A recent report published by Infinium Global Research on 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 global electric bus market. According to the report, the global electric bus market is projected to grow at a CAGR of 16.8% over the forecast period of 2019-2025.
Many of the bus manufacturers are focusing on the electrically propelled bus as the demand for low or zero emission vehicles is increasing. Leading bus manufacturers including Mercedes Daimler, BMW and Volvo have already launched their electric buses in the market, ready to buy. While some of the new companies including Proterra, BYD Company, and EBUSCO are offering new products in the market. Recently, Proterra sold 5 electric buses to the Charlotte Douglas International airport in North Carolina. While Chinese manufacturers BYD and Yutong delivered a fleet of 200 electric buses to Chile.
Vehicle emission contributes up to 27% of the total production of greenhouse gases, which results in pollution and consequently global warming. As people are becoming aware of pollution, greenhouse effect and global warming, they turning into eco-friendly products and lifestyle. This has contributed to the growing demand for hybrid and electric vehicles, which is the major driving factor for the global electric bus market. Moreover, the crude oil reservoirs are depleting resulting in the rise in fuel prices. This has in return increased the demand for green mobility, which boosts the growth of the electric bus market. Further, the electric buses have long term cost benefits as they are fuel efficient and require less maintenance as compared to convention gasoline or diesel buses. However, the current charging and maintenance infrastructure is inadequate for the proper functioning of city electric buses. The electric buses require to have an ecosystem of charging stations, bus depots, and garages, which is currently limited. This is expected to hamper the electric bus market. In addition, government initiatives such as subsidies and implementation of charging stations are expected to provide favorable opportunities for the major players in the electric bus market.
The Asia-Pacific, among other regions, dominated the electric bus market, generating the highest revenue. China alone has 421,000 electric buses out of 425,000 buses worldwide. The high sale of electric buses is the region attributes to the national sales targets, favorable laws, supportive subsidies, and municipal air-quality targets.
The report on global electric bus market covers segments such as electrification, bus type, and end user. On the basis of electrification, the sub-markets include purely electric bus, and hybrid electric bus. 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.
The report provides profiles of the companies in the market such as BYD Company Limited, Proterra Inc., Solaris Bus & Coach S.A., Zhengzhou Yutong Bus Co. Ltd, AB Volvo, Daimler AG, Tata Motors Limited, Ashok Leyland Limited, EBUSCO B.V, Zhongtong Bus Holding Co., Ltd., and Other Companies.
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 2019-2025. 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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