Global Electric Bus Market Size and Future Opportunities Analysis By 2025

The Global Electric Bus Market Size is expected to surpass US$ 57.2 in 2017, 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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Regional Analysis:Geographically, the electric bus market is divided into Asia-Pacific (APAC), Europe, North America, and the rest of the world (RoW). Of these, APAC, led by China, witnessed the highest volumes sales of these buses in 2017, accounting for more than 95% market share. Further, the region is expected to continue being the largest market during the forecast period, owing to the consolidation and concentration of key players in China.

Growth Drivers: Air pollution caused due to vehicles running on conventional fuel has become a major global concern, compelling the policy makers to look for an alternative in low emission vehicles. The natural gas based public transport system is being used as to cope with air pollution, however, electric buses have been gaining popularity due to their near zero carbon dioxide emission, thereby driving the growth of the global electric bus market.

Also, a major chunk of the crude oil imports by countries around the world is used in their public transport vehicles. These countries are looking to cut down their crude oil import bills by adopting electric vehicles. In spite of the high initial cost, electric buses offer low operating cost as compared to their conventional counterparts. Public transport authorities in developing economies are focusing more on long term environmental and cost benefits. Moreover, electric buses are less noisy and require less maintenance as compared to their conventional counterparts, thus contributing to the growth of the electric bus market.

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Key Players: Major players operating in the global electric bus market are BYD Company Ltd., Yutong, New Flyer Industries Inc., Proterra Inc., Solaris Bus & Coach SA, Zhongtong Bus Holding Co., Ltd, Shenzhen Wuzhoulong Motors Co., Ltd, EBUSCO BV, Dongfeng Automobile Co., Ltd., Alexander Dennis, King Long, FAW Group, AB Volvo, Daimler AG, TATA Motors, Ashok Leyland, Nova Bus, and Foton Motor Inc. BYD Company Ltd. and Yutong with their presence in China dominated the global electric bus market, owing to high demand for electric buses in China. Furthermore, other players involved in the manufacturing of the conventional buses are likely to enter the electric bus market and encourage a healthy competition among all manufacturers.

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