The global electric bus market is projected to grow at a significant CAGR of around 26.1% in terms of revenue during the forecast period 2019 to 2026.
LOS ANGELES, March 12, 2020 (GLOBE NEWSWIRE) -- The global electric bus market is expected to reach the market value of around US$ 214,567.2 Mn by the end of 2026.
Electric bus can either store electricity on board or feed from the external source on a continuous basis. Electric busses are primarily electric battery buses where an electro-powerful motor generates electricity from on-board batteries, although there are examples of other types of transport, such as a gyrobus that uses flywheel control. Energy is provided by interaction with external power sources where energy is not contained aboard.
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Acumen Research and Consulting, a global provider of market research studies, in a latest published report titled “Electric Bus Market (By Vehicle Type: Plug-in Hybrid Electric Bus, Battery Electric Bus; By Consumer: Fleet Operators, Government) - Global Industry Analysis, Market Size, Opportunities and Forecast, 2019 – 2026”.
Drivers and Challenges of Market
Growing concern over depletion of fossil fuels and environmental pollution consequently drive the electric bus industry. Most governments around the world have modified public transport systems by substituting heavy-duty diesel and petrol-driven buses for zero-emission electric buses in order to address the aforesaid issues. There is a rising price of crude oil which forces governments funding for e-busses. A significant portion of developing countries expenditure is spent on crude oil purchases thus; governments encourage e-buses to reduce expenditure. E-busses can be cost-effective in the long run although not costly than regular buses because they save the heavy expenditures incurred by imports of petroleum. Therefore, the market is expected to become a bright future in near future.
Air pollution is a major cause of death according to the World Health Organization (WHO). Since vehicle emissions have adverse environmental and public health impacts, global governments have made considerable investments in the construction of facilities to reduce greenhouse gas emissions and lower levels of air pollution. This has contributed to the stringent emission regulations imposed by governments. Such regulations fuel the growth of the demand for electric buses. The electric bus is free of dirt because no dangerous substances are released. An electric bus is also successful and provides electric urban transport and provides towns with a road to clean air sustainability.
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Moreover, the electric bus market is anticipated to grow due to emergence of battery based technologies and increased research into them. Rechargeable electric bus batteries can save power, which can be quickly depleted due to increased consumption and will therefore aid the growth of the electric bus industry. However, the growth in the electric bus may be limited by high production costs associated with hybrid or electric buses, coupled with less understanding of the benefits offered by electric buses in certain developing countries.
Regional Outlook
Asia-Pacific held significant market share in 2018. One of the main reasons for the growth and development of the electric bus market in Asia Pacific is the presence of a huge number of market players in the region, particularly in China. Besides, increased governmental initiatives to encourage the use of electric buses in order to reduce air pollution via vehicles are expected to increase the market in North America and Europe. The Middle East and Africa economies are drawing companies to increase their spending in regions and are expecting healthy growth in the forecast period.
The growing demand for electricity transit systems, the growth of renowned OEMs and government support is driving the electric bus industry in Middle East & Africa. The first smart electric bus in the world was launched in November 2019, with the assistance of the Shanghai Wanxiang Company, China. Futon Motor has planned to produce more than 2,000 electric buses in the country in the next four years with the Egypt Military Development Ministry in May 2019.
Key Players & Strategies
Players profiled in the report are VDL Groep, Yutong, BYD, Proterra, and AB Volvo, and Others. Due to the growing number of orders from the national and international markets for its electric buses, BYD continues to be the top player.
Companies such as BYD and Yutong hold a significant share of over 40% in the Chinese electric bus industry in 2018.
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