Press release
Electric Bus Market Trends - What will be the Short-term Impact of COVID-19?
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. To cut down on the carbon emission, the UN Environment Programme is providing policy and technical support to about twenty cities inLatin America,Africa, andAsiafor 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.
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List of Key Players Operating in the Electric Bus Market Include:
Scania AB
New Flyer Industries
Proterra, Inc.
BYD Co., Ltd.
Iveco
Daimler AG
AB Volvo
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 inthe 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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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.
Presence of Multinational Company with Largest Automotive Subsidiary inChinato Help Asia Pacific Dominate Market
Geographically, the global Electric Bus Market is widespread inNorth America,Asia Pacific,Europe, and the rest of the world. Each of these nations is further categorized nation-wise. Among these,Asia Pacificis holding a dominant Electric Bus Market share withChinaleading 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, inChinawith the largest automotive subsidiary is also promoting the overall regional Electric Bus Market growth in the forecast period.
FollowingAsia Pacific, the second-largest market for the electric bus isEuropewhich, 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.
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