Electric School Bus Market 2024 | Growth, Demand and Forecast Till 2032

IMARC Group’s report titled “Electric School Bus Market Report by Type (Battery Electric School Bus, Hybrid School Bus), Capacity Design Type (Type A, Type C, Type D), Sales Channel (Direct Sales, Distributor), Application (Preschool Education, Primary School, and Others), and Region 2024–2032”. 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, exhibiting a growth rate (CAGR) of 29.51% during 2024–2032.

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Factors Affecting the Growth of the Electric School Bus Industry:

• Environmental Benefits:

The shift towards electric school buses is increasing concern for environmental sustainability. Traditional diesel-powered school buses emit considerable amounts of greenhouse gases and other pollutants, contributing to air quality degradation and health issues, particularly respiratory problems in children. Electric school buses produce zero tailpipe emissions, reducing the carbon footprint and improving air quality. This transition 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 minimizes noise pollution, contributing to a more pleasant and less disruptive environment, especially in school zones and residential areas.

• Governmental Regulations and Incentives:

Stringent governmental regulations aimed at reducing vehicular emissions are driving the adoption of electric school buses. Various countries and regions are implementing policies and mandates that require or incentivize the shift from diesel to electric school buses. These regulations often include emission reduction targets, financial incentives, such as grants and subsidies, and penalties for non-compliance with emission standards. Moreover, governments are offering funding programs specifically for the purchase of electric school buses. These incentives lower the initial cost barrier, making it more feasible for school districts to invest in electric buses.

• Advancements in Technology:

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

Leading Companies Operating in the Global Electric School Bus Industry:

• 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

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.

Global Electric School Bus Market Trends:

Increasing awareness and commitment to corporate social responsibility (CSR) among companies and institutions are bolstering the market growth. School districts, municipalities, and private school bus operators are increasingly recognizing the importance of reducing their environmental impact and are investing in sustainable transportation solutions as part of their CSR initiatives. Adopting electric school buses demonstrates a commitment to sustainability and can enhance the public image of these entities. This positive perception can lead to greater community support and can also influence other stakeholders, such as parents and local governments, to advocate for and adopt electric buses. The alignment with broader environmental goals and values reinforces the attractiveness of electric school buses as a responsible and forward-thinking choice.

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IMARC Group is a global management consulting firm that helps the world’s most ambitious changemakers to create a lasting impact. The company provide a comprehensive suite of market entry and expansion services. IMARC offerings include thorough market assessment, feasibility studies, company incorporation assistance, factory setup support, regulatory approvals and licensing navigation, branding, marketing and sales strategies, competitive landscape and benchmarking analyses, pricing and cost research, and procurement research.
 

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