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Albany, New York, Aug. 07, 2019 (GLOBE NEWSWIRE) -- With the technological shift seen in the automotive sector has lead in rapidly changing and advancing manufacturing of automotive vehicles. Manufacturers in the automotive sector are making persistent efforts in using advanced technologies and offering best of the facilities to their customers. Moreover, growing preference for electric vehicles has further helped manufacturers in developing these types of vehicles, thus driving demand in the global electric bus market. Governments across the globe are also contributing extensively in augmenting the development of electric busses, as their use will help in reducing pollution caused by diesel automotive and also assist in managing the growing traffic. Governments are also offering subsidies on electric vehicles mainly to encourage higher use of these busses.
According to market research analysis, the revenue expected to be generated in the global electric bus market is nearly US$ 165 billion by the end of 2026. As the demand for electric bus is expanding at a extraordinary rate and people are attributing to the benefits of electric bus are the major reason that will drive the market at a CAGR of 24% between the period of eight years from 2018 to 2026.
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Keeping in mind this growth rate, electric bus manufacturers are making significant efforts in adopting advanced technologies largely and offering other benefits also that will help in increasing sales of electric bus. Some of the leading players in the global electric bus market are Proterra Inc., New Flyer Industries Inc., Zhongtong Bus Holding Co., Ltd, Solaris Bus & Coach SA, Shenzhen Wuzhoulong Motors Co., Ltd, Dongfeng Automobile Co., Ltd., EBUSCO BV, Alexander Dennis, FAW Group, King Long, Daimler AG, AB Volvo, and TATA Motors. With the presence of many players, the competition among these players is expected rise substantially.
Growing Preference for Eco-Friendly Vehicles Augmenting Growth for Electric Bus
The demand for eco-friendly vehicle across the globe is one of the prime factors driving demand of the global electric bus market. moreover, electric bus involves less maintenance cost of the vehicle, which is why this market is attracting private firms to adopt electric bus that will help them in easy transportation. Additionally, increasing benefits provided by the government in the form subsidiary has further augmented growth in the global electric bus market. Reduction in air pollution and minimizing traffic are other key advantages of increasing demand for electric bus.
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Rising Government Subsidies in Asia Pacific has made it A Key Region in the Global Electric Bus Market
With respect to regional growth, Asia Pacific is likely to lead the global electric bus market. The demand for electric bus in this region is rising significantly due to rising trade between countries and increasing number of emerging economies in the region. Stats reveal that the sales of electric bus have crossed 90,000 in Asia Pacific region. China is considered as a major player in the driving demand for electric bus in this region, but according to the current situation, there are chances that in the next few years, Chinese government may withdraw subsidies on electric bus. This factor is expected to negatively impact the growth of the electric bus market at a large rate.
Europe on the other hand is projected to consider as an emerging market for electric buses. The Netherlands, Poland, and France are working towards replacing their bus fleets with electric buses. This initiative in these countries is also contributing in the growth of the global electric bus market.
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The study presented here is based on a report by Transparency Market Research (TMR) titled “Electric Bus Market (Electrification Type - Battery Electric Bus, Plug-in Hybrid Bus, Hybrid Bus; Bus Type - Light Bus, Medium Bus, High Seating Capacity Bus; Component - Electric Motor, Batteries, Transmission System; Battery - Lithium Iron Phosphate, Lithium Titanate, Nickel Manganese Cobalt; Operation - Manual, Semi-autonomous, Autonomous) - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2018 - 2026.”
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The global Electric Bus Market is segmented based on:
Asia Pacific (APAC)
Middle East and Africa (MEA)
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