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Mexico Electric Bus Market Size, Share, Trends, Growth: 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
Mexico Electric Bus Market Outlook
The Mexico electric bus market size reached USD 245.32 million in 2023. The market is projected to grow at a CAGR of 27.6% between 2024 and 2032, reaching almost USD 2199.83 million by 2032.
Key Takeaways:
- Buses of length 9-14 metres are expected to constitute a major portion of the Mexico electric bus market share.
- Battery electric vehicle buses are expected to dominate the market over the forecast period.
- Increasing international collaboration is expected to accelerate the market growth.
Some of the key factors aiding the Mexico electric bus market expansion are the shift towards renewable resources and the growing focus on promoting decarbonisation in the country. Expanding EV charging infrastructure in the country is also surging the deployment of electric buses.
Proactive government measures to save crucial mineral resources and develop an electrification roadmap are expected to propel the Mexico electric bus market. For example, lithium was recognised as a strategic mineral reserve by the Mexican government in April 2022 and it announced that a newly established public entity would manage its value chain entirely. This is one of the key Mexico electric bus market trends.
Collaboration with neighbouring countries like the USA for mitigating the adverse effects of climate change is expected to favour the Mexico electric bus market growth. The Mexican government has set a target of electrifying 50% of all vehicle production by 2030 and the United States is expected to play a key role in strengthening regional supply chain networks for electric vehicles (including buses) in the market.
Private ownership is expected to account for a significant Mexico automotive electric bus market share due to their innovative technologies. For example, Volvo’s BZL technology aids the design of powerful and noiseless electric buses. Its latest buses launched in the Mexican market have predictive safety systems that ensure the security of cyclists/pedestrians. This is expected to drive the market growth in the forecast period.
Market Segmentation
Mexico Electric Bus Market Report and Forecast 2024-2032 offers a detailed analysis of the market based on the following segments:
Market Breakup by Propulsion
- Battery Electric Vehicle
- Plug-in Hybrid Electric Vehicle
- Fuel Cell Electric Vehicle
Market Breakup by Length
- Less Than 9 Meters
- 9-14 Meters
- Above 14 Meters
Market Breakup by Power Output
- Up to 250kW
- Above 250kW
Market Breakup by Battery Capacity
- Up to 400 kWh
- Above 400 kWh
Market Breakup by Application
- Intercity
- Intracity
Market Breakup by Ownership
- Private
- Government
The key Mexico electric bus market players are BYD Motors Inc., Mercedes-Benz Group AG, AB Volvo, Hyundai Motor Co., Yutong Bus Co., Ltd., Higer Bus Company Limited, Liaoning SG Automotive Group Co., Ltd., Xiamen King Long International Trading Co., Ltd., and Anhui Ankai Automobile Co. Ltd., 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 |
|
| Breakup by Battery Capacity |
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| Breakup by Application |
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| Breakup by Ownership |
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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 Latin America Electric Bus Market Overview
8.1 Key Industry Highlights
8.2 Latin America Electric Bus Historical Market (2018-2023)
8.3 Latin America Electric Bus Market Forecast (2024-2032)
8.4 Latin America Electric Bus Market Breakup by Country
8.4.1 Brazil
8.4.2 Mexico
8.4.3 Argentina
8.4.4 Others
9 Mexico Electric Bus Market Overview
9.1 Key Industry Highlights
9.2 Mexico Electric Bus Historical Market (2018-2023)
9.3 Mexico Electric Bus Market Forecast (2024-2032)
10 Mexico 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 Mexico 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 Mexico 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 Mexico 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 Mexico 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 Mexico 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 Market Dynamics
