Home Automotive and Transportation Latin America Electric Bus Market Size, Share and Forecast to 2030

Latin America Electric Bus Market Size, Share & Trends Analysis Report By Propulsion Type (BEV, FCEV, PHEV), By Power Output (Upto 2550 kW, Above 250 kW), Battery Type (NMC batteries, LFP batteries, NCA batteries, Other batteries), By Length Of Bus (Up to 9 m, 9−14 m, Above 14 m), By Seating Capacity (Up to 40 Seats, 40−70 Seats, Above 70 Seats), By Level of Autonomy (Semi-autonomous, Autonomous), By Range (Up to 200 Miles, Above 200 Miles), By Application (Intercity, Intracity), By Battery Capacity (Up to 400 kWh, Above 400 kWh), By Component (Batteries, Motors, Fuel Cell Stacks, Battery Management Systems, Battery Cooling Systems, DC-DC Converters, Inverters, AC/DC Chargers, EV Connectors) and By Country(Brazil, Mexico, Argentina, Chile, Colombia, Rest of LATAM) Forecasts, 2024-2032

Report Code: SRAT22469DR
Last Updated : 30,Jun 2023
Author : Straits Research
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Market Overview

The Latin America electric bus market size witnessed significant growth in the past and is expected to grow at a CAGR of around 10.16% during the forecast period (2023-2030).

E-buses are electric buses that employ no ICE engines for propulsion. A battery-powered electric motor powers the E-bus. Electric buses are pollution-free. They are also cheaper than gasoline/diesel buses. Demand for fuel-efficient, high-performance, and low-emission buses, government laws on vehicle emissions, and falling battery prices drive the electric bus market.

Highlights

  • BEV dominates the market by propulsion type. 
  • Battery dominates the market by component.
  • Fleet operator dominates the market by consumer segment.
  •  9-14m dominates the market by the length of the bus.
  • Intracity dominates the market by application.
  • Less than 200 miles dominates the market by vehicle range.
  • Up to 400 kWh dominates the market by battery capacity.
  • Up to 250kw dominates the market by power output.
  • Lithium-nickel-phosphate dominates the market by battery type.

Market Dynamics

Latin America Electric Bus Market Drivers

Environmental Concerns and Sustainability

Latin America is adopting electric buses due to environmental consciousness and greenhouse gas reduction. Zero-emission electric buses provide clean, sustainable transportation. Vehicle emissions have generated significant haze in Santiago. Chile has promoted sustainable transportation, particularly electric buses, to address this issue. Transantiago, the city's bus system, is gradually switching to electric buses. In 2019, the Chilean government initiated the "Red" pilot project to deliver electric buses to Santiago. It was Latin America's largest fleet of 200 electric buses. Electric buses eliminated diesel pollutants and improved air quality.

Latin America Electric Bus Market Restraints

High Initial Cost

Electric buses cost more than diesel or natural gas buses. Fleet operators and public transportation organizations with restricted budgets struggle with this cost difference. In 2018, the Brazilian city of São Paulo began a trial initiative to add electric buses to its public transportation fleet. Fifteen electric buses were planned for the city's fleet. The program's expansion was hindered by electric buses' high cost, lack of financial incentives, and unsupportive legislation.

Latin America Electric Bus Market Opportunities

Government Initiatives

Latin American governments support electric bus adoption through policies and incentives. This fosters market expansion. 

In 2019, Medellín launched "Medellín Electrified," a pilot program to deploy electric buses to public transit. The national government gave financial incentives and tax exemptions for electric bus purchases. These policies can help fleet operators adopt electric buses by improving and expanding them.

Study Period 2020-2032 CAGR 10.16%
Historical Period 2020-2022 Forecast Period 2024-2032
Base Year 2023 Base Year Market Size USD XX Billion
Forecast Year 2032 Forecast Year Market Size USD XX Billion
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Regional Analysis

The Latin American electric bus market is analyzed across Brazil, Argentina, and the Rest of Latin America. The rest of Latin America dominated the market and is expected to grow at a CAGR of 9.52% during the forecast period.

Technology and subsidies are driving electric bus growth in Latin America. Governments want electric buses to replace vehicles because they carry more people. Cities are increasingly interested in using these vehicles because they emit no carbon. Supported by government initiatives to encourage e-mobility, e-bus use is predicted to rise during the projection period. In 2018, Santiago de Chile received 100 Yutong E12 electric buses. The city already bought 100 BYD electric buses. Unlike China and India, Latin American governments are now actively planning to deploy electric buses. Several local governments have pledged to electrify public transport. Chile is leading the way in reducing emissions and air pollution with electric buses. 

