Electric Bus Market Forecast: Sustained Growth to Reach $94,320 Million by 2033
Electric Bus Market Overview 2023-2033
Electric Bus Market Growth is projected to develop at a compound annual growth rate (CAGR) of 10% from its 2022 valuation of USD 44,000 million to USD 94,320 million in 2033.
A public transportation vehicle that runs on electricity instead of conventional fossil fuels like gasoline or diesel is called an electric bus. When operating, electric buses emit no tailpipe emissions thanks to their electric motors and batteries. In an effort to lessen air pollution, greenhouse gas emissions, and reliance on finite fossil fuels, the transportation industry is moving toward electrification, which includes these buses.
Numerous countries across the globe provide grants, tax credits, subsidies, and financial incentives to encourage the usage of electric buses. With the help of these measures, public transportation fleets will be electrified more quickly, and charging infrastructure will be developed. During the forecast period, this development propels the market's expansion.
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