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The global electric bus market volume was 182 thousand units in 2018 and is projected to reach 291 thousand units by 2026, exhibiting a CAGR of 5.7% during the forecast period.
According to the United Nations Environment Programme, urban buses account for the significant black carbon emission by the transportation sector. Owing to this, the UN Environment Programme is providing technical and policy support to twenty cities in Asia, Africa, and Latin America. These cities will prepare and draw roadmaps of low emission transport for the public by including electric buses. Furthermore, along with the International Council on Clean Transportation (ICCT) and regional partners, the United Nations Environment Programme offers technical support to identify and remove barriers and also support the adoption and design of cleaner buses for public commitment. These government initiatives are expected to propel the growth of the market over the forecast period.
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Vehicle emission is solely responsible for emitting 29% of greenhouse gases that result in air pollution and global warming. The depletion of crude oil and rising fuel prices have resulted in rise in popularity and sales of vehicles that are less harmful to the environment and uses alternative fuels. This has also led to an increase in the adoption of electric buses to reduce dependency on fossil fuels.
In conventional buses, internal combustion engines and fossil fuels are used to run the vehicle, while the electric bus is propelled by electrical and traction motors. Owing to less moving parts, electric vehicles are light in weight and are more efficient than conventional buses. This results in less need for vehicular maintenance and also has a good impact on the environment without any emission. However, the initial cost of an electric bus is expected to restrict the overall growth of electric bus market over the forecast period.
“Stringent Government Emission Regulations is Expected to Drive the Market”
According to the World Health Organization (WHO), a major cause of death has been air pollution. Since vehicular emission has harmful effects on public health and also on the environment, governments of major countries are heavily investing in the infrastructural development to reduce greenhouse gases and lower air pollution levels. Owing to this, governments have implemented stringent emission regulations. These regulations are fuelling the growth of the electric bus market. The electric bus is soot free, as they do not emit any harmful substances. Also, electric buses are efficient and provide clean urban transport, providing cities with a track to sustainability of clean air. Major cities are also adopting E-buses in some countries such as China and the United States.
“Increasing demand for the Hydrogen Fuel Cell Bus is Expected to Drive Market During Forecast Period”
The hydrogen fuel cell bus developed by combing fuel cell systems with an electric powertrain, control technologies, and batteries. Hydrogen fuel cell buses are considered next-generation eco-friendly transport, since fuel cell buses have a more extended range than an electric bus. The hydrogen fuel cell bus has fast refueling speed and routes flexibility. Owing to such major advantages of hydrogen fuel cell buses, there has been an increase in demand for the hydrogen fuel cell bus over the forecast period. For example, in Europe, about a thousand hydrogen buses are to be delivered until the next few years. China has been a leader in the hydrogen fuel cell bus and also the battery-electric market.
“Battery Electric Bus Segment is Expected to Hold the Largest Market Share During Forecast Period”
Based on type, the market is segmented into battery-electric vehicles, plug-in hybrid electric vehicles, and fuel cell electric vehicles. The electric bus market forecasts that battery-electric vehicle segment holds the largest share and is also anticipated to dominate the global market over the forecast period. Battery electric vehicle buses store electricity on board with the high capacity battery sets. The battery-electric bus uses the power of these batteries to run the electric motor and also on board all electronics.
Fuel cell electric vehicle segment is also expected to show good growth in the electric bus market during the forecast period owing to, the fact that hydrogen fuel cell bus has a more extended range with fast refueling capabilities as compared to the electric bus. Hydrogen buses can also operate in cold climates.
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Plug-in hybrid electric vehicle segment is expected to witness steady growth in the electric bus market over the forecast period. The plug-in hybrid electric bus can charge the battery by both regenerative braking or plugging in the external electrical power source.
Asia-Pacific is anticipated to dominate the global electric bus system market over the forecast period. China is a leader in the electric bus market in this region and also globally owing to having the largest market share in terms of volume. The Chinese government has endorsed the transportation sector of the country for the usage of electric buses in urban transport. The initiatives taken by the governments in China have boosted the demand for the electric bus in this region. Furthermore, the presence of the market leader BYD in this region is driving the growth of the market in this region. Also, the rapidly increasing charging infrastructure in this region is driving the market for the electric bus. Japan and South Korea are also contributing to the growth of the electric bus market in this region.
Europe Electric Bus Market, 2018
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As per the electric bus market report, Europe is the second-largest market and is expected to show good growth in this market over the forecast period. The stringent government regulations about vehicle emissions in this region are primarily promoting the electric bus market growth in this region. Many governments have started taking initiatives to make urban public transport sustainable with the help of clean and efficient transportation in this region. The demand for fuel cell buses in this region is also growing.
North America is also expected to show good growth in the electric bus market. The U.S. is expected to show good growth in this region. The stringent emission regulations in this region are likely to help increase the growth of the electric bus market in the coming years.
“Key Market Players are Developing New Buses with Larger Passenger Carrying Capacity with Lower Power Consumption”
Key companies in the world are dominating the electric bus market owing to their critical strategic decisions, and robust product portfolio. These include a group of key companies with more extensive geographic presence and persistent R&D activities, resulting in secure regulatory approvals.
The stringent government emission regulations and government initiatives for clean and efficient transportation are expected to help attract high electric bus market revenue in the forecast period.
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Along with this, the report provides an elaborative analysis of the global market dynamics and competitive landscape. Various key insights presented in the report are recent industry developments such as mergers & acquisitions, the regulatory scenario in crucial countries, technological advancements in the electric bus, key strategies adopted by market leaders, competitive landscape, and company profiles.
Fortune Business Insights says that the global market was at 182 thousand units in 2018 and is projected to reach 291 thousand units by 2026.
In 2018, the Electric Bus market volume was 182 thousand units.
Growing at a CAGR of 5.7%, the global market will exhibit a steady growth in the forecast period (2019-2026)
The battery electric vehicle type segment is expected to be the leading segment in the global market during the forecast period.
The stringent government emission regulations and government initiatives are the key factors driving the global electric bus market’s growth.
BYD Co., Ltd, Proterra Inc.,AB Volvo, and Scania AB are the top players in the global market.
Asia Pacific is expected to hold the highest market share in this global market.
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