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Electric Bus Market - Present Scenario and the Growth Prospects with Forecast 2026

09-04-2018 08:04 AM CET | Business, Economy, Finances, Banking & Insurance

Press release from: Transparency Market Research

/ PR Agency: Transparency Market Research
An electric bus is an advanced variant of a conventional bus, which is powered by electricity stored on board, or is powered by an external source. Electric buses are widely accepted in public and private transport services.

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The urgency to adopt low carbon mobility solutions is driving the electric bus market. Several countries in the European Union countries have more than 50% buses of Euro III standard, the EU has addressed a concern to renew the bus fleet. EU has commissioned U.S. $ 85 Mn to fund electric buses in Germany and U.S. $ 50 Mn for Poland, such active initiatives by governing bodies are driving the electric bus market.

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During the 2014 UN Climate Summit, the UITP (Union Internationale des Transports Publics), members pledged to double the public transport market by 2025, improve infrastructure, and deploy electric buses, thus expanding the scope of global electric bus market. An electric bus is highly cost-effective and hence, is profitable in the long run. Depletion of crude oil and fluctuating oil prices are impacting the commuting business, thus increasing the preference for electric buses, thereby boosting their market.

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Based on battery type, the global bus market can be segregated into four segments. The lithium iron phosphate battery is cheaper and safer and hence, is estimated to witness a high demand

In terms of technology the global electric bus market can be classified into manual, semi-autonomous, and autonomous electric bus.

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