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Electric Bus Market (Power Type - Hybrid, Fuel Cell, and Battery; Bus Type - Light Bus, Medium Bus, and High Seating Capacity Bus; End User - Government, and Fleet Operators): Global Industry Analysis, Trends, Size, Share and Forecasts to 2027

  • Published : January, 2022

  • Rep Id : AT0074

  • Category : Automotive, Aerospace & Defence

  • Status : Published

A recent report published by Infinium Global Research on the electric bus market provides in-depth analysis of segments and sub-segments in the global as well as regional electric bus market. The study also highlights the impact of drivers, restraints, and macro indicators on the global and regional electric bus market over the short term as well as long term. The report is a comprehensive presentation of trends, forecast and dollar values of the global electric bus market. According to the report, the global electric bus market is projected to grow at a CAGR of 28.20% over the forecast period of 2021-2027.

 

Market Insight

The reported study estimated the market for Electric Bus to be about USD 71.80 billion in 2021, and will reach more than 318.80 billion in 2027, with a Compound Annual Growth Rate of 28.20%, over the forecast period (2021-2027). An electric bus is a zero-emission bus that does not run on fossil fuels such as petrol and diesel and uses electrical energy for propulsion stored in batteries or in fuel cells. The electric bus does not have a conventional engine running on combustion thus, it makes minimal sound and is helpful in reducing sound pollution caused due to vehicles. Electric buses come in different configurations with different loads and seating capacities. Normally the electric buses can be charged in a span of 1-3 hours. They are used for intracity and intercity transportation. The adoption of electric buses is helping governments around the world to accomplish their environmental objectives cut down on fuel costs and provide optimum service to the general public.

 

The governments are adopting stringent environmental policies and regulations to fight climate change and global warming as well as accomplish their environmental and sustainability goals. In 2019, European Union adopted new law describing the green public procurement rules for buses. and set goals for the adoption of low-emission public buses by 2030. Similarly, a significant amount of investments is being poured into infrastructures such as charging stations and repair and maintenance depots for electric busses. This has boosted the confidence of electric bus makers and confidently field their buses for various public procurement tenders. Rising fuel costs and environmental awareness regarding the pollution caused by conventional vehicles have led to an increase in the demand for hybrid and electric vehicles. Conventional vehicles are one of the largest emitters of greenhouses gases which are causing global warming. With rising fuel costs, the commercial fleet operators are adding electric busses to their fleets as they have low fuel costs as compared to conventional vehicles. The growing supporting infrastructure is also aiding the demand for electric busses. The only factor restraining the growth of the market is the high cost of maintenance and required manpower of electric busses. Though, new opportunities are expected to arise as autonomous vehicle busses are being fielded by the market players.

 

Asia-Pacific is projected to be the biggest market in the global electric bus market. Europe is expected to be the fastest-growing region in the market.  Developing countries such as India and China along with developed countries such as Japan and South Korea are adding electric busses into their public transportation fleets. China and India are focusing on zero-emission vehicles adopting favorable laws and investing in required infrastructure simultaneously. The electric bus makers such as BYD Company Limited, Zhongtong Bus Holding Co., Ltd, Shenzhen Wuzhoulong Motors Co., Ltd, and TATA Motors have their presence in the region making Asia-Pacific one of the global manufacturing hubs for electric buses.

 

global-electric-bus-market


Segment Covered

The report on global electric bus market covers segments such as power type, bus type, and end user. On the basis of power type, the sub-markets include hybrid, fuel cell, and battery. On the basis of bus type, the sub-markets include light bus, medium bus, and high seating capacity bus. On the basis of end user, the sub-markets include government, and fleet operators.

 

Companies Profiled:

The report provides profiles of the companies in the market such as BYD Company Limited, Proterra Inc., Solaris Bus & Coach SA, Zhongtong Bus Holding Co., Ltd, Shenzhen Wuzhoulong Motors Co., Ltd, AB Volvo, Daimler AG, EBUSCO BV, New Flyer Industries Inc., and TATA Motors.

 

Report Highlights:

The report provides deep insights into the demand forecasts, market trends, and micro and macro indicators. In addition, this report provides insights into the factors that are driving and restraining the growth in this market. Moreover, The IGR-Growth Matrix analysis given in the report brings an insight into the investment areas that existing or new market players can consider. The report provides insights into the market using analytical tools such as Porter's five forces analysis and DRO analysis of electric bus market. Moreover, the study highlights current market trends and provides forecast from 2021-2027. We also have highlighted future trends in the market that will affect the demand during the forecast period. Moreover, the competitive analysis given in each regional market brings an insight into the market share of the leading players.


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