Mexico Automotive Electric Bus Market Size
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| Market Size (2024) | USD 0.28 Billion |
| Market Size (2029) | USD 1.09 Billion |
| CAGR (2024 - 2029) | 31.62 % |
| Market Concentration | High |
Major Players
*Disclaimer: Major Players sorted in no particular order |
Mexico Automotive Electric Bus Market Analysis
The Mexico Automotive Electric Bus Market size is estimated at USD 0.28 billion in 2024, and is expected to reach USD 1.09 billion by 2029, growing at a CAGR of 31.62% during the forecast period (2024-2029).
- The COVID-19 pandemic compelled about 95% of all automotive-related companies to put their workforces on hold due to lockdowns. Globally, the repercussions of the lockdown were immense and unprecedented due to the halt of manufacturing activities. However, the market was expected to regain its momentum as economic activities resumed and vehicle production rose worldwide.
- Electric buses are becoming more popular owing to two factors, which include minimizing pollution and lowering maintenance and operating costs when compared to hybrid diesel-electric buses. The cost of fuel heavily influences the cost of transportation. Diesel prices are growing every year. On the other hand, electric buses are substantially less expensive in the long term and provide a pleasant method of transportation compared to diesel and gasoline engine buses. This, combined with the need to reduce emissions in order to meet growing regulatory inspection, will fuel market growth for completely electric buses.
- Transitioning from traditional fuel-powered municipal buses to emission-free transportation would be a key element in boosting the demand for electric buses in the region. Increased government investments in public transportation will drive market expansion over the coming years. However, the high purchase cost would limit the expansion of the Mexican electric bus market.
Mexico Automotive Electric Bus Market Trends
Increasing Adoption of Electric Buses
- Electric buses help reduce 81-83% of the maintenance and operating costs compared to diesel engine buses. Electric buses offer more comfort to travelers compared to gasoline or diesel buses. The NVH levels in electric buses are minimal, unlike traditional diesel buses, thus providing enhanced comfort to passengers.
- Mexico has progressive plans for the transition, and the country is focusing on increasing its share of electricity through various clean sources to 35% by 2024, 40% by 2035, and 50% by 2050.
- To improve the quality of air with zero carbon emissions, minimize noise pollution, and offer a better commuting experience, the Cities Finance Facility (CFF), under the support of Mexico City, Guadalajara, Monterrey, and Hermosillo, set up the country's first national system focused on the electrification of their public transport systems.
- Currently, Mexico is one of the most promising markets in the world, and it is expected to lead the demand for e-buses over the forecast period. Mexico City is acting as a pioneer for this transformation as its public transportation fleet is increasingly being electrified. In order to meet the move toward public electric transport, local governments are putting out tenders for electric buses. For instance,
- In October 2021, Mexico City's first batch of 10 electric BRT buses, called the Yutong 18-meter full-electric BRT buses, were formally delivered and placed into service in Mexico City. This is not only the world's first BRT system run by 18-meter full-electric high-platform buses, but it is also the Mexican market's first mass-produced debut of Yutong electric BRT buses.
- In April 2021, Volvo Buses announced plans for testing the Volvo 7900 Electric bus in Mexico City, extending its global reach to the Latin American market. The completely electrified bus is 12 meters in length and is being tested on the Mexico City Metrobus system's route 4.
High Growth Anticipated for the Battery Electric Bus Segment
- Electric buses have been widely adopted for public transportation by transit authorities across the country. Due to ongoing e-bus purchase orders, Mexico is predicted to have a high adoption rate of battery-electric buses throughout the forecast period. The country's government has implemented a number of measures to encourage electric vehicles and make clean transportation technology more accessible to reduce emissions.
- For instance, the country announced that it is planning to purchase about 500 double-source trolleybuses over the next five years, and 63 Yutong trolleybuses were delivered between late 2019 and early 2020.
- The government and major automotive companies are also investing in the country. For instance, in June 2023, Volvo Buses launched the new LUMINUS electric bus manufactured locally at the company's production plant in Tultitlan, Mexico. The new LUMINUS electric bus is based on proven Volvo BZL technology and comes in lengths from 9.7 to 13 meters, as well as battery configurations ranging from 280 to 470 kWh, with the battery pack positioned to make the best use of all the interior space.
Mexico Automotive Electric Bus Industry Overview
The Mexican electric bus market is consolidated. The top global players account for most of the market share. The major companies in the electric bus market include Daimler, BYD, Yutong, Zhongtong Bus, and King Long. Local companies, such as Advanced Power Vehicles, are also tapping the market by converting IC buses to fully electric buses. BYD, a Chinese firm, is testing its new 12-meter-long electric bus, which will soon be integrated with an 8m long model. BYD offers pure electric buses with a range of 250 km.
