Global Electric Bus Market is valued approximately at USD XXX billion in 2019 and is anticipated to grow with a healthy growth rate of more than XXX% over the forecast period 2020-2026.
An electric bus is a type of bus which is powered by electricity. Electric buses can store electricity either on board or can be consumed unceasingly from an external source (i.e. overhead wires, as in the trolleybus, or with non-contact conductors exist on the ground). A bus that stores power are majorly known as battery-electric buses, in which the electric motor takes energy from an on-board battery, although instances of additional storage modes do exist, like the gyrobus that uses flywheel energy storage. Increasing demand for the hydrogen fuel cell bus, rising focus on emission-free and energy-efficient mass transit solutions, and growing government initiatives for stimulation the adoption of electric bus are the few factors responsible for high CAGR of the market over the forecast period.
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For instance, in India, the National Electric Mobility Mission Plan 2020 is released with the aim to accelerate the growth of the electric and hybrid components of the automotive industry. It primarily emphasizes on fast tracing the production and introduction of electric vehicles in India. Similarly, in 2017, the Government of China paid over average of $10,000 per electric vehicle. This factor would contribute to rise in demand for electric buses around the world. However, the outbreak of COVID-19 pandemic across the globe has a swift and severe impact on every single sector including the automotive industry. Government-issued strict guidelines on movement of public, goods & services, due to which automobile companies cannot produce vehicles. As a result, the production of electric buses has substantially declined and affected the topline of electric bus manufacturers thereby, impacting to the market growth in the recent year. In addition, high manufacturing cost is being always considered as the major limiting factor to the market growth over the forecast period of 2020-2026.
The regional analysis of global Electric Bus market is considered for the key regions such as Asia Pacific, North America, Europe, Latin America and Rest of the World. Asia-Pacific is the leading/significant region across the world in terms of market share owing to increased government funding to accelerate the production of electric buses, along with the presence of significant number of OEMs such as BYD, Yutong, etc. in the countries, particularly China and India. Whereas, Asia-Pacific is also projected to exhibit highest growth rate / CAGR over the forecast period 2020-2026, due to the rapidly growing electric vehicle (EV) charging infrastructure in the region.
Major market player included in this report are:
Anhui Ankai Automobile Co. Ltd
BYD Co. Ltd.
New Flyer Industries
Zhengzhou Yutong Bus Co. Ltd.
The objective of the study is to define market sizes of different segments & countries in recent years and to forecast the values to the coming eight years. The report is designed to incorporate both qualitative and quantitative aspects of the industry within each of the regions and countries involved in the study. Furthermore, the report also caters the detailed information about the crucial aspects such as driving factors & challenges which will define the future growth of the market. Additionally, the report shall also incorporate available opportunities in micro markets for stakeholders to invest along with the detailed analysis of competitive landscape and product offerings of key players. The detailed segments and sub-segment of the market are explained below:
By Vehicle Type:
Battery Electric Bus
Plug-in Hybrid Electric Bus
Fuel Cell Electric Bus
Rest of the World
Furthermore, years considered for the study are as follows:
Historical year – 2016, 2017, 2018
Base year – 2019
Forecast period – 2020 to 2026
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Target Audience of the Global Electric Bus Market in Market Study:
Key Consulting Companies & Advisors
Large, medium-sized, and small enterprises
Value-Added Resellers (VARs)
Third-party knowledge providers