NEW YORK, Nov. 20, 2017 (GLOBE NEWSWIRE) -- The global electric bus market is expected to grow at a CAGR of 26.4% during 2017 – 2023 and the sale is projected to reach 39,061 units by 2023. Factors propelling the growth of electric bus market include shifting focus towards adoption of electric vehicles, continuous depletion of conventional resources, government initiatives to switch from clean energy buses to zero emission buses, and rising pollution concerns.
The report segments the electric bus market by product type (Purely electric, hybrid electric, plug-in electric buses), by technology (autonomous and non autonomous), by size (above 10m, below 10m), by end-user (government, fleet owners, others), and by region (North America, Europe, Asia-Pacific, Rest of the World (ROW)). The report studies the global electric bus market over the forecast period (2017-2023).
Electric bus operational cost is cheaper than a diesel bus. The use of electric buses is a viable way of reducing the vehicle emissions and is economically viable compared to diesel buses. The adoption of electric buses is increasing globally and the market is nowhere near to saturation, encouraging the automobiles companies to invest in the electric bus market during the forecast period.
Browse full research report with TOC on "Global Electric Bus Market Outlook, Trend and Opportunity Analysis, Competitive Insights, Actionable Segmentation and Forecast 2023" at: http://energiasmarketresearch.com/global-electric-bus-market-outlook/
Key findings from electric bus market
Electric Bus- Future of Transit Buses
Public transports such as buses are ideal vehicle for electrification. With rapid urbanization and increasing pollution by using conventional fuel is a major cause for global warming. Electrifying the buses offers a comprehensive solution for low emission and reduced air pollution. Major automobiles companies are showing interest in manufacturing electric buses as electricity is cheaper than diesel or natural gases. Electric buses have less parts, thereby low maintenance cost and offers economically viable profit margins. The technological advancement in electrical buses allows the big players to take advantage and introduce their product. Players like Proterra, BYD, Volvo and Hyundai unveiled their battery electric buses in the market. As these companies advancing further, creating a continuous supply chain and share their expertise to new aspiring companies helping electric buses expansion to move rapidly in the near future.
Global Electric Bus Market- Regional Insight
In Asia-Pacific China is forecasted to be the leading market owing to the earliest adoption of electric vehicles. Indian market offers abundant growth opportunity, due to government initiatives supporting greater adoption of electric bus as a preferred mode of public transport. Countries such as Israel and Brazil are also taking several initiatives to develop their electric vehicle infrastructure and issuing mandatory requirements for low emissions. Europe is also turning to electric buses in an effort to minimize greenhouse emission. European Union mandates the purchase of electric buses for public transport services. Developed countries in North America such as the U.S. and Canada are expanding their electric bus fleet in public transport infrastructure. North America is investing heavily on electric buses to switch to zero emission vehicles.
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