Electric School Bus Market: Current Analysis and Forecast (2024-2032)

Report Description

Global Electric School Bus Market Size & Forecast

The global Electric School Bus market was valued at USD 35.6 billion in 2023 and is expected to grow at a strong CAGR of around 15.38% during the forecast period (2024-2032) owing to fluctuations in fossil fuel prices leading to greater interest in electric alternatives, which offer more predictable operating costs.

Electric School Bus Market Analysis

The electric school bus market is defined as the emerging business segment to sell and utilizes electrically powered school buses for the transport of students as a more environmentally friendly means of transport than diesel-fueled buses. This market is impelled by growing concern over environmental issues, the trend towards a reduction in the emission of greenhouse gases, and the quest for better quality air especially in surrounding schools. The factors that boost growth include other factors like grants, subsidies, and emissions that prompt the school districts to adopt electric fleets. Further, improvements in battery technology as well as declining costs of EVs themselves and continual capital expenditures on EV infrastructure drive the expansion of the market. The transition to electric vehicles is executing a change in pace with other countries to reduce global warming and improve people’s health.

Global Electric School Bus Market Trends

This section discusses the key market trends that are influencing the various segments of the global Electric School Bus market, as found by our team of research experts.

Battery Electric Bus Segment Transforming Industry

The battery electric bus segment is one of the most significant for the electric school bus market because of its zero-emission ability, reduced operating costs, and increasing government support for clean energy transportation. Also, improved battery technology is increasing the capability of range, shortening charging duration, and decreasing costs for the electric school buses making them feasible and appealing to the school districts. These include incentives, grants, as well as mandates that governments impose on the stakeholders to switch their fleets to electric, which also drive the BEB segment growth in this market.

North America is Expected to Dominate the market during the forecast period.

The market for electric school buses in North America is expected to grow at a high rate through the period due to rising environmental consciousness and enhanced government support for clean power projects. Electric Bus initiatives are increasing in American and Canadian school districts to decrease the emission of greenhouse gases and enhance environmental standards in densely populated regions. Major driving forces include government support in the form of financial assistance and lower CO2 limits. Also, improvements in battery technology and growth in the availability of services to charge EVs mean that the utilization of electric school buses is highly feasible and economical. Thus, the market is still in high growth potential as more schools are beginning to search for environmentally friendly solutions to transportation.

Global Electric School Bus Industry Overview

The global electric school bus market is competitive, with several global and international market players. The key players are adopting different growth strategies to enhance their market presence, such as partnerships, agreements, collaborations, new product launches, geographical expansions, and mergers and acquisitions. Some of the major players in the market are BYD Motors; Blue Bird Corporation; Lion Electric Company; GreenPower Motor Company; Trans Tech Bus; Daimler Buses GmbH; and REV Group.; Collins Bus Corporation; Motiv Power Systems, Inc.; INTERNATIONAL MOTORS, LLC

Global Electric School Bus Market Report Coverage

Reasons to buy this report:

• The study includes market sizing and forecasting analysis confirmed by authenticated key industry experts.
• The report briefly reviews overall industry performance at one glance.
• The report covers an in-depth analysis of prominent industry peers, primarily focusing on key business financials, type portfolios, expansion strategies, and recent developments.
• Detailed examination of drivers, restraints, key trends, and opportunities prevailing in the industry.
• The study comprehensively covers the market across different segments.
• Deep dive regional level analysis of the industry.

Customization Options:

The global electric school bus market can further be customized as per the requirement or any other market segment. Besides this, UMI understands that you may have your own business needs, hence feel free to contact us to get a report that completely suits your requirements.

