Electric Bus Market to Change the Future of Public Transportation

The electric bus market is expected to surpass US$ 165 Bn by 2026, expanding at a CAGR of more than 24% during the forecast period. The market for electric buses is anticipated to expand at a significant growth rate during the forecast period, owing to rising concern of society toward the environment.

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The electric bus market is primarily driven by stringent emission norms across the globe. Rising emphasis by governments on public transport is anticipated to play an important role in the rapid expansion of the global electric bus market. Rising pollution levels in some mega cities, such as Shenzhen, London, Mexico City, Milan, Vancouver and Los Angeles, has already driven the market for electric buses significantly. Moreover, all the highly populous cities are likely to adopt electric buses to reduce greenhouse gases and other major pollutants in the environment.

According to the World Health Organization (WHO), air pollution has been a major factor responsible for deaths and hospital admissions, thus the respective governments of countries in Europe are taking various steps to improve air quality, among which electrification of the automotive industry is a key step. The high price of electric buses has been a key restrain to the electric bus market; however, the price of buses has reduced due to significant reduction in the price of batteries in the last four years.

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Electric buses can be a value for money product in the long run, owing to lower running cost and higher lifespan of these vehicles, as compared to those vehicles that run on conventional fuels. Lower vibration from electric motors is a key factor behind the longer lifespan of electric vehicles.

Governments of all highly polluted and populated cities are likely to adopt electric buses at the earliest. The responsible authorities have been offering considerable subsidies in order to enhance the adoption of electric buses across the globe and to encourage private firms and organizations to adopt electric buses instead of conventional buses.

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