16.1 SWOT Analysis
16.1.1 Strengths
16.1.2 Weaknesses
16.1.3 Opportunities
16.1.4 Threats
16.2 Porter’s Five Forces Analysis
16.2.1 Supplier’s Power
16.2.2 Buyer’s Power
16.2.3 Threat of New Entrants
16.2.4 Degree of Rivalry
16.2.5 Threat of Substitutes
16.3 Key Indicators for Demand
16.4 Key Indicators for Price
17 Competitive Landscape
17.1 Market Structure
17.2 Company Profiles
17.2.1 BYD Motors Inc.
17.2.1.1 Company Overview
17.2.1.2 Product Portfolio
17.2.1.3 Demographic Reach and Achievements
17.2.1.4 Certifications
17.2.2 Mercedes-Benz Group AG
17.2.2.1 Company Overview
17.2.2.2 Product Portfolio
17.2.2.3 Demographic Reach and Achievements
17.2.2.4 Certifications
17.2.3 AB Volvo
17.2.3.1 Company Overview
17.2.3.2 Product Portfolio
17.2.3.3 Demographic Reach and Achievements
17.2.3.4 Certifications
17.2.4 Hyundai Motor Co.
17.2.4.1 Company Overview
17.2.4.2 Product Portfolio
17.2.4.3 Demographic Reach and Achievements
17.2.4.4 Certifications
17.2.5 Yutong Bus Co., Ltd.
17.2.5.1 Company Overview
17.2.5.2 Product Portfolio
17.2.5.3 Demographic Reach and Achievements
17.2.5.4 Certifications
17.2.6 Higer Bus Company Limited
17.2.6.1 Company Overview
17.2.6.2 Product Portfolio
17.2.6.3 Demographic Reach and Achievements
17.2.6.4 Certifications
17.2.7 Liaoning SG Automotive Group Co., Ltd.
17.2.7.1 Company Overview
17.2.7.2 Product Portfolio
17.2.7.3 Demographic Reach and Achievements
17.2.7.4 Certifications
17.2.8 Xiamen King Long International Trading Co., Ltd.
17.2.8.1 Company Overview
17.2.8.2 Product Portfolio
17.2.8.3 Demographic Reach and Achievements
17.2.8.4 Certifications
17.2.9 Anhui Ankai Automobile Co. Ltd.
17.2.9.1 Company Overview
17.2.9.2 Product Portfolio
17.2.9.3 Demographic Reach and Achievements
17.2.9.4 Certifications
17.2.10 Others
18 Key Trends and Developments in the Market
List of Key Figures and Tables
1. Latin America Electric Bus Market: Key Industry Highlights, 2018 and 2032
2. Mexico Electric Bus Market: Key Industry Highlights, 2018 and 2032
3. Mexico Electric Bus Historical Market: Breakup by Propulsion (USD Million), 2018-2023
4. Mexico Electric Bus Market Forecast: Breakup by Propulsion (USD Million), 2024-2032
5. Mexico Electric Bus Historical Market: Breakup by Length (USD Million), 2018-2023
6. Mexico Electric Bus Market Forecast: Breakup by Length (USD Million), 2024-2032
7. Mexico Electric Bus Historical Market: Breakup by Power Output (USD Million), 2018-2023
8. Mexico Electric Bus Market Forecast: Breakup by Power Output (USD Million), 2024-2032
9. Mexico Electric Bus Historical Market: Breakup by Battery Capacity (USD Million), 2018-2023
10. Mexico Electric Bus Market Forecast: Breakup by Battery Capacity (USD Million), 2024-2032
11. Mexico Electric Bus Historical Market: Breakup by Application (USD Million), 2018-2023
12. Mexico Electric Bus Market Forecast: Breakup by Application (USD Million), 2024-2032
13. Mexico Electric Bus Historical Market: Breakup by Ownership (USD Million), 2018-2023
14. Mexico Electric Bus Market Forecast: Breakup by Ownership (USD Million), 2024-2032
15. Mexico Electric Bus Market Structure
Key Questions Answered in the Report
In 2023, the market reached an approximate value of USD 245.32 million.
The market is estimated to grow at a CAGR of 27.6% between 2024 and 2032.
The market is estimated to witness a healthy growth in the forecast period of 2024-2032 to reach a value of around USD 2199.83 million by 2032.
The different segments based on bus length include a length of less than 9 meters, 9-14 meters, and above 14 meters.
The various segments based on the propulsion type of electric bus are battery electric vehicle, plug-in hybrid electric vehicle, and fuel cell electric vehicle.
The major applications of electric buses include intercity and intracity.
The major players in the market are BYD Motors Inc., Mercedes-Benz Group AG, AB Volvo, Hyundai Motor Co., Yutong Bus Co., Ltd., Higer Bus Company Limited, Liaoning SG Automotive Group Co., Ltd., Xiamen King Long International Trading Co., Ltd., and Anhui Ankai Automobile Co. Ltd., among others.
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