The European electric bus market is projected to reach 12,866 units by 2027, registering a CAGR of 33.9% during the forecast period. Government support for electric vehicles, increasing need to reduce greenhouse gas emission, and advancement in technology, propelling the growth of the market.

On the basis of vehicle type, the European electric bus market is categorized into battery electric bus (BEB), hybrid electric bus (HEB), plug-in hybrid electric bus (PHEB), wherein BEB category accounted for largest share in 2020. The category is expected to lead throughout the forecast period, owing to the low or zero emission of greenhouse gases, declining battery prices and improving battery efficiency. The demand for hybrid electric buses is declining as the demand has majorly shifted towards battery electric buses.

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On the basis of battery, the European electric bus market is divided into lithium iron phosphate battery (LFP), lithium nickel manganese cobalt oxide (NMC), and others. Among these categories, the LFP category accounted for largest share in 2020. This is primarily due to the increasing traction for the lithium nickel manganese cobalt oxide batteries. The NMC batteries are anticipated to observe an increase of almost 5 times in its share by 2024 when compared to its share in 2018 in the European electric bus market.

European electric bus market has been driven by several key factors, predominantly government support for electric vehicles, and increasing need to reduce greenhouse gas emission.

Geographically, the U.K. electric bus market accounted for largest share in. This is attributed to the increasing adoption rate of electric vehicles, government supporting schemes for the adoption of electric vehicles and for developing infrastructure related to electric vehicles include charging station.

Some of the key players operating in the European electric bus market are Solaris Bus & Coach, VDL Bus & Coach BV, EBUSCO, Bozankaya A.S., Belkommunmash Holding, Sor Libchavy spol. s r.o., AB Volvo, Irizar Group, Scania AB, BYD company limited, and Alexander Dennis Limited.

Source: VynZ Research