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Latin America Electric Bus Market Size, Share, Analysis: By Propulsion: Battery Electric Vehicle, Plug-in Hybrid Electric Vehicle, Fuel Cell Electric Vehicle; By Length: Less Than 9 Meters, 9-14 Meters, Above 14 Meters; By Power Output: Up to 250kW, Above 250kW; By Battery Capacity; By Application; By Ownership; Competitive Landscape; 2024-2032
Latin America Electric Bus Market Outlook
The Latin America electric bus market size is assessed to grow at a CAGR of 14.6% between 2024 and 2032. The market is being driven by rapid urbanisation and high pollution levels in urban areas in the region.
Key Trends in the Market
Electric buses refer to buses that are buses that are powered by electric buses. Such buses offer enhanced energy efficiency, facilitate regenerative braking, lower maintenance and operational expenditures, and ease of battery recharging. With countries across the world adopting electric mobility, specifically through electric buses, the adoption of electric buses is growing.
- The Latin America electric bus market demand is being supported by rapid urbanisation, an increase in population, growing environmental concerns, and rising attempts by governments to make public transportation attractive and sustainable. Moreover, organisations like the United Nations Environment Programme are also developing various programmes to reduce air pollution and greenhouse gas emissions through electric mobility solutions such as e-buses in various Latin American cities.
- High pollution levels in cities like Santiago, Bogota, and Lima, among others, and the rising prevalence of diseases like cancer, respiratory diseases, and premature deaths are propelling the Latin America electric bus market growth. E-buses boast zero tailpipe emissions, noise reduction, lower greenhouse gas emissions, and improved air quality in urban areas.
- Increasing investments in charging infrastructure by leading companies are also aiding the market for electric buses in Latin America. For instance, in August 2023, Blink Charging Co. announced the expansion of its EV charging footprints in Latin America amid the growing trend of electrification in the region.
- The development of autonomous electric bus systems is also anticipated to bolster the Latin America electric bus market expansion in the forecast period. Such systems can revolutionise public transportation, provide cost savings for transit operators, improve road safety, and prevent accidents.
Market Analysis
Based on propulsion, the market is segmented into battery electric vehicle, plug-in hybrid electric vehicle, and fuel cell electric vehicle. On the basis of length, the market can be divided into less than 9 meters, 9-14 meters, and above 14 meters. The Latin America electric bus market segmentation, based on power output, includes up to 250kW and above 250kW.
On the basis of battery capacity, the market is bifurcated into up to 400 kWh and above 400 kWh. Based on application, the market is bifurcated into intercity and intracity. On the basis of ownership, the market is divided into private and government.
The comprehensive EMR report provides an in-depth assessment of the market based on the Porter's five forces model along with giving a SWOT analysis. The report gives a detailed analysis of the following key players in the global Latin America electric bus market, covering their competitive landscape and latest developments like mergers, acquisitions, investments, and expansion plans.
- Mercedes Benz Group AG
- BYD Company Limited
- AB Volvo
- Hyundai Motor Co.
- Yutong Bus Co., Ltd.
- Higer Bus Company Limited
- Eletra Industrial LTDA
- IVECO S.p.A.
- Xiamen King Long United Automotive Industry Co., Ltd.
- Anhui Ankai Automobile Co. Ltd.
- Others
Market Share by Propulsion
As per the Latin America electric bus market analysis, battery electric buses represent a significant portion of the market share. Such buses are designed with regenerative braking, have reduced energy consumption, boast zero tailpipe emissions, and offer a range of 275 – 300 miles on a single charge. These buses also have more fuel efficiency than their conventional counterparts operated using fossil fuels.
In October 2023, Volvo Buses introduced Volvo BZL Electric, its 100% electric city bus that is equipped with 94kWh batteries and powered by a 200kW electric motor in Latin America. The buses are slated to run on routes in routes in Curitiba and Brazil and are aimed at driving electrification in the region.
Market Share by Ownership
Governments hold a substantial portion of the Latin America electric bus market share as they are actively attempting to transform the public transportation sector and meet global climate goals by replacing diesel fleets with e-buses. The increasing focus by governments to enhance the quality of urban transportation, improve air quality, and reduce pollution in cities are also contributing to the segment’s growth.
It is anticipated that around 25,000 electric buses will be on roads by the year 2030 and 55,000 by 2050 in the region. Mexico, Chile, Brazil, and Colombia are expected to collectively account for 82% of the global share of electric buses in the forecast period.
Competitive Landscape
Mercedes Benz Group AG is a multinational automotive corporation and car manufacturer. It has been manufacturing eCitaro drive city buses with the absolute battery since 2018. From 2023, the vehicle has been offered with a hydrogen-based fuel cell.
AB Volvo was founded in 1927 in Sweden and manufactures electric buses, including Volvo BZL electric and Volvo 7900 electric. The first demonstration of 100% electricity buses is being operated in Latin America by Volvo buses.
Xiamen King Long United Automotive Industry Co., Ltd. was established in 1988 and emphasises on the manufacture, sales, R&D, and services of large, medium-sized buses and vans. Its three manufacturing bases, include Xiamen Large & Medium-Sized Bus Base, Xiamen Van Manufacturing Base, and Shaoxing City Bus Base, among others.