 

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Segmental Analysis

The Latin American electric bus market is segmented based on propulsion type, component, consumer segment, bus length, application, vehicle range, battery capacity, power input, battery type, and country.

Propulsion Type further segments the market into BEV, PHEV, and FCEV.

BEV segment dominates the market and is expected to grow at a CAGR of 10.21% during the forecast period.

Component further segments the market into Motor, Battery, Fuel Cell Stack, Battery Management System, Battery Cooling System, and E.V. Connectors.

Battery dominated the market and is expected to register a CAGR of 10.59% over the forecast period.

Consumer Segment further segments the market into Fleet Operators, Government.

The Fleet Operator segment dominates the market and is expected to grow at a CAGR of 9.87% during the forecast period.

The market is further segmented by Length Of The Bus into Less Than 9m, 9-14m, and Above 14m.

The 9-14m segment dominates the market and is expected to grow at a CAGR of 10.34% during the forecast period.

The market is further segmented by application into Intercity, Intracity.

Intracity dominated the market and is expected to register a CAGR of 10.86% over the forecast period.

The market is further segmented by Vehicle Range into Less Than 200 Miles, Above Miles.

The less than 200 miles segment dominates the market and is expected to grow at a CAGR of 10.84% during the forecast period.

Battery Capacity further segments the market into up to 400kwh and above 400kwh.

The up to 400 kWh segment dominates the market and is expected to grow at a CAGR of 9.81% during the forecast period.

The market is further segmented by Power Input into Up to 250kw, Above 250kw.

Up to 250kw dominated the market and is expected to register a CAGR of 10.22% over the forecast period.

The market is further segmented by Battery type into Lithium-Nickel-Manganese-Cobalt-Oxide, Lithium-Iron-Phosphate.

The lithium-Iron-Phosphate segment dominates the market and is expected to grow at a CAGR of 10.35% during the forecast period.

Market Size By Propulsion Type

Market Size By Propulsion Type
  • BEV
  • FCEV
  • PHEV

  • List of key players in Latin America Electric Bus Market

    1. BYD Auto
    2. YUTONG
    3. AB VOLVO
    4. Scania
    5. Irizar
    6. Iveco
    7. Škoda Transportation
    8. Xiamen Golden Dragon Bus Co. Ltd.

    Latin America Electric Bus Market Share of Key Players

    Latin America Electric Bus Market Share of Key Players

    Recent Developments

    • May 2023- Volvo Group contracts long-term renewable electricity from Vattenfall.
    • April 2023- Mowasalat and Yutong Signed a Memorandum of Understanding to Support EV Research.

    Latin America Electric Bus Market Segmentations

    By Propulsion Type (2020-2032)

    • BEV
    • FCEV
    • PHEV

    By Power Output (2020-2032)

    • Upto 2550 kW
    • Above 250 kW

    Battery Type (2020-2032)

    • NMC batteries
    • LFP batteries
    • NCA batteries
    • Other batteries

    By Length Of Bus (2020-2032)

    • Up to 9 m
    • 9−14 m
    • Above 14 m

    By Seating Capacity (2020-2032)

    • Up to 40 Seats
    • 40−70 Seats
    • Above 70 Seats

    By Level of Autonomy (2020-2032)

    • Semi-autonomous
    • Autonomous

    By Range (2020-2032)

    • Up to 200 Miles
    • Above 200 Miles

    By Application (2020-2032)

    • Intercity
    • Intracity

    By Battery Capacity (2020-2032)

    • Up to 400 kWh
    • Above 400 kWh

    By Component (2020-2032)

    • Batteries
    • Motors
    • Fuel Cell Stacks
    • Battery Management Systems
    • Battery Cooling Systems
    • DC-DC Converters
    • Inverters
    • AC/DC Chargers
    • EV Connectors

    Frequently Asked Questions (FAQs)

    How big is the Latin America electric bus market?
    The Latin America electric bus market size witnessed significant growth in the past and is expected to grow at a CAGR of around 10.16% during the forecast period (2023-2030).
    Key verticals adopting the Latin America electric bus market include: BYD Auto, YUTONG, AB VOLVO, Scania, Irizar, Iveco, Škoda Transportation, Xiamen Golden Dragon Bus Co. Ltd.
    Environmental concerns and sustainability is the key drivers for the growth of the Latin America electric bus market.
    Government initiatives is one of the key trends in the Latin America electric bus market.


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