NEW YORK, Feb. 23, 2018 (GLOBE NEWSWIRE) — The global electric bus market is expected to grow at a CAGR of 30.2% during 2018 – 2024 and the sale is projected to reach 92,145 units by 2024. Factors propelling the growth of electric bus market include shifting focus towards adoption of electric vehicles, continuous depletion of conventional resources, government initiatives to switch from clean energy buses to zero emission buses, and rising pollution concerns. The report segments the electric bus market by product type (Purely electric, hybrid electric, plug-in electric buses), by technology (autonomous and non autonomous), by size (above 10m, below 10m), by end user (government, fleet owners, others), and by region (North America, Europe, Asia-Pacific, Rest of the world (ROW)). The report studies the global electric bus market over the forecast period (2018-2024).
Electric bus operational cost is cheaper than a diesel bus. The use of Electric bus is a viable way of reducing the vehicle emissions and is economically viable than a diesel bus. The adoption of electric buses is increasing globally and the market is nowhere near to saturation, encouraging the automobiles companies to invest in the electric bus market during the forecast period.
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Key findings from electric bus market
- Purely electric segment is estimated to grow at a rapid rate, owing to public interest and government initiative for emission free transportation. The sales of above 10 m buses are expected to increase globally as compared to the bus below 10m in size.
- Proterra one of the US automotive company estimated that every new transit bus will be electric by 2030.
- Indian government unveiled National Electric Mobility Mission Plan (NEMMP) 2020 to accelerate the growth of the electric and hybrid components of the automotive sector. Mahindra the automobile giant in India targets to start electric bus sales in India in 2018. In January 2017, Tata Motors has also launched a pure electric and a hybrid electric bus.
- Geographically, Asia-Pacific is expected to be the largest electric bus market owing to the need for clean transportation with increasing population. The North America and Europe is also expected to register a significant growth in the near future.
- Key players in Electric Bus Market are Ashok Leyland, Proterra, Solaris, Zhongtong, Ebusco, Alexander Dennis, Yutong Group, AB Volvo, Shenzhen Wuzhoulong, BYD, King Long among others.
Electric Bus- Future of Transit Buses
Public transports such as buses are ideal vehicle for electrification. With rapid urbanization and increasing pollution by using conventional fuel is a major cause for global warming. Electrifying the buses offers a comprehensive solution for low emission and reduced air pollution. Major automobiles companies are showing interest in manufacturing electric buses as electricity is cheaper than diesel or natural gases. Electric buses have less parts, thereby low maintenance cost and offers economically viable profit margins. The technological advancement in electrical buses allows the big players to take advantage and introduce their product. Players like Proterra, BYD, Volvo and Hyundai unveiled their battery electric buses in the market. As these companies advancing further, creating a continuous supply chain and share their expertise to new aspiring companies helping electric buses expansion to move rapidly in the near future.
Global Electric Bus Market- Regional Insight
In Asia-Pacific China is forecasted to be the leading market owing to the earliest adoption of electric vehicles. Indian market offers abundant growth opportunity for the market growth, due to government initiatives supporting greater adoption of electric bus as a preferred mode of public transport. Countries such as Israel and Brazil are also taking several initiatives to develop their electric vehicle infrastructure and issuing mandatory requirements for low emissions. Europe is also turning to electric buses in an effort to minimize greenhouse emission. European Union mandates the purchase of electric buses for public transport services. Developed countries in North America such as U.S. and Canada are expanding their electric bus fleet in public transport infrastructure. North America is investing heavily on electric buses to switch to zero emission vehicles.
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