Other Latin America electric bus market players include Hyundai Motor Co., BYD Company Limited, Yutong Bus Co., Ltd., Higer Bus Company Limited, Eletra Industrial LTDA, and IVECO S.p.A, among others.
Key Highlights of the Report
| REPORT FEATURES | DETAILS |
| Base Year | 2023 |
| Historical Period | 2018-2023 |
| Forecast Period | 2024-2032 |
| Scope of the Report |
Historical and Forecast Trends, Industry Drivers and Constraints, Historical and Forecast Market Analysis by Segment:
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| Breakup by Propulsion |
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| Breakup by Length |
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| Breakup by Power Output |
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| Breakup by Battery Capacity |
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| Breakup by Application |
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| Breakup by Ownership |
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| Breakup by Region |
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| Market Dynamics |
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| Competitive Landscape |
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| Companies Covered |
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*At Expert Market Research, we strive to always give you current and accurate information. The numbers depicted in the description are indicative and may differ from the actual numbers in the final EMR report.
1 Preface
2 Report Coverage – Key Segmentation and Scope
3 Report Description
3.1 Market Definition and Outlook
3.2 Properties and Applications
3.3 Market Analysis
3.4 Key Players
4 Key Assumptions
5 Executive Summary
5.1 Overview
5.2 Key Drivers
5.3 Key Developments
5.4 Competitive Structure
5.5 Key Industrial Trends
6 Market Snapshot
7 Opportunities and Challenges in the Market
8 Global Electric Bus Market Overview
8.1 Key Industry Highlights
8.2 Global Electric Bus Historical Market (2018-2023)
8.3 Global Electric Bus Market Forecast (2024-2032)
8.4 Global Electric Bus Market Share by Region
8.4.1 North America
8.4.2 Europe
8.4.3 Asia Pacific
8.4.4 Latin America
8.4.5 Middle East and Africa
9 Latin America Electric Bus Market Overview
9.1 Key Industry Highlights
9.2 Latin America Electric Bus Historical Market (2018-2023)
9.3 Latin America Electric Bus Market Forecast (2024-2032)
10 Latin America Electric Bus Market by Propulsion
10.1 Battery Electric Vehicle
10.1.1 Historical Trend (2018-2023)
10.1.2 Forecast Trend (2024-2032)
10.2 Plug-in Hybrid Electric Vehicle
10.2.1 Historical Trend (2018-2023)
10.2.2 Forecast Trend (2024-2032)
10.3 Fuel Cell Electric Vehicle
10.3.1 Historical Trend (2018-2023)
10.3.2 Forecast Trend (2024-2032)
11 Latin America Electric Bus Market by Length
11.1 Less Than 9 Meters
11.1.1 Historical Trend (2018-2023)
11.1.2 Forecast Trend (2024-2032)
11.2 9-14 Meters
11.2.1 Historical Trend (2018-2023)
11.2.2 Forecast Trend (2024-2032)
11.3 Above 14 Meters
11.3.1 Historical Trend (2018-2023)
11.3.2 Forecast Trend (2024-2032)
12 Latin America Electric Bus Market by Power Output
12.1 Up to 250kW
12.1.1 Historical Trend (2018-2023)
12.1.2 Forecast Trend (2024-2032)
12.2 Above 250kW
12.2.1 Historical Trend (2018-2023)
12.2.2 Forecast Trend (2024-2032)
13 Latin America Electric Bus Market by Battery Capacity
13.1 Up to 400 kWh
13.1.1 Historical Trend (2018-2023)
13.1.2 Forecast Trend (2024-2032)
13.2 Above 400 kWh
13.2.1 Historical Trend (2018-2023)
13.2.2 Forecast Trend (2024-2032)
14 Latin America Electric Bus Market by Application
14.1 Intercity
14.1.1 Historical Trend (2018-2023)
14.1.2 Forecast Trend (2024-2032)
14.2 Intracity
14.2.1 Historical Trend (2018-2023)
14.2.2 Forecast Trend (2024-2032)
15 Latin America Electric Bus Market by Ownership
15.1 Private
15.1.1 Historical Trend (2018-2023)
15.1.2 Forecast Trend (2024-2032)
15.2 Government
15.2.1 Historical Trend (2018-2023)
15.2.2 Forecast Trend (2024-2032)
16 Latin America Electric Bus Market by Country
16.1 Brazil
16.1.1 Historical Trend (2018-2023)
16.1.2 Forecast Trend (2024-2032)
16.2 Mexico
16.2.1 Historical Trend (2018-2023)
16.2.2 Forecast Trend (2024-2032)
16.3 Argentina
16.3.1 Historical Trend (2018-2023)
16.3.2 Forecast Trend (2024-2032)
16.4 Chile
14.4.1 Historical Trend (2018-2023)
14.4.2 Forecast Trend (2024-2032)
16.5 Others
17 Market Dynamics
17.1 SWOT Analysis
17.1.1 Strengths
17.1.2 Weaknesses
17.1.3 Opportunities
17.1.4 Threats
