Electric Bus Market
Electric Bus Market to Witness Exponential Growth in Sale With Government Support; Electric Mass Transit Solutions to Boost Growth
Electric Bus Market Segmented By Hybrid Electric, Purely Electric and Plug-in Electric Buses
The global electric bus market is set to grow exponentially at a spectacular rate by the end of the years 2027. The augmenting global focus on promoting electric mass transit solutions is expected to primarily drive this market growth. The government support to encourage the use of electric vehicles is propelling the market ahead.
COVID-19 pandemic has halted the developments in the global market, creating a void in the manufacturing sector. This standstill is expected to last shortly, paving way for the market growth. Middle East and Africa are projected to surface as the leading regions in the global market during the forecast period. The accelerating government initiatives to promote electric mass transit vehicles in the region has substantially boosted the size of the landscape.
The high concentration of OEMs in the region along with the scaling production of electric buses in these regions are projected to bolster the growth of the electric bus market in the region. Buoyed the rapid developments in China, Asia Pacific is expected to gain prominence in the market in the years ahead. Market players are strengthening their distribution network at a global level. Established players in the global market include Proterra, Inc., Zhongtong Bus & Holding Co., Ltd., Alexander Dennis Limited., AB Volvo (publ)., and Daimler AG
With emerging technological advancements, government of various developing and developed countries are striving to curb the issue of pollution. While pollution can be categorized in different forms, however, air pollution has been omnipresent gradually choking everyone’s throats leaving no space for fresh air.
Commuting facilities, such as cars, buses, and cabs are increasingly contributing towards air pollution today. According to a research conducted by World Health Organization (WHO), air pollution accounts for nearly 100,000 deaths per year in Europe, shrinking life expectancy by an average of one year. Owing to air pollution hazards, government of various developing and developed countries are striving to curb the menace of air pollution.
Due to such factors, various emerging countries of Europe such as Germany, U.K., and France are projected to be leading market for electric vehicles and hybrid electric vehicles. The global electric bus market is estimated to account for 33,854 units in terms of volume, and register a CAGR of 28.0% over the forecast period, 2014-2020.
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- BYD Company Limited.
- Proterra, Inc.
- AB Volvo (publ).
- Daimler AG.
- Solaris Bus & Coach S.A.
- Zhongtong Bus & Holding Co., Ltd.
- Ashok Leyland, Ltd.
- Alexander Dennis Limited.
- Shenzhen Wuzhoulong Motors Co., Ltd.
Key Market Dynamics
Surge in air pollution is a significant factor, which is projected to escalate growth of the global electric bus market over the forecast period. Governments of various countries in Europe are taking initiatives and steps to curb pollution, which in turn is boosting demand for electric and hybrid electric vehicles.
Additionally, depleting crude oil reserves and unstable fuel prices are adversely affecting the transit agencies and transportation department globally, due to which rising number of alternative, and new energy vehicles are increasingly preferred by governments of various countries, end-users, and customers. The initial investment of the electric buses are generally high, however, operational costs of these vehicles are significantly low as diesel is comparatively costlier than electricity, and various conventional buses mainly run on diesel.
Conversely, the global electric bus market is bound to various challenges. Significant prominence of natural-gas-fuelled buses, the global electric bus market is anticipated to inhibit growth. Additionally, the global electric bus market faces challenges owing to expensive attributes of electric buses, and manufacturing the electric buses is capital-intensive.
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The global electric bus market is segmented in terms of product type, and region. On the basis of product type, the electric buses are mainly classified as hybrid electric, purely electric, and plug-in electric buses. The purely electric buses mainly operate on batteries, whereas, plug-in and hybrid electric buses operate on electric propulsion system and conventional fuel.
Although, hybrid electric buses conserve energy while decelerating, which finds application in high-intensity tasks, whereas plug-in electric buses require a plug-in power source for the purpose of charging, the combustion engine further boosts the engine later, which further recharges the battery and maintains the energy level.
Hybrid buses is projected to retain dominance in the global electric bus market. Whereas, the pure electric market is estimated to grow at a rapid momentum, due to rising government, and public interest in emission-free transportation.
On the basis of region, China is predicted to remain dominant in the global electric bus market over the forecast period, due to the clean transportation drive in parallel to increasing population introduced by the government. However, various developed countries are hesitant to adopt electric buses in their countries, owing to lack of any regulatory framework designed for them. However, various countries of Europe such as U.K., Germany, and France are estimated to retain prominence in the global electric bus market over the forecast period.
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Key Market Players
EBUSCO, Alexander Dennis, Daimler, Ashok Leyland, Proterra, AB Volvo, and BYD Company limited are some key players that operate in the global electric bus market.
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