Battery of EV Bus and Heavy Duty Trucks Market size is estimated to be USD 2.5 Billion in 2024 and is expected to reach USD 8.1 Billion by 2033 at a CAGR of 15.4% from 2026 to 2033.
In 2022, the global market for batteries used in electric buses and heavy duty trucks was valued at approximately $3.4 billion, with projections indicating growth to around $5.1 billion by 2030, reflecting a compound annual growth rate (CAGR) of about 6.5%. Regionally, North America accounted for 32% of the market revenue, driven by increasing adoption of electric vehicles and supportive governmental policies. The Asia Pacific region followed closely, contributing 28% to the global market, with countries like China and India experiencing heightened demand for commercial electric vehicles. Europe held a 22% share, while Latin America and the Middle East & Africa contributed 8% and 10%, respectively. The Asia Pacific region is anticipated to witness the fastest growth, propelled by substantial investments in electric vehicle infrastructure and manufacturing capabilities, particularly in China and Japan. In North America, the U.S. market is expected to register a CAGR of 16.7% from 2024 to 2030, influenced by government incentives and commitments to zero emission vehicles. Europe is projected to grow at a CAGR of 19.2% during the same period, supported by initiatives from major companies and governmental policies promoting electric vehicle adoption. These regional dynamics present significant opportunities for stakeholders in the battery market for electric buses and heavy duty trucks.
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BYD (China)
Yutong (China)
Proterra (US)
VDL Groep (Netherlands)
AB Volvo (Sweden)
By the year 2030, the scale for growth in the market research industry is reported to be above 120 billion which further indicates its projected compound annual growth rate (CAGR), of more than 5.8% from 2023 to 2030. There have also been disruptions in the industry due to advancements in machine learning, artificial intelligence and data analytics There is predictive analysis and real time information about consumers which such technologies provide to the companies enabling them to make better and precise decisions. In addition, new innovative techniques such as mobile surveys, social listening, and online panels, which emphasize speed, precision, and customization, are also transforming this particular sector.
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Growing demand for below applications around the world has had a direct impact on the growth of the Global Battery of EV Bus and Heavy Duty Trucks Market
Lithium-ion Batteries
Solid-state Batteries
Nickel Cobalt Manganese (NCM) Batteries
Lead-Acid Batteries
Others (Sodium-ion, Lithium Iron Phosphate)
Below 100 kWh
100-200 kWh
200-300 kWh
Above 300 kWh
Public Transportation (City Buses)
Freight Transport (Heavy Duty Trucks)
Construction Vehicles
Waste Management Vehicles
Other Commercial Applications
Public Charging Stations
Private Charging Solutions
Fast Charging Stations
Battery Swapping Systems
Electric Buses
Heavy Duty Trucks
Light Duty Electric Vehicles
Specialized Electric Vehicles (e.g., refrigerated trucks)
US (United States, US and Mexico)
Europe (Germany, UK, France, Italy, Russia, Turkey, etc.)
Asia-Pacific (China, Japan, Korea, India, Australia, Indonesia, Thailand, Philippines, Malaysia and Vietnam)
South America (Brazil, Argentina, Columbia, etc.)
Middle East and Africa (Saudi Arabia, UAE, Egypt, Nigeria and South Africa)
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1. Introduction of the Global Battery of EV Bus and Heavy Duty Trucks Market
Overview of the Market
Scope of Report
Assumptions
2. Executive Summary
3. Research Methodology of Verified Market Reports
Data Mining
Validation
Primary Interviews
List of Data Sources
4. Global Battery of EV Bus and Heavy Duty Trucks Market Outlook
Overview
Market Dynamics
Drivers
Restraints
Opportunities
Porters Five Force Model
Value Chain Analysis
5. Global Battery of EV Bus and Heavy Duty Trucks Market, By Type
6. Global Battery of EV Bus and Heavy Duty Trucks Market, By Application
7. Global Battery of EV Bus and Heavy Duty Trucks Market, By Geography
US
Europe
Asia Pacific
Rest of the World
8. Global Battery of EV Bus and Heavy Duty Trucks Market Competitive Landscape
Overview
Company Market Ranking
Key Development Strategies
9. Company Profiles
10. Appendix
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