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Electric Bus Market to Exhibit 5.7 % CAGR: Rising Demand for Cost-efficient Public Transport Services to Boost Market

Electric Bus Market to Exhibit 5.7 % CAGR: Rising Demand

The global electric bus market is prognosticated to reach 291 thousand units by 2026, exhibiting a CAGR of 5.7% during the forecast period 2019-2026 attributed to the increasing need for controlling environmental concerns emitted from automobiles worldwide. As per the United Nations Environment Programme, a significant amount of black carbon emitted from the transportation sector is from urban buses which are further expected to increase in the coming years.

Browse Report Summary:

To cut down on the carbon emission, the UN Environment Programme is providing policy and technical support to about twenty cities in Latin America, Africa, and Asia for introducing electric buses for public transport. Such initiatives taken by large organizations are likely to spur demand for electric buses, thus promoting the electric bus market trends.

List of Some Key players of the electric bus market include:

o Scania AB
o New Flyer Industries
o Proterra, Inc.
o BYD Co., Ltd.
o Iveco
o Daimler AG
o AB Volvo

Fortune Business Insights(TM) demonstrates the information mentioned above in their recently published report titled, "Global Electric Bus Market Size, Share & Industry Analysis, By Type (Battery Electric Vehicle, Plug-in Hybrid Electric Vehicle, Fuel Cell Electric Vehicle), and Regional Forecasts, 2019-2026" According to the report, the market value stood at 182 thousand units in 2018. In addition to this, the report provides a comprehensive overview of the market. It also lists factors boosting, repelling, challenging, and providing an opportunity to the market in the forecast period. The report offers a qualitative and quantitative approach to the market emphasizing key industry developments, interesting market insights and other electric bus market trends.

Government Support to Promote E-buses will Propel Growth

With the increasing level of pollution caused by emissions out of automobiles, governments of various nations are trying to introduce renewable energy sources for running vehicles. This is one factor promoting the overall electric bus market growth. Besides this, governments are also focusing on controlling the level of pollution caused by implementing stringent regulations and propelling the use of cost-efficient public transport to control the level of pollution. This is also expected to help increase the overall electric bus market size in the forecast duration.

Furthermore, electric buses or e-buses are soot-free and provides clean urban transport, which makes it popular in the United States, China, and European nations. Therefore, the factor mentioned above is likely to create lucrative electric bus market growth opportunities in the coming years.

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Presence of Multinational Company with Largest Automotive Subsidiary in China to Help Asia Pacific Dominate Market

Geographically, the global electric bus market is widespread in North America, Asia Pacific, Europe, and the rest of the world. Each of these nations is further categorized nation-wise. Among these, Asia Pacific is holding a dominant electric bus market share with China leading the regional market on account of various initiatives taken by the Chinese government for promoting e-buses and controlling overall carbon emission rates into the atmosphere. Furthermore, the presence of Chinese multinational BYD Co. Ltd, in China with the largest automotive subsidiary is also promoting the overall regional electric bus market growth in the forecast period.

Following Asia Pacific, the second-largest market for the electric bus is Europe which, according to a lead analyst at Fortune Business Insights(TM), will witness significant growth in the forecast duration. This is attributable to the stringent regulations imposed by the government for controlling vehicular emissions. There is a high demand for fuel cell buses in this region and is expected to increase in the foreseeable future.

Collaborative Efforts Adopted by Companies Will Help Attract High Revenues

Key electric bus market manufacturers are adopting strategies such as investments in research and development, geographical expansion, along with mergers and acquisitions, company collaborations, contracts, joint ventures, and partnerships, and others for gaining a competitive edge in the overall market.

Major industry developments of the electric bus market include:

February 2018 - Haylion and Scania Technologies signed a partnership contract for the development of autonomous and electrified vehicles. Both the companies are focusing on autonomous driving, connectivity, and electrification areas of the Chinese transport industry.

Have Any Query? Ask Our Experts:

Fortune Business Insights Pvt. Ltd.
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Survey No. 36, Baner,
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Pune - 411045, Maharashtra, India.

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UK : +44 2071 939123
APAC : +91 744 740 1245

Fortune Business Insights(TM) offers expert corporate analysis and accurate data, helping organizations of all sizes make timely decisions. We tailor innovative solutions for our clients, assisting them to address challenges distinct to their businesses. Our goal is to empower our clients with holistic market intelligence, giving a granular overview of the market they are operating in.

Our reports contain a unique mix of tangible insights and qualitative analysis to help companies achieve sustainable growth. Our team of experienced analysts and consultants use industry-leading research tools and techniques to compile comprehensive market studies, interspersed with relevant data.

At Fortune Business Insights(TM), we aim at highlighting the most lucrative growth opportunities for our clients. We, therefore, offer recommendations, making it easier for them to navigate through technological and market-related changes. Our consulting services are designed to help organizations identify hidden opportunities and understand prevailing competitive challenges.

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