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Research Methodology

Research Methodology for the Global Electric School Bus Market Analysis (2024-2032)

Analyzing the historical market, estimating the current market, and forecasting the future market of the global Electric School Bus market were the three major steps undertaken to create and analyze the adoption of the global Electric School Bus in major regions. Exhaustive secondary research was conducted to collect the historical market figures and estimate the current market size. Secondly, to confirm these insights, numerous findings and assumptions were considered. Moreover, exhaustive primary interviews were conducted with industry experts across the value chain of the global Electric School Bus market. For the assumption and validation of market numbers through primary interviews, we employed a top-down/bottom-up approach to forecasting the complete market size. Thereafter, market breakdown and data triangulation methods were adopted to estimate and analyze the market size of segments and sub-segments of the industry. The detailed method is explained below:

Analysis of Historical Market Size

Step 1: In-Depth Study of Secondary Sources:

A detailed secondary study was conducted to obtain the historical market size of the global Electric School Bus market through company internal sources such as annual reports & financial statements, performance presentations, press releases, etc., and external sources including journals, news & articles, government publications, competitor publications, sector reports, third-party database, and other credible publications.

Step 2: Market Segmentation:

After obtaining the historical market size of the global Electric School Bus market, we conducted a detailed secondary analysis to gather historical market insights and share for different segments & sub-segments for major regions. Major segments are included in the report, such as design, type, and region. Further country-level analyses were conducted to evaluate the overall adoption of testing models in that region.

Step 3: Factor Analysis:

After buying the historical market size of different segments and sub-segments, we conducted a detailed factor analysis to estimate the current market size of the global Electric School Bus market. Further, we conducted factor analysis using dependent and independent variables such as design, type, and global Electric School Bus market regions. A thorough analysis of demand and supply-side scenarios was conducted considering top partnerships, mergers and acquisitions, business expansion, and product launches in the global Electric School Bus market.

Current Market Size Estimate & Forecast

Current Market Sizing: Based on actionable insights from the above 3 steps, we arrived at the current market size, key players in the global Electric School Bus market, and market shares of the segments. All the required percentage shares split and market breakdowns were decided using the above-mentioned secondary approach and were verified through primary interviews.

Estimation & Forecasting: For market estimation and forecast, weights were assigned to several factors including drivers & trends, restraints, and opportunities available for the stakeholders. After analyzing these factors, relevant forecasting techniques, i.e., the top-down/bottom-up approach were applied to arrive at the market forecast 2032 for different segments and sub-segments across the major markets globally. The research method adopted to estimate the market size encompasses:

The industry’s market size, in terms of revenue (USD) and the adoption rate of the global Electric School Bus market across the major markets domestically

All percentage shares, splits, and breakdowns of market segments and sub-segments

Key players in the global Electric School Bus market in terms of types offered. Also, the growth strategies adopted by these players to compete in the fast-growing market.

Market Size and Share Validation

Primary Research: In-depth interviews were conducted with the Key Opinion Leaders (KOLs) including Top Level Executives (CXO/VPs, Sales Head, Marketing Head, Operational Head, Regional Head, Country Head, etc.) across major regions. Primary research findings were then summarized, and statistical analysis was performed to prove the stated hypothesis. Inputs from primary research were combined with secondary findings, hence turning information into actionable insights.

Split of Primary Participants in Different Regions

 Market Engineering

The data triangulation technique was employed to complete the overall market estimation and to arrive at precise statistical numbers for each segment and sub-segment of the global Electric School Bus market. Data was split into several segments and sub-segments after studying various parameters and trends in the global Electric School Bus market’s design, type, and regions.

The Main Objective of the Global Electric School Bus Market Study

The current & future market trends of the global Electric School Bus market were pinpointed in the study. Investors can gain strategic insights to base their discretion for investments on the qualitative and quantitative analysis performed in the study. Current and future market trends determined the market’s overall attractiveness at a regional level, providing a platform for the industrial participant to exploit the untapped market to receive help from a first-mover advantage. Other quantitative goals of the studies include:

• Analyze the current forecast and market size of the global Electric School Bus market in terms of value (USD). Also, analyze the current forecast and market size of different segments and sub-segments.
• Segments in the study include areas of design, type, and regions.
• Define and analyze the regulatory framework for the industry.
• Analyze the value chain involved with the presence of various intermediaries, along with analyzing customer and competitor behaviors of the industry.
• Analyze the current and forecast market size of the global Electric School Bus market for the major regions.
• Major countries of regions studied in the report include Asia Pacific, Europe, North America, and the Rest of the World
• Company profiles of the global Electric School Bus market and the growth strategies the players adopt to sustain the fast-growing market.
• Deep dive regional level analysis of the industry

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