25% Growing Opportunity by 2023 in the Electric Bus Market: Global Key Vendors - Daimler, Nanjing Jiayuan EV, Iveco, Anhui Ankai Automobile, Ryobi Bus, Volvo

The global electric bus market registered a CAGR of 25%, during the forecast period. The growth of the global electric bus market is attributed to the rising fuel prices and increased environmental concerns. Asia-Pacific is leading the global electric bus market with increased government initiatives in countries, like India, China, and Japan.

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Environmental concerns have resulted in a transformation of the transportation industry from the fossil fuel powered-engines to electric drivetrains. Though the electric vehicles were thought as an impractical replacement for the combustion engines, the rate at which the electric vehicle market is growing shows that the transformation is happening at a rate far faster than expected. The transformation has not just happened in the smaller passenger vehicle segment but can also be seen in the large commercial vehicles especially buses. Many governments across the world have initiated changes in the public transportation system by replacing the heavy duty diesel and gasoline run buses with zero emission electric buses. This move by the governments has helped the market to register a CAGR of nearly 25%, and the market is expected to touch a value of USD 90 billion by the end of the year 2023.

Key Developments in the Market
• March 2018: FlixBus, plans to expand its low-cost service and test all-electric bus routes, aiming to become a pioneer in a more sustainable form of intercity transit
• March 2018: GIL becomes the first company to have achieved this milestone — of crossing 1,00,000 km run for electric buses in India

Major Players –
Daimler, Nanjing Jiayuan EV, Iveco, Anhui Ankai Automobile, Ryobi Bus, Volvo, among others.

Government Plans for Electrification of Public Transportation
The overriding problem of pollution caused especially by automobiles has made governments in many countries to take drastic measures to keep the carbon emissions under control. One such move commonly seen across many countries is the electrification of public transportation. The smoke chugging combustion engine vehicles are being replaced in many countries, and many more countries are expected to join the move. China, which has seen the adverse effects of the industrialization, is in the forefront in public transport buses electrification making other markets look minute. The country accounts for more than 90% of the global electric bus stock.

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Budding Technology
Though the electrification of public transport buses is a viable way of controlling vehicle emissions, the high cost of the electric buses is hindering the market from growing at a further faster rate. The electric buses are nearly 3 to 4 times more than the conventional combustion engines buses and about twice more than the hybrid counterpart. Also, the fact that the electric drivetrains and the battery power sources are in the nascent stages of development is slowing the market, which has the potential to grow at an explosive rate. The combustion engine buses from established manufacturers, such as Volvo, Mercedes, Scania, etc. have fuel tank capacity ranging from 150 to 250 gallons, and the vehicles having an average fuel consumption of 10 miles per gallon have a range of over 1500 miles for one complete filling. On contrast to these vehicles, the greener electric vehicles have a range of about 300 kilometers for one full charging. The time taking charging process of the vehicles along with the small range makes the operators reluctant to change the existing combustion buses to electric buses.

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This release was published on openPR.