Electric Bus Market:
The GMI Research forecasts that the electric bus market is witnessing an upsurge in demand during the forecast period. This is mainly due to the increasing focus of leading economies on encouraging the electrification of mass transit solutions and rising government support.
Top Manufacturers in the Electric Bus Market:
- BYD Motors Inc.
- VDS Bus & Coach BV
- AB Volvo
- Daimler AG
- New Flyer Industries Canada ULC
- ETW International Inc.
Electric Bus Market Dynamics (including market size, share, trends, forecast, growth, forecast, and industry analysis)
Some of the major factors that are responsible for the growth of the global electric bus market include the increasing focus of leading economies on encouraging the electrification of mass transit solutions and rising government support. According to the United Nations Environment Program (UNEP) report, the major reason for increasing black carbon emission in the transportation sector is city buses. Thereby, the UNEP provides technical and policy support to more than 20 cities in Africa, Latin America, and Asia. They mainly focus on developing and map low-emission transportation routes for the public by providing electric buses on the road. According to the electric bus market report, International Clean Transportation Council (ICCT), the UNEP, and regional partners have provided technical support to detect and minimize obstacles and raise the adoption and designing of clean buses. Additionally, growing government initiatives and support will bring several growth opportunities for the market.
The harmful emission produced by vehicles adds 29% of ozone-depleting substances, which are responsible for creating air pollution, thereby harming the overall atmosphere of the Earth. The growing consumption of unrefined petroleum, along with high fuel costs, has led to an increase in the demand for vehicles that use electric energy to run and are less harmful to nature. The electric buses are light in weight and high in productivity compared to conventional modes of transport, which in turn, the demand for electric buses is growing. Furthermore, the rising demand for hydrogen fuel cell buses due to route flexibility, speedy refueling pace, and prolonged life, will bring numerous growth opportunities in the market. As per the World Health Organization (WHO), it has been observed that the growth in the number of deaths due to the increased contamination in the air. The vehicular discharge is damaging the health of general well-being but also has an adverse effect on the environment. The rigorous norms are being launched by the government of various economies about vehicle emissions. These government guidelines support in reducing the carbon emission produced by public transport, thereby supporting the growth of the market. On the other edge of the spectrum, the factor that is restraining the growth of the electric bus market share in terms of revenue during the forecast period include the high initial cost of battery buses comparative to conventional buses.
As per the electric bus market reports, the emergence of the COVID-19 pandemic has adversely influenced the growth of the automotive market due to a sharp fall in demand for electric vehicles. The global automotive sector is witnessing a downfall owing to social distancing, restricted staff to run the production line, and strict lockdown. Additionally, the rising concerns regarding the spread of the virus have made people more concerned about using public transportation. These factors are hindering the growth of the market. However, the market is expected to come back in 2021 while increasing at a substantial rate by the end of 2021.
Based on the region, the Asia-pacific is expected to dominate the market during the forecast period. The Asian electric bus market includes the fastest developing and developed countries worldwide. The Chinese market is dominating, and the presence of major OEMs, such as Ankai, BYD, Yutong, and Zhongtong, are supporting the market growth. In addition to this, the easy availability of electric and electronics at low prices, the development in the charging infrastructure, and the regulations for electric buses are some of the other factors encouraging the demand of the Asia-pacific electric bus market.
Electric Bus Market Segmentation:
Segmentation by Propulsion Type:
Segmentation by Consumer Segment:
- Private Fleet Operator
Segmentation by Application:
Segmentation by Seating Capacity:
- Up to 30 Seater
- 31-40 Seater
- Above 40
Segmentation by Region:
- North America
- United States of America
- Asia Pacific
- Rest of APAC
- United Kingdom
- Rest of Europe
- South Africa
- Saudi Arabia
- Rest of the world (remaining countries of the LAMEA region)
About GMI Research
GMI Research is a leading market research company that offers market research reports for every industry. Our research teams have seasoned analysts and researchers and are always looking for industry-leading research techniques to create all-encompassing research reports. GMI Research’s extensive global network allows it to collect relevant information about the industry on a regional as well as country-level basis. Our main focus is to keep our clients abridged of the emerging opportunities and challenges in a wide range of sectors. We provide step-by-step assistance to our clients through strategic and consulting services to reach a managerial and actionable decision. Our market research report offers in-depth analysis, which contains refined forecasts, a bird’s eye view of the competitive landscape, major factors impacting the market growth, and various market insights to aid companies to make strategic decisions. Featured in the ‘Top 20 Most Promising Market Research Consultants’ list of Silicon India Magazine in 2018, we at GMI Research are always looking forward to help our clients to stay ahead of the curve.
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