The electric bus market size is poised to reach around US$165 bn by 2027 and market is expanding at a huge CAGR of 24% over the duration of forecast of 2020 to 2027.
The electric bus market is primarily driven by stringent emission norms across the globe. Rising emphasis by governments on public transport is anticipated to play an important role in the rapid expansion of the global electric bus market. Rising pollution levels in some mega cities, such as Shenzhen, London, Mexico City, Milan, Vancouver and Los Angeles, has already driven the market for electric buses significantly. Moreover, all the highly populous cities are likely to adopt electric buses to reduce greenhouse gases and other major pollutants in the environment. According to the World Health Organization (WHO), air pollution has been a major factor responsible for deaths and hospital admissions, thus the respective governments of countries in Europe are taking various steps to improve air quality, among which electrification of the automotive industry is a key step. The high price of electric buses has been a key restrain to the electric bus market; however, the price of buses has reduced due to significant reduction in the price of batteries in the last four years. Electric buses can be a value for money product in the long run, owing to lower running cost and higher lifespan of these vehicles, as compared to those vehicles that run on conventional fuels. Lower vibration from electric motors is a key factor behind the longer lifespan of electric vehicles.
Governments of all highly polluted and populated cities are likely to adopt electric buses at the earliest. The responsible authorities have been offering considerable subsidies in order to enhance the adoption of electric buses across the globe and to encourage private firms and organizations to adopt electric buses instead of conventional buses.
China to Remain Key Contributor for Growth of Asia Pacific Segment
Depending on the type of electrification, the segment of battery electric bus is projected to dominate the global electric bus market. The growth of the segment is mainly because of the growing number of battery buses in China. For instance, Shenzen, a province in China, holds more number of battery electric buses than the complete fleet in the whole North America. Thus, from a geographical standpoint, the regional segment of Asia Pacific is the most dominant one. Major contribution comes from China and the nation accounts for over 85% of the overall regional market. Other nations such as India, Indonesia, and Japan are expected to present lucrative business opportunities for the growth of the electric bus market.
Increasing Concerns about Quality of Breathable Air to Spur Adoption of Electric Buses
A key factor that has been driving the global electric bus market is growing demand for eco-friendly vehicles. These buses have a lower maintenance cost, which in turn is attracting a lot of interest from private firms for adoption. This too is expected to help in the development of the global market. Furthermore, the governments across the globe are offering high subsidies and rebates for adopting electric vehicles in public transport and private contractors are jumping to tap that opportunity. This factor coupled with increasing concerns about air pollution and the overall quality of breathable air all working in favor of the development of the global electric bus market.
In terms of electrification type, the battery electric buses segment dominated the global electric bus market in 2019, owing to the presence of a large number of battery electric buses in China. Shenzhen, a city in China, alone holds a larger fleet of battery electric buses than the total fleet of buses in major states of North America. If we exclude the electric bus market of China, the hybrid bus segment (Conventional Hybrid Bus) is expected to hold a major share of the market, as conventional hybrid is an older technology and has been already introduced in most regions across the globe; however, the technology is still in the nascent phase in several countries of Asia Pacific, which in turn is likely to propel the conventional hybrid buses segment of the market. The battery electric buses segment is likely to expand at a rapid pace, among all the segments, due to zero emission from these vehicles and high demand for battery electric vehicles. Asia Pacific and North America are likely to be highly lucrative markets for electric buses during the forecast period owing to rising stringency of emission norms in these regions.
In terms of bus type, the medium bus segment held a notable share of the market in 2019. The segment is likely to expand at a remarkable pace during the forecast period owing to medium buses possessing the precise length suitable for transit bus service. Furthermore, high seating capacity bus segment is likely to expand at a rapid pace during the forecast period as the high seating capacity buses are the most effective solution to contribute maximum for reducing the air pollution with optimum use power generated within the powertrain. Moreover, high seating capacity buses are of 18 m or 24m in length and are primarily gaining popularity in Europe and Americas.
In terms of battery, Lithium Iron Phosphorus battery is used in highest quantity. The lithium iron phosphate battery is preferably used in medium and large buses due to its excellent thermal stability, long lifespan, and faster charging time, as compared to that of the conventional lithium ion battery. Other battery types, such as lithium titanate and nickel manganese cobalt, are preferably utilized by some manufacturers in their light and medium buses, thus the lithium titanate and nickel manganese cobalt are anticipated to witness considerable expansion during the forecast period. Furthermore, various researches are being carried out on autonomous electric buses; however, the arrival of autonomous electric buses is expected after 2027, with limited production.
In terms of region, Asia Pacific holds a major share of the global electric bus market, followed by Europe. In Asia Pacific, China accounted for a prominent share owing to the considerably large electric bus fleet in Shenzhen. China alone held more than 90% share of the market in Asia Pacific in 2019. It sold more than 90,000 electric buses that contributed it to the notable share of the electric buses market in the region. Europe is an emerging market for electric buses, and countries such as Poland, the Netherlands, and France are focusing to replacement of their bus fleets with electric buses and hence, are promising markets for electric buses.
The Electric Bus market research report covers definition, classification, product classification, product application, development trend, product technology, competitive landscape, industrial chain structure, industry overview, national policy and planning analysis of the industry, the latest dynamic analysis, etc., and also includes major. The study includes drivers and restraints of the global market. It covers the impact of these drivers and restraints on the demand during the forecast period. The report also highlights opportunities in the market at the global level.
The report provides size (in terms of volume and value) of Electric Bus market for the base year 2019 and the forecast between 2020 and 2027. Market numbers have been estimated based on form and application. Market size and forecast for each application segment have been provided for the global and regional market.