17.2 Porter’s Five Forces Analysis
17.2.1 Supplier’s Power
17.2.2 Buyer’s Power
17.2.3 Threat of New Entrants
17.2.4 Degree of Rivalry
17.2.5 Threat of Substitutes
17.3 Key Indicators of Demand
17.4 Key Indicators of Price
18 Competitive Landscape
18.1 Market Structure
18.2 Company Profiles
18.2.1 Mercedes Benz Group AG
18.2.1.1 Company Overview
18.2.1.2 Product Portfolio
18.2.1.3 Demographic Reach and Achievements
18.2.1.4 Certifications
18.2.2 BYD Company Limited
18.2.2.1 Company Overview
18.2.2.2 Product Portfolio
18.2.2.3 Demographic Reach and Achievements
18.2.2.4 Certifications
18.2.3 AB Volvo
18.2.3.1 Company Overview
18.2.3.2 Product Portfolio
18.2.3.3 Demographic Reach and Achievements
18.2.3.4 Certifications
18.2.4 Hyundai Motor Co.
18.2.4.1 Company Overview
18.2.4.2 Product Portfolio
18.2.4.3 Demographic Reach and Achievements
18.2.4.4 Certifications
18.2.5 Yutong Bus Co., Ltd.
18.2.5.1 Company Overview
18.2.5.2 Product Portfolio
18.2.5.3 Demographic Reach and Achievements
18.2.5.4 Certifications
18.2.6 Higer Bus Company Limited
18.2.6.1 Company Overview
18.2.6.2 Product Portfolio
18.2.6.3 Demographic Reach and Achievements
18.2.6.4 Certifications
18.2.7 Eletra Industrial LTDA
18.2.7.1 Company Overview
18.2.7.2 Product Portfolio
18.2.7.3 Demographic Reach and Achievements
18.2.7.4 Certifications
18.2.8 IVECO S.p.A.
18.2.8.1 Company Overview
18.2.8.2 Product Portfolio
18.2.8.3 Demographic Reach and Achievements
18.2.8.4 Certifications
18.2.9 Xiamen King Long United Automotive Industry Co., Ltd.
18.2.9.1 Company Overview
18.2.9.2 Product Portfolio
18.2.9.3 Demographic Reach and Achievements
18.2.9.4 Certifications
18.2.10 Anhui Ankai Automobile Co. Ltd.
18.2.10.1 Company Overview
18.2.10.2 Product Portfolio
18.2.10.3 Demographic Reach and Achievements
18.2.10.4 Certifications
18.2.11 Others
19 Key Trends and Developments in the Market
List of Key Figures and Tables
1. Global Electric Bus Market: Key Industry Highlights, 2018 and 2032
2. Latin America Electric Bus Historical Market: Breakup by Propulsion (USD Million), 2018-2023
3. Latin America Electric Bus Market Forecast: Breakup by Propulsion (USD Million), 2024-2032
4. Latin America Electric Bus Historical Market: Breakup by Length (USD Million), 2018-2023
5. Latin America Electric Bus Market Forecast: Breakup by Length (USD Million), 2024-2032
6. Latin America Electric Bus Historical Market: Breakup by Power Output (USD Million), 2018-2023
7. Latin America Electric Bus Market Forecast: Breakup by Power Output (USD Million), 2024-2032
8. Latin America Electric Bus Historical Market: Breakup by Battery Capacity (USD Million), 2018-2023
9. Latin America Electric Bus Market Forecast: Breakup by Battery Capacity (USD Million), 2024-2032
10. Latin America Electric Bus Historical Market: Breakup by Application (USD Million), 2018-2023
11. Latin America Electric Bus Market Forecast: Breakup by Application (USD Million), 2024-2032
12. Latin America Electric Bus Historical Market: Breakup by Ownership (USD Million), 2018-2023
13. Latin America Electric Bus Market Forecast: Breakup by Ownership (USD Million), 2024-2032
14. Latin America Electric Bus Historical Market: Breakup by Region (USD Million), 2018-2023
15. Latin America Electric Bus Market Forecast: Breakup by Region (USD Million), 2024-2032
16. Latin America Electric Bus Market Structure
Key Questions Answered in the Report
The market is estimated to grow at a CAGR of 14.6% between 2024 and 2032.
The market is being driven by the growing adoption of electric buses across various countries and the rising use of electric public transport.
The key trends aiding the market expansion include the increase in the demand for electric buses due to rapid urbanisation and growing environmental consciousness.
The major propulsions of the Latin America electric buses market are battery electric vehicle, plug-in hybrid electric vehicle, and fuel cell electric vehicle.
The different power outputs in the market are up to 250kW and above 250kW.
The various lengths of electric bus are less than 9 meters, 9-14 meters, and above 14 meters.
Intercity and intracity are the various applications of electric bus.
The major players in the market Mercedes Benz Group AG, BYD Company Limited, AB Volvo, Hyundai Motor Co., Yutong Bus Co., Ltd., Higer Bus Company Limited, Eletra Industrial LTDA, IVECO S.p.A., Xiamen King Long United Automotive Industry Co., Ltd., and Anhui Ankai Automobile Co. Ltd., among others.
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