Mexico Electric Bus Market Report and Forecast 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