Electric School Bus Market Report 2024 | Demand and Forecast by 2032

The global electric school bus market size reached US$ 27.4 Billion in 2023. Looking forward, IMARC Group expects the market to reach US$ 281.1 Billion by 2032.

Global Electric School Bus Market Statistics: USD 281.1 Billion Value by 2032

Summary:

• The global electric school bus market size reached USD 27.4 Billion in 2023.

• The market is expected to reach USD 281.1 Billion by 2032, exhibiting a growth rate (CAGR) of 29.51% during 2024–2032.

• Asia Pacific leads the market, accounting for the largest electric school bus market share.

• Type C represents the largest segment because of its versatile seating capacity and widespread use in diverse school district applications.

• Primary school accounts for the majority of the market share. It is the most common educational institution requiring transportation for younger children.

• The shift towards electric school buses is increasing concern for environmental sustainability.

• Stringent governmental regulations aimed at reducing vehicular emissions are driving the adoption of electric school buses.

Industry Trends and Drivers:

• Environmental Benefits:

The shift toward electric school buses is raising concerns for environmental sustainability. Traditional diesel-powered school buses emit a significant amount of greenhouse gases and other pollutants, leading to deterioration in air quality and health problems, particularly respiratory problems in children. Electric school buses produce zero tailpipe emissions, thereby reducing the carbon footprint and improving air quality. This change supports broader environmental goals, such as reducing overall greenhouse gas emissions and combating climate change. Additionally, the quieter operation of electric buses compared to diesel counterparts reduces noise pollution, creating a more pleasant and less disruptive environment, especially in school zones and residential areas.

• Governmental Regulations and Incentives:

Stricter government regulations aimed at reducing vehicle emissions are driving the adoption of electric school buses. Various countries and regions are implementing policies and mandates that require or encourage a shift from diesel to electric school buses. These regulations often include emission reduction targets, financial incentives such as grants and subsidies, and penalties for noncompliance with emissions standards. In addition, governments are offering financing programs specifically for the purchase of electric school buses. These incentives lower the initial cost barrier, making it more viable for school districts to invest in electric buses.

• Advancements in Technology:

Ongoing advancements in battery storage, electric drivetrains, and charging infrastructure are supporting market growth. Improvements in battery technology, such as increased energy density and lower cost, enhance the range and affordability of electric school buses. These advancements allow buses to travel longer distances on a single charge, eliminating concerns about range limitations that previously hindered adoption. In addition, the development of faster and more efficient charging solutions, including the establishment of extensive charging networks, supports the practical deployment of electric buses. Advanced energy management systems and telematics also contribute to optimizing the performance and efficiency of electric school buses.

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Electric School Bus Market Report Segmentation:

By Type:

• Battery Electric School Bus

• Hybrid School Bus

Battery electric school bus exhibits clear dominance due to their zero emissions, lower operational costs, and growing government incentives for sustainable transportation solutions.

By Capacity Design Type:

• Type A

• Type C

• Type D

Type C represents the largest segment because of its versatile seating capacity and widespread use in diverse school district applications.

By Sales Channel:

• Direct Sales

• Distributor

Direct sales hold the biggest market share as it allows school districts to establish direct relationships with manufacturers, facilitating customized solutions and better after-sales service.

By Application:

• Preschool Education

• Primary School

• Others

Primary school accounts for the majority of the market share. It is the most common educational institution requiring transportation for younger 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 market, driven by its rapid urbanization, strong government support for green initiatives, and investments in electric vehicle (EV) infrastructure.

Top Electric School Bus Market Leaders:

The electric school bus market research report outlines a detailed analysis of the competitive landscape, offering in-depth profiles of major companies. Some of the key players in the market are:

• 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

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