The global electric bus market is basically driven by the ever-increasing emphasis of economies on promotion of electrifying mass transit solutions coupled with governments’ support. The other factors to ponder about are depleting reserves of crude oil and increase in air pollution at an alarming rate. As such, hybrid and electric vehicles are being preferred by end-users throughout the world. Though the initial funding is high, it eventually proves to be profitable due to low operational cost. Increase in awareness on this count is bound to fuel the market growth going forward.
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The global electric bus market is expected to witness a whopping CAGR post Covid-19 era.
Key Takeaways from the electric Bus Market
- The present as well as future belong to the Asia-Pacific. This could be credited to the fact that Shenzhen holds the distinction of being the very first city to have a 100% electrified fleet of public transport. Also, majority of OEMs present herein add to the revenue generation.
- The governments across the globe are on to replacement of public transport in existence with emission-free public transport as a constructive step towards “going green”.
- As far as length of electric bus is concerned, the one with 9-14 m is expected to dominate (with the other two being above 14 m and less than 9 m) the market due to fitment of big volumes of the electric passenger buses therein.
- MEA is expected to grow at the fastest pace in the years to come due to OEMs expanding along with backing from the governments.
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How is the Electric Bus Market Structured?
The key players in the electric bus market include BYD Company, AB Volvo, Proterra, Ashok Layland, Daimler, and EBUSCO.
The pre-Covid-19 era did witness hoards of development herein. For instance – Yutong, in Jun 2019, did launch ZK6907H of novel 7 series. The additional 4 star models include the T7 3.5T gasoline version, hydrogen fuel cell bus F8, L4 self-driving bus, and new high-end intelligent connected city bus U10.
EBUSCO, in Mar 2019, did acquire Alexander Dennis Ltd. to strengthen its portfolio of double decker buses. The same player, in Dec 2018, did announce development of electric bus for Deursche Bahn. The bus did run upto 450 Km, that too, without any top up. It inked an agreement with “DB Regio Bus” later.
Moreover, MEA is undergoing major changes on this count. For instance – Egypt’s AOI (Arab Organisation for Industrialisation), in Nov 2019, did start with its very first smart electric bus with help from Shanghai Wanxiang Group (China). Foton Motor, in May 2019, entered into an agreement with Military Production Ministry of Egypt for producing over 2,000 electric buses till 2023 (though figures may take a hit in the wake of Covid—19). MEA is looked upon as a gold mine in this regard as countries like UAE, Africa, and Egypt do witness a sizable demand for public transport owing to an increasing number of people paying a visit over here.
Covid-19 Effect on Electric Bus Industry
The outbreak of Covid-19 has stalled the electric bus market for the time being. Due to partial/total lockdown enforced throughout, electric bus, or for that matter, any mode of public transport is hardly plying on the roads. This situation is expected to persist till mid-2021 (till Covid-19 vaccine is in place).
“The post-Covid-19 era will see an influx of revenue from the Asia-Pacific and MEA regions in particular, due to OEMs concentrating on expansion in these two regions due to governments as well as the passengers opting for eco-friendly alternatives of public transport”.
Electric Bus Market: The Conclusion
The electric bus market is bound to see strong distribution globally, especially due to players like VDL Groep, AB Volvo, Proterra, Yutong, and BYD spreading their wings far and wide. However, the world needs to sail through this Covid-19 phase soon.