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The global electric bus market size is projected to grow from 192 thousand units in 2021 to 544 thousand units in 2028. The urgent need to lower the dependence on petroleum fuels is compelling people to shift rapidly towards these buses. These are also lightweight, more productive, and have much smaller moving parts, unlike conventional buses. Fortune Business Insights™ published this information in a study, titled, “Electric Bus Market Size, Share & COVID-19 Impact Analysis, By Type (Battery Electric Bus, Plug-in Hybrid Electric Bus, and Fuel Cell Electric Bus), and Regional Forecasts, 2021-2028.” The study further mentions that the market stood at 170 thousand units in 2020. It is set to exhibit a CAGR of 16.0% in the forecast period between 2021-2028.
Toyota and BYD Open Joint Venture Firm to Conduct R&D on Battery Electric Vehicles
In November 2019, Toyota Motor Corporation and BYD Company Ltd. signed an agreement to open a joint venture firm. The new company would conduct research and development activities to come up with innovative battery electric vehicles (BEVs). It would also develop and design BEVs and their associated parts. As per one of the company officials, “We are looking forward to blending BYD’s strength with Toyota’s quality technologies to offer the best BEV solutions and products to cater to the high demand from consumers.”
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Urgent Need to Reduce Air Pollution will Accelerate Demand Globally
The rising concerns of air pollution are compelling government agencies worldwide to invest hefty amounts in the construction of infrastructures required to operate e-buses. According to the World Health Organization (WHO), every year, approximately 7 million die due to the exposure of polluted air. In 2016, there were around 4.2 million deaths because of ambient air pollution. Therefore, the need to reduce ozone-depleting substances has surged rapidly nowadays. Governments of various countries are introducing stringent regulations for the transportation sector. As these buses do not discharge harmful gases, they are considered to be eco-friendly.
At the same time, they are proving to be very beneficial as an alternative mode of transportation in urban areas. As per the International Association of Public Transport, 92% of e-bus riders in Paris mentioned that these buses would contribute to better air quality. However, compared to conventional buses, these are very expensive, which, in turn, may obstruct the market growth in the upcoming years.
Constant Technological Advancement — A Crucial Strategy of BYD
Out of all the renowned companies present in the global market, BYD is in the leading position because of its technological revolution for the improvement of peoples’ lives. It provides its unique products to a wide range of sectors, including railway transportation, automobiles, new energy, and electronics. Some of the other companies are also trying to deliver innovative buses by opening joint ventures with local firms.
Fortune Business Insights™ presents a list of prominent e-bus manufacturers operating in the global market. They are as follows:
A Significant Industry Development-
The global market can be segmented in this way:
Volume (thousand units)