BANGALORE, India, March 9, 2020 /PRNewswire/ -- With the rising level of pollution generated by emissions from vehicles, governments of different nations are attempting to incorporate renewable sources of energy for vehicles to operate. This is one aspect that encourages the overall growth of the Electric Bus Industry.
The Global Electric Bus Market will grow from USD 88,632.45 million in 2018 to USD 183,269.78 million by 2025, with a Compound Annual Growth Rate (CAGR) of 10.93 percent.
The market is strategically segmented based on type, end-user, and electrification to give an in-depth analysis. Based on type, the market is segmented by High Seating Capacity Bus, Light Bus, and Medium Bus. Based on end-user, the market is split into Fleet Operators and Government. On the basis of electrification, the market is classified as Hybrid Electric Bus and Purely Electric Bus.
Rising environmental concerns and increasing government spending in fuel-saving technology & alternative fuel vehicles push the growth of the global market for electric buses. Increasing numbers of global bus manufacturers are opting to produce electric & hybrid electric busses as replacements for diesel-fueled busses, thus driving the market to rise.
Increasing the country's focus on promoting mass transit electrification solutions and government support are driving the growth of the electric bus industry. Many governments around the world have introduced changes in public transportation systems by substituting zero-emission electric busses for heavy-duty diesel and gasoline-run busses. This adoption is in turn expected to fuel the market growth.
During the forecast period, the Middle East & Africa, which includes Egypt, South Africa, and UAE, is expected to be the fastest-growing region. Factors driving the Middle East & Africa electric bus market are the increasing demand for electric mass transit solutions, renowned OEMs expanding in the region, and government support.
Asia Pacific region is the world's biggest market for electric buses. This includes some of the world's fastest growing and developed economies. The region's growth can be attributed to the dominance of the Chinese market and the presence in the country of leading OEMs such as BYD, Yutong, resulting in the exponential growth of the Asia Pacific electric bus industry as well.
Europe is expected to see the highest growth over the forecast period, owing to strict European government regulations that ensure CO2 emissions are minimized by adding more electric busses to its existing fleet.
The global electric bus market is highly competitive and characterized by the presence on the market of a large number of international and regional players. The market has witnessed increased competition between vendors based on the pricing model, differentiation of technology, brand name, service quality, product differentiation, and technical expertise.
Some of the major players in the market are given below.
BYD Company Limited
Solaris Bus & Coach S.A.
Zhengzhou Yutong Bus Co. Ltd
Ashok Leyland Limited
Tata Motors Limited
Market Segmentation & Coverage:
The research report categorizes the Global Electric Bus Market to forecast the revenues and analyze the trends in each of the following segments:
Electric school bus market will grow from USD 9,392.94 million in 2018 to USD 31,849.58 million by 2025, at a 19.05 percent Compound Annual Growth Rate (CAGR).
The global market for electric school buses is highly competitive and features the presence of many international and regional players in the market. The market has seen increasing competition among vendors based on the pricing model, technology differentiation, brand name, service quality, price differentiation, and technical expertise.
The report provides in-depth insights into demand forecasts, market trends, and micro and macro indicators. Furthermore, this report provides insights into the factors that drive and restrain demand from the Global Electric School Bus Market. In addition, the report highlights and offers an outlook on current market patterns.
Global Electric MicroBus Market is expected to rise from USD 2,494.84 million in 2018 to USD 9,743.04 million by 2025, at a compound annual growth rate of 21.48%.
Volkswagen AG, Hyundai Motor Company, KIA Motors Corporation, and Baoding Changan Bus Manufacturing Co., Ltd. are some of the major players in the market.This report also provides insights into the factors that drive and restrict the demand of the Global Electric MicroBus Industry. In addition, the report highlights and offers an outlook on current market patterns.
The global market for hybrid buses is rising remarkably fast and is expected to grow over the forecast period in terms of volume and revenue. Readers may gain insight into the complex market, shaping opportunities and constraints. The report shows the improvement and the changes that will occur over the forecast period.
The research report includes specific segments such as application (Public Transit. Highway Transportation and others) and product type (Single-Decker Bus, Double-Decker Bus). Each type provides information about the sales during the forecast period of 2015 to 2026. The application segment also provides revenue by volume and sales during the forecast period of 2015 to 2026. Understanding the segments helps in identifying the importance of different factors that aid market growth.
The market is strategically segmented based on type, end-user, and electrification to give an in-depth analysis. Based on type, the market is further classified as High Seating Capacity Bus, Light Bus, and Medium Bus. Based on end-user, the market is split into Fleet Operators and Government. On the basis of electrification, the market is classified as Hybrid Electric Bus and Purely Electric Bus.
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