This report focuses on the global Electric Bus market status, future forecast, growth opportunity, key market and key players. The study objectives are to present the Electric Bus market development in United States, Europe and China.
It is pertinent to consider that in a volatile global economy, we haven’t just conducted Electric Bus market forecasts in terms of CAGR, but also studied the market based on key parameters, including Year-on-Year (Y-o-Y) growth, to comprehend the certainty of the market and to find and present the lucrative opportunities in market.
In terms of production side, this report researches the Electric Bus capacity, production, value, ex-factory price, growth rate, market share for major manufacturers, regions (or countries) and type.
In terms of consumption side, this report focuses on the consumption of Electric Bus by regions (countries) and application.
Buyers of the report will have access to verified market figures, including global market size in terms of revenue and volume. As part of production analysis, the authors of the report have provided reliable estimations and calculations for global revenue and volume by Type segment of the global Electric Bus market. These figures have been provided in terms of both revenue and volume for the period 2016 to 2027. Additionally, the report provides accurate figures for production by region in terms of revenue as well as volume for the same period. The report also includes production capacity statistics for the same period.
With regard to production bases and technologies, the research in this report covers the production time, base distribution, technical parameters, research and development trends, technology sources, and sources of raw materials of major Electric Bus market companies.
Regarding the analysis of the industry chain, the research of this report covers the raw materials and equipment of Electric Bus market upstream, downstream customers, marketing channels, industry development trends and investment strategy recommendations. The more specific analysis also includes the main application areas of market and consumption, major regions and Consumption, major Chinese producers, distributors, raw material suppliers, equipment providers and their contact information, industry chain relationship analysis.
The research in this report also includes product parameters, production process, cost structure, and data information classified by region, technology and application. Finally, the paper model new project SWOT analysis and investment feasibility study of the case model.
Overall, this is an in-depth research report specifically for the Electric Bus industry. The research center uses an objective and fair way to conduct an in-depth analysis of the development trend of the industry, providing support and evidence for customer competition analysis, development planning, and investment decision-making. In the course of operation, the project has received support and assistance from technicians and marketing personnel in various links of the industry chain.
Electric Bus market competitive landscape provides details by competitor. Details included are company overview, company financials, revenue generated, market potential, investment in research and development, new market initiatives, global presence, production sites and facilities, production capacities, company strengths and weaknesses, product launch, product width and breadth, application dominance. The above data points provided are only related to the companies’ focus related to Electric Bus market.
Prominent players in the market are predicted to face tough competition from the new entrants. However, some of the key players are targeting to acquire the startup companies in order to maintain their dominance in the global market. For a detailed analysis of key companies, their strengths, weaknesses, threats, and opportunities are measured in the report by using industry-standard tools such as the SWOT analysis. Regional coverage of key companies is covered in the report to measure their dominance. Key manufacturers of Electric Bus market are focusing on introducing new products to meet the needs of the patrons. The feasibility of new products is also measured by using industry-standard tools.
Key companies are increasing their investments in research and development activities for the discovery of new products. There has also been a rise in the government funding for the introduction of new Electric Bus market. These factors have benefited the growth of the global market for Electric Bus. Going forward, key companies are predicted to benefit from the new product launches and the adoption of technological advancements. Technical advancements have benefited many industries and the global industry is not an exception.
New product launches and the expansion of already existing business are predicted to benefit the key players in maintaining their dominance in the global market for Electric Bus. The global market is segmented on the basis of region, application, en-users and product type. Based on region, the market is divided into North America, Europe, Asia-Pacific, Latin America and Middle East and Africa (MEA).
Major players operating in the global electric bus market are BYD Company Ltd., Yutong, New Flyer Industries Inc., Proterra Inc., Solaris Bus & Coach SA, Zhongtong Bus Holding Co., Ltd, Shenzhen Wuzhoulong Motors Co., Ltd, EBUSCO BV, Dongfeng Automobile Co., Ltd., Alexander Dennis, King Long, FAW Group, AB Volvo, Daimler AG, TATA Motors, Ashok Leyland, Nova Bus, and Foton Motor Inc. BYD Company Ltd. and Yutong with their presence in China dominated the global electric bus market, owing to high demand for electric buses in China. Furthermore, other players involved in the manufacturing of the conventional buses are likely to enter the electric bus market and encourage a healthy competition among all manufacturers.
Market Segmentation is as follows:
In this study, the years considered to estimate the market size of Electric Bus are as follows:
Reasons to Purchase this Report:
- Market segmentation analysis including qualitative and quantitative research incorporating the impact of economic and policy aspects
- Regional and country level analysis integrating the demand and supply forces that are influencing the growth of the market.
- Market value USD Million and volume Units Million data for each segment and sub-segment
- Competitive landscape involving the market share of major players, along with the new projects and strategies adopted by players in the past five years
- Comprehensive company profiles covering the product offerings, key financial information, recent developments, SWOT analysis, and strategies employed by the major market players
In-depth interviews and discussions were conducted with several key market participants and opinion leaders to compile the research report.
Primary research represents a bulk of research efforts, supplemented by extensive secondary research. Annual reports, press releases, and relevant documents of key players operating in various application areas have been reviewed for competition analysis and market understanding.
Secondary research also includes recent trends, technical writing, Internet sources, and statistical data from government websites, trade associations, and agencies. These have proved to be reliable, effective, and successful approaches for obtaining precise market data, capturing market participants’ insights, and recognizing business opportunities.
The study objectives of this report are:
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