Mexico Automotive Electric Bus Market Leaders
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Daimler
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Yutong Bus
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King Long Bus
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Zhongtong Bus
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Volvo AB
*Disclaimer: Major Players sorted in no particular order
Mexico Automotive Electric Bus Market News
- May 2023: Dynacast Manufacturing Inc. inaugurated a new USD 4 million plant in Leon, Mexico. The plant will focus on manufacturing commercial vehicles, including electric buses and etc.,
- April 2023: Iochpe-Maxion Structural Components and Forsee Power announced a partnership to offer the integration of battery systems for electric vehicles and buses.
Mexico Automotive Electric Bus Market Report - Table of Contents
1. INTRODUCTION
1.1 Study Assumptions
1.2 Scope of the Study
2. RESEARCH METHODOLOGY
3. EXECUTIVE SUMMARY
4. MARKET DYNAMICS
4.1 Market Drivers
4.1.1 Increasing Adoption of Electric Buses
4.1.2 Others
4.2 Market Restraints
4.2.1 Disturbances in Supply Chain
4.2.2 Others
4.3 Porter's Five Forces Analysis
4.3.1 Threat of New Entrants
4.3.2 Bargaining Power of Buyers/Consumers
4.3.3 Bargaining Power of Suppliers
4.3.4 Threat of Substitute Products
4.3.5 Intensity of Competitive Rivalry
5. MARKET SEGMENTATION
5.1 By Vehicle Type
5.1.1 Battery Electric Bus
5.1.2 Other Electric Bus
5.2 By Consumer Type
5.2.1 Government
5.2.2 Fleet Owners
6. COMPETITIVE LANDSCAPE
6.1 Vendor Market Share
6.2 Company Profiles
6.2.1 Daimler AG
6.2.2 BYD Co. Ltd
6.2.3 King Long Bus United Automotive Industries Co. Ltd
6.2.4 Zhengzhou Yutong Bus Co. Ltd
6.2.5 Zhongtong Bus Co. Ltd
6.2.6 Higer Bus Co. Ltd
6.2.7 Volvo AB
- *List Not Exhaustive
7. MARKET OPPORTUNITIES AND FUTURE TRENDS
Mexico Automotive Electric Bus Industry Segmentation
An electric bus is a type of public transportation vehicle that runs on electricity instead of traditional fossil fuels. It is equipped with an electric motor and relies on rechargeable batteries or other forms of electrical energy storage to power its operations, making it a more environmentally friendly and sustainable option for urban mobility.
The Mexican electric bus market report covers the latest trends and technological developments in the market along with demand by vehicle type, consumer type, and share of major players across this region. By vehicle type, the market has been segmented into battery electric and other electric buses. Similarly, by consumer type, the market has been divided into government and fleet owners.
The report provides comprehensive insights into the market size and forecast for the Mexican electric bus market based on the value (USD) for each of the abovementioned segments.
| By Vehicle Type | |
| Battery Electric Bus | |
| Other Electric Bus |
| By Consumer Type | |
| Government | |
| Fleet Owners |
Mexico Automotive Electric Bus Market Research FAQs
How big is the Mexico Automotive Electric Bus Market?
The Mexico Automotive Electric Bus Market size is expected to reach USD 0.28 billion in 2024 and grow at a CAGR of 31.62% to reach USD 1.09 billion by 2029.
What is the current Mexico Automotive Electric Bus Market size?
In 2024, the Mexico Automotive Electric Bus Market size is expected to reach USD 0.28 billion.
Who are the key players in Mexico Automotive Electric Bus Market?
Daimler, Yutong Bus, King Long Bus, Zhongtong Bus and Volvo AB are the major companies operating in the Mexico Automotive Electric Bus Market.
What years does this Mexico Automotive Electric Bus Market cover, and what was the market size in 2023?
In 2023, the Mexico Automotive Electric Bus Market size was estimated at USD 0.19 billion. The report covers the Mexico Automotive Electric Bus Market historical market size for years: 2019, 2020, 2021, 2022 and 2023. The report also forecasts the Mexico Automotive Electric Bus Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029.
Mexico Automotive Electric Bus Industry Report
Statistics for the 2024 Mexico Automotive Electric Bus market share, size and revenue growth rate, created by 糖心vlog传媒鈩� Industry Reports. Mexico Automotive Electric Bus analysis includes a market forecast outlook to 2029 and historical overview. Get a sample of this industry analysis as a free report PDF download.
