Growth Opportunities and Latent Adjacency in Electric Bus Market

The global Electric Bus Market is projected to reach 671,285 units by 2027 from a projected 112,041 units in 2022, at a CAGR of 43.1%.

The growth of the electric bus market can be attributed to the increasing focus of countries on electrification of their public transport fleets with subsidies and favourable regulations due to emission concerns. Advancements in battery pack technologies, declining battery prices, government support, huge subsidies along with tax exemptions, and innovations in electric powertrains are some of the major factors driving the growth of the electric bus and coach industry. Factors such as a rise in pollution and environmental hazards, stringent government regulations, and stiff competition have compelled automotive OEMs to introduce fuel-efficient and environment-friendly buses and coaches. Thus, the electric bus market is expected to witness significant growth in the future.

The electric bus market is dominated by globally established players such as BYD (China), Yutong (China), CAF (Solaris) (Spain), VDL Groep (Netherlands), and AB Volvo (Sweden).

Download PDF Brochure @ https://www.marketsandmarkets.com/pdfdownloadNew.asp?id=38730372,

Opportunity: Government support for electrification of public transport

In order to drive the commitment to reduce greenhouse gas (GHG) emissions and improve air quality in urban areas, governments across the globe have been providing lucrative fiscal incentives to promote shared mobility and clean transportation. Governments across the globe have launched attractive initiatives and schemes to facilitate the adoption of electric buses. Governments in developed countries have begun the tender process to increase the use of electric buses in their cities. For instance, as of March 2021, there were 3,884 hybrid buses, 485 electric buses, and two hydrogen buses operating in London, out of a total bus fleet of 9,068, with plans to increase this figure to 9,200 electric buses by 2037. A shift towards clean energy for public transport brings multi-dimensional benefits. The induction of e-buses will add to the emission reduction commitments at the local level. The benefits will be much greater with the simultaneous greening of electricity generation in highly populated countries like China and India. The National Electric Mobility Mission Plan (NEMMP) 2020 of the government of India focuses on promoting the manufacturing and adoption of EVs in the country.

The 9-14m segment is expected to be the largest market during the forecast

In the electric bus market, by the length of the bus, the 9-14 m segment is projected to be the largest market during the forecast period in terms of volume. The 9-14 m segment is dominating the electric bus segment due to the large volumes of electric passenger buses used in the public transport fleet. Most of the public transport fleets, especially in China, which accounts for almost 99% of the market have electric buses that are 9-14 m in length. Also, many of the leading OEMs such as BYD, Proterra, and Yutong have been providing electric buses in the 9-14 m length range. This is the highest adopted length segment in electric buses. The driving factor for this is the battery capacity is ideal for intercity travel. These buses can travel up to 350 km on a single charge and are capable of carrying >350 kWh battery pack. OEMs are focusing on this segment for new product launches, and large supply orders are coming for this particular bus length. BYD offers K8 and K9 electric buses between 9 m and 14 m in length and a range of 155 miles and 190 miles. In 2019, Yutong (China) received a contract from Keolis Norge (Norway) for 88 units of the Yutong E12 e-bus model, intended for use in the Norwegian public transport system. The Yutong E12 model is a 12 m electric bus model having a 300 km operational range on a single charge. Countries that are planning to replace existing public fleets with electric ones are considering electric buses of the same lengths as well.

Request FREE Sample Report @ https://www.marketsandmarkets.com/requestsampleNew.asp?id=38730372,

The Asia Pacific region is estimated to account for the largest share of the electric bus market in 2022. The region is home to OEMs such as BYD, Yutong, Tata, Ashok Leyland, Zhongtong, and Ankai. In recent years, China has introduced many electric buses to its public transport fleets to reduce vehicle emissions. Shenzhen was the first city in China to have a fully electrified public transport bus fleet. Similarly, India and South Korea have included electric buses in their public transportation to cut down emissions and reduce dependency on fossil fuels. In addition, governments in Asia Pacific countries are offering several incentives for the promotion of electric buses and coaches.

Recent Developments:

1. In April 2021, VDL announced a supply contract of 32 electric buses to public transport company Hermes in Eindhoven. These buses will be operational from January 2022 in the Eindhoven cityscape.
2. In February 2021, The Montgomery County Public Schools (MCPS) Board of Education approved a contract with Highland Electric Transportation. Highland Electric Transportation to deploy 326 Thomas Built electric school buses powered by Proterra.
3. In February 2021, Nova Bus, a subsidiary of Volvo Buses announced a supply order from Chicago Transit Authority. The order is for 600 new 40-foot electric buses from Nova Bus.
4. In January 2021, BYD won a supply contract by the Bogota City Public Transport Authority in Columbia to deliver 1,002 electric buses in 2021. This is the largest pure-electric bus contract for BYD outside China. BYD has collaborated with local bus manufacturers namely Superpolo and BUSSCAR for the bus body parts.
5. In January 2021, Switzerland approved a project planning for the electrification of two lines in Switzerland. Such continuous emphasis on the electrification of fleets is expected to boost the electric bus market in the country
6. In September 2020, Yutong presented to global travellers its 5G-enabled Intelligent mobility solution in a live show in China. Autonomous driving buses, intelligent bus stops, and unmanned intelligent bus terminals were showcased.

View Full ToC @ https://www.marketsandmarkets.com/Market-Reports/electric-bus-market-38730372.html

Contact:
MarketsandMarkets™ INC.
630 Dundee Road
Suite 430
Northbrook, IL 60062
USA : 1-888-600-6441
sales@marketsandmarkets.com

About MarketsandMarkets™

MarketsandMarkets™ provides quantified B2B research on 30,000 high growth niche opportunities/threats which will impact 70% to 80% of worldwide companies' revenues. Currently servicing 7500 customers worldwide including 80% of global Fortune 1000 companies as clients. Almost 75,000 top officers across eight industries worldwide approach MarketsandMarkets™ for their painpoints around revenues decisions.

Our 850 fulltime analyst and SMEs at MarketsandMarkets™ are tracking global high growth markets following the "Growth Engagement Model - GEM". The GEM aims at proactive collaboration with the clients to identify new opportunities, identify most important customers, write "Attack, avoid and defend" strategies, identify sources of incremental revenues for both the company and its competitors. MarketsandMarkets™ now coming up with 1,500 MicroQuadrants (Positioning top players across leaders, emerging companies, innovators, strategic players) annually in high growth emerging segments. MarketsandMarkets™ is determined to benefit more than 10,000 companies this year for their revenue planning and help them take their innovations/disruptions early to the market by providing them research ahead of the curve.

MarketsandMarkets's flagship competitive intelligence and market research platform, "Knowledgestore" connects over 200,000 markets and entire value chains for deeper understanding of the unmet insights along with market sizing and forecasts of niche markets.

This release was published on openPR.