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Electric Bus Market to Exhibit 16.0% CAGR till 2028; BYD Receives Largest Order of 259 Pure-electric buses in Europe from Keolis Nederland BV

June 07, 2021 | Automotive & Transportation

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.”


To get a detailed report summary and research scope of this market, click here:


https://www.fortunebusinessinsights.com/electric-bus-market-102021


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:



  • BYD Co., Ltd (Shenzhen, China)

  • Proterra, Inc. (Burlingame, California, United States)

  • AB Volvo (Gothenburg, Sweden)

  • New Flyer Industries (Winnipeg, Canada)

  • Daimler AG (Stuttgart, Germany)

  • Scania AB (Södertälje, Sweden)

  • Iveco (Turin, Italy)


A Significant Industry Development-



  • December 2019: BYD, a renowned manufacturer of automobiles and battery-powered buses, based in China bagged a new order from Keolis Nederland BV. The company would deliver 259 pure-electric buses in Europe. It is considered to be the company’s biggest order of e-buses. It would help BYD in strengthening its position in the e-bus industry.


Further Report Findings-



  • Asia Pacific stood at 167 thousand units in terms of revenue in 2020. It is expected to dominate in the near future because of the presence of BYD, one of the most renowned manufacturers of e-bus in China. Additionally, the increasing development of charging stations in South Korea and Japan would also propel growth.

  • Europe is anticipated to remain in the second position, followed by Asia Pacific. This growth is attributable to the increasing government initiatives to create sustainable urban transportation. They are doing so by deploying green and clean transportation technologies in the region.

  • By type, the plug-in hybrid e-bus segment procured 8.0% in terms of the electric bus market share in 2020. The battery segment, on the other hand, is likely to remain at the forefront backed by the ability of battery-powered buses to store electricity in battery packs for a longer period of time.


The global market can be segmented in this way:





































  ATTRIBUTE



  DETAILS



Study Period



  2017-2028



Base Year



  2020



Forecast Period



  2021-2028



Historical Period



 2017-2019



Unit



 Volume (thousand units)



Segmentation



By Type



  • Battery

  • Plug-in Hybrid

  • Fuel Cell



By Geography



  • North America (U.S., Canada, and Mexico)

  • Europe (U.K., Germany, France, Netherlands, and Rest of Europe)

  • Asia-Pacific (Japan, China, India, South Korea, and Rest of Asia- Pacific)

  • Rest of the World



 

Electric Bus Market
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  • 2017-2019
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