Market Segmentation — A detailed analysis by Propulsion, Length, Range, and Battery Capacity
Competitive Landscape — Top Key Vendors and Other Prominent Vendors
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