Europe Electric Bus Market Share, Trends, Revenue, Growth Drivers, Challenges, Key Manufacturers and Future Investment Strategies Till 2033


Europe Electric Bus Market Share, Trends, Revenue, Growth Drivers, Challenges, Key Manufacturers and Future Investment Strategies Till 2033: SPER Market Research

 Published: May-2024
 Author: SPER Analyst

Europe Electric Bus Market is projected to be worth USD 6.05 billion by 2033 and is anticipated to surge at a CAGR of 14.85%.

An electric bus, often known as an e-bus, is powered exclusively by electricity. This form of public transportation is sustainable and gentle to the environment. Electric motors and batteries power it, and it is fuelled by fossil fuels. These buses produce no greenhouse gas (GHG) emissions from their tailpipes, which enhances air quality. Because it is smoother and quieter, passengers enjoy a better journey. Adoption of electric buses is in line with the shift to more environmentally friendly forms of transportation and a decline in urban pollution.

Europe Electric Bus Market Driving Factors and Challenges

Drivers: The increasing awareness of environmental issues is driving the market. The market is expanding as a result of the adoption of supportive regulations that lower greenhouse gas (GHG) emissions, encourage sustainable transportation options, and reduce urban air pollution. Additionally, significant grants, subsidies, and financial incentives are provided to municipalities and transit agencies to promote the use of electric buses, which is another significant growth-inducing element. Furthermore, the range and performance capabilities of electric buses are increasing due to the ongoing advancements in battery technology. Furthermore, buses are being able to go farther between charges shorter charge times because to lithium-ion batteries' increased energy density and quicker charging speeds, which is driving up market growth. Electric drivetrain technology also provides higher energy efficiency and lower operating costs, which is another significant growth-inducing aspect.

Challenges: A major challenge is the initial cost of electric buses compared to their conventional equivalents. While the initial cost of transitioning to electric buses may deter some cities and transportation agencies, doing so may also have long-term economic savings and environmental benefits. In addition, the infrastructure needed to run a large fleet of electric buses, such as charging stations and grid changes, presents logistical and budgetary challenges.

Impact of COVID-19 on Europe Electric Bus Market
The COVID-19 pandemic has presented the European electric bus industry with a variety of challenges as well as opportunities. On the one hand, the pandemic disrupted the supply chain, delaying the manufacture and delivery of electric buses and related parts. This halted the expansion plans of numerous transportation agencies and cities that were contemplating or had already begun the process of transitioning to electric fleets. Additionally, the financial effects of the pandemic led to budgetary constraints for public transportation companies, which may have impeded the purchase of electric buses and infrastructural improvements.

Europe Electric Bus Market Key Players:
The market study provides market data by competitive landscape, revenue analysis, market segments and detailed analysis of key market players are; Bus & Coach sp. z o.o., Traton Group, Mercedes-Benz Group AG, IVECO Group, AB Volvo, EBUSCO, VDL Bus & Coach BV, BYD Auto Co. Ltd, Otokar Otomotiv Ve Savunma Sanayi AS, and Van Hool.

Europe Electric Bus Market Segmentation:

By Propulsion Type: Based on the Propulsion Type, Europe Electric Bus Market is segmented as; Battery Electric bus, Plug-in Hybrid Electric Bus, Fuel Cell Electric Bus.

By Battery Type: Based on the Battery Type, Europe Electric Bus Market is segmented as; Lithium-ion, Nickel-Metal Hydride Battery, Others.

By Consumer Type: Based on the Consumer Type, Europe Electric Bus Market is segmented as; Government, Fleet Operators.

By Region: This research also includes data for UK, France, Germany, Italy, Spain, Rest of Europe.

This study also encompasses various drivers and restraining factors of this market for the forecast period. Various growth opportunities are also discussed in the report.

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