The global electric bus market size is anticipated to reach around 835.2 thousand units by 2026 and growing at a CAGR of around 26.1% in terms of volume during the forecast period 2019 to 2026.
Electric busses are vehicles that require electricity to run. Electric busses are the cheapest way to reduce fuel-driven cars or busses emissions and therefore their market is growing worldwide. The need for electric buses has been improving in recent years due to strong research and technology growth, government assistance, and private sector initiative.
The report provides an analysis of the global electric bus market for the period 2015-2026, wherein 2019 to 2026 is the forecast period and 2018 is considered as the base year.
Air pollution has been a major cause of death, according to the World Health Organization (WHO). Seeing that the impacts on public health and the environment of vehicle emissions are negative, governments in big economies invest heavily in infrastructure development to reduce greenhouse gasses and air pollution. Those regulations fuel the expansion of the demand for electric buses. The electric bus is free of soot, as no harmful substances are released. Electric busses also provide a smart public transit system that offers communities the road to clean air sustainability.
Decreased electric battery prices are just as critical as support from the government for the development of electric bus markets. Battery production, particularly in China, has increased significantly, contributing to a significant decline in battery quality. Since its battery accounts for almost 40 percent of bus costs, a further drop in battery prices is projected to have a positive impact on the market. In fact, battery companies work relentlessly to increase the output power to provide more value for money to bus customers.
The Chinese demand for electric busses relies heavily on the state, which in 2018 accounted for over 50% revenue. Buses are used for mass transportation, freight, military and other activities of the government sector. The bulk of the decisions on electric bus purchases are made by officials and other public bodies at the local or state level. The reduction in the subsidy for electric cars will have a small impact on the selling of electric busses because the public sector is less prone to prices than the private one. The Chinese government is now strongly committed to raising the share of electric buses in the country's transport network
Europe is the second largest market and over the forecast period, this market is expected to expand well. In this area, the tight vehicle emission regulations of the Government promote the growth of the electric bus industry. Many municipalities have launched projects to ensure that clean and efficient transport in this area makes urban public transport affordable. There is also increasing demand for fuel cell buses in this area.
The growing demand for electricity transit systems, the growth of renowned OEMs and government support is driving the electric bus industry in Middle East & Africa. The first smart electric bus in the world was launched in November 2019, with the assistance of the Shanghai Wanxiang Company, China. Futon Motor has planned to produce more than 2,000 electric buses in the country in the next four years with the Egypt Military Development Ministry in May 2019.
The market research study on “Electric Bus Market (By Vehicle Type: Plug-in Hybrid Electric Bus, Battery Electric Bus; By Consumer: Fleet Operators, Government) - Global Industry Analysis, Market Size, Opportunities and Forecast, 2019 - 2026) - Global Industry Analysis, Market Size, Opportunities and Forecast, 2019 - 2026” offers a detailed insights on the global Electric Bus market entailing insights on its different market segments. Market dynamics with drivers, restraints and opportunities with their impact are provided in the report. The report also provides a competitive landscape to understand the current stance of a particular player. The report provides insights on global Electric Bus market, its vehicle type, consumer, and major geographic regions. The report covers global Electric Bus market size, and segment markets by vehicle type, consumer, and geography along with the information on companies operating in the market. The Electric Bus market analysis is provided for major regional markets including North America, Europe, Asia-Pacific, Latin America, and Middle East & Africa. For each region, the market size for different segments has been covered under the scope of report.
The global electric bus market is segmented as below:
Electric Bus Market By Vehicle Type
Electric Bus Market By Consumer
Electric Bus Market By Geography
Middle East & Africa
Key Players and Market Situation
Players profiled in the report are VDL Groep, Yutong, BYD, Proterra, and AB Volvo, and Others. Due to the growing number of orders from the national and international markets for its electric buses, BYD continues to be the top player.
Companies such as BYD and Yutong hold a significant share of over 40% in the Chinese electric bus industry in 2018.
Electric busses are the cheapest way to reduce fuel-driven cars or busses emissions and therefore their market is growing worldwide.
Acumen Research and Consulting predict that the electric bus market value is anticipated to be worth around 835.2 thousand units in 2026.
The electric bus market is anticipated to grow over 26.1% CAGR during the forecast period 2019 to 2026.
The Chinese demand for electric busses relies heavily on the state, which in 2018 accounted for over 50% revenue.
Asia Pacific is projected to grow at a fast pace during forecast period in the electric bus market.
Key players profiled in the electric bus market are VDL Groep, Yutong, BYD, Proterra, and AB Volvo, and Others.
The global electric bus market is segmented into vehicle type, consumer, and major geographic regions.