Electric Bus Market is projected to surpass US$ 400 Billion by the end of the year 2024 | Volume Global Analysis by Types, Regions and Companies
The electric bus is the most novel technology accessible for public transport systems. With the increasing environmental concerns due to growing carbon footprint across the world and the depletion of fossil fuel reserve are among the significant factors which have pushed the automobile industry to opt for the electric bus as an alternative to a conventional bus. The bus is one of the vital modes of public transportation, as it offers the first and last mile connectivity to commuters efficiently. Electric Bus Market is projected to surpass US$ 400 Billion by the end of the year 2024.
On an estimate, it is believed that the world now has just 50 years of the gasoline left as on the current consumption rate. Hence, the automobile industry focuses on developing a transportation model which runs on electricity (battery-operated), which brought the electric bus to the market. Further, the transportation segment is one of the significant contributors to the greenhouse gases (GHGs) in the atmosphere; hence, the ecologist also battles for the legislation that further helps to enforce the use of clean fuel by the vehicle.
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Electric bus market is mainly driven by the various factors; some of the elements are mentioned above, and the increasing pollution concerns across the globe further escalate the usage of electric bus in the transportation system. According to the World Health Organization (WHO), air pollution is responsible for nearly 7 million premature deaths worldwide each year. Hence, in order to curbs the perils of air pollution, the countries are investing billions for electric mobility solutions.
Regions like North America, Europe, Asia-Pacific, Africa, Middle East, and Latin America, all are implementing several regulations which support electric vehicles and developing required infrastructure for its efficient use including developing battery charging stations and battery swapping stations are among the others.
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Electric bus market trend is currently in a developmental phase as countries are developing required regulations and infrastructure while the automakers are doing research, testing, and efficiency of the vehicle. Many developed and developing countries are focusing on opting for the alternative to the conventional buses, i.e. electric buses, which further anticipated to increases the demand for electric bus, fueling the growth of the electric bus market. The government and the responsible authorities have been offering considerable subsidies and other benefits such as relaxation in road tax, also expected to increase the electric bus adoption across the world and encourages public/private organizations to opt electric buses in their fleet instead of the gasoline-powered buses.
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Switching to electric buses from conventional buses significantly improve air quality, which further reduces the morbidity and mortality due to air pollution. China, the world’s most populous and one of the most polluted country adopted electric bus in a relatively shorter time span. Currently, the electric bus market is dominated by China as the country has introduced the electric bus in its transportation fleet much earlier and more efficiently than other nations. Owing to its vast population base and the need for an adequate transportation system further makes China, the most lucrative market for the electric bus globally. Also; the Chinese government further offers attractive schemes to lure market players and consumer into opting electric bus.
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Key Topics Covered :
1. Executive Summary
2. Global Electric Bus Market
3. Global Electric Bus Volume
4. Market Share – Global E-Bus
5. Volume Share – Global Electric Bus
6. China Electric Bus Analysis
7. Europe E-Bus Analysis
8. NORDICS Electric Bus Analysis
9. United States Electric Bus Analysis
10. India Electric Bus Analysis
11. Major Electric Bus Manufacturers
12. Growth Drivers
13. Key Challenges
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