The latest report on Electric Bus Market by Infinium Global Research gives complete coverage of the Electric Bus Market by electrification (purely electric bus, and hybrid electric bus), bus type (light bus, medium bus, and high seating capacity bus), end-user (government, and fleet operators) in terms of key trends, market size, forecast and CAGR growth over the period of 2019 to 2025. In addition, the study covers deep dive into key product and application trends in the regional markets of Electric Bus such as North America, Europe, Asia-Pacific and Latin America over the short run and long run.
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Growing Demand for Hybrid and Electric Vehicles, which is the Major Driving Factor for The Global Electric Bus Market
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, the greenhouse effect, and global warming, they are 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.
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Subsidies and Implementation of Charging Stations Are Expected to Provide Favorable Opportunities for the Major Players in the Electric Bus Industry
Further, the electric buses have long term cost benefits as they are fuel-efficient and require less maintenance as compared to conventional 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’s attributes to the national sales targets, favorable laws, supportive subsidies, and municipal air-quality targets.
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Reasons to Buy this Report:
- Comprehensive analysis of global as well as regional markets of the Electric Bus.
- Complete coverage of all the product types and application segments to analyze the trends, developments, and forecast of market size up to 2025.
- Comprehensive analysis of the companies operating in this market. The company profile includes analysis of product portfolio, revenue, SWOT analysis and the latest developments of the company.
- Infinium Global Research- Growth Matrix presents an analysis of the product segments and geographies that market players should focus to invest, consolidate, expand and/or diversify.