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