Electric Bus Market Analysis, Revenue Share, Company Profiles, Launches, & Forecast Till 2025 | AB Volvo, Zhengzhou Yutong Group Co. Ltd., Shenzhen Wuzhoulong Motors Co. Ltd., Daimler AG

The concerns regarding the greenhouse gas emissions has been surging all across the globe. The increased use of vehicles has been causing air pollutions, and the levels now have risen alarmingly. Ascribed to this, governments of various countries are looking for ways to deal with the situation before it gets out of hands. This has led to the increasing adoption of electrical vehicles all over the world.

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Up till now, the penetration of electric cars and electric two-wheelers has been high, however, these days the demand for electric buses is growing as well. According to a P&S Intelligence report, the global electric bus market is expected to reach 331,327 units by 2025, progressing at a 16.6% CAGR during the forecast period. Governments of various countries have become increasingly aware regarding the long-term benefits of electric buses. Moreover, countries are also focusing on cutting down their import bills of crude oil, which can be done by the adoption of electric vehicles.

At present, the market growth is primarily being driven by the soaring public awareness about greenhouse gas emissions. The vehicles powered by petrol and diesel are major emitters of such gases, which are largely responsible for the deteriorating air quality levels. Moreover, with the signs of climate changing becoming more prevalent, many governments are encouraging people to shift from fossil fuels to new energy sources such as electricity. The government aims to mitigate air pollution by enacting stringent norms that mandate the phasing of oil and gas-powered vehicles and replacing them with electric variants.

Another growth driver for the electric bus market is the growing focus of countries on cutting down crude oil imports, owing to the rising environmental concerns and high costs associated with crude oil. As a significant portion of imported crude oil in most of the countries is used in their public transport fleets, private and public transit organizations are focusing on deploying electric buses in their fleets. Even though the initial cost of electric buses is quite high, their lower maintenance and operating costs are making them more popular than diesel-powered buses.

Electric buses are of three types, namely hybrid electric bus, plug-in electric bus, and battery electric bus (BEB). Out of these, the demand for BEBs has been the highest up till now, and the situation is likely to be the same during the forecast period as well. The demand for these electric buses is growing due to the reduction in battery prices and the fact that they emit minimum levels of carbon. Lithium manganese cobalt oxide and lithium iron phosphate (LFP) are the major types of batteries that are utilized in electric buses.

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Series hybrid powertrain has a simpler configuration is smaller in size as compared to the other variants. The Asia-Pacific region created the highest demand for these vehicles in the past and is further expected to emerge as a major electric bus market during the forecast period. In the region, China is creating the highest demand for these vehicles across the globe. This trend is predicted to continue in the near future due to the concentration of companies in the country.

This study covers

Historical and the present size of the Electric Bus Market
Future potential of the market through its forecast for the period 2020– 2025
Major factors driving the market and their impact during the short, medium, and long terms
Market restraints and their impact during the short, medium, and long terms
Recent trends and evolving opportunities for the market participants
Historical and the present size of the market segments and understand their comparative future potential

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This release was published on openPR.