ALBANY, New York, May 15, 2019 /PRNewswire/ -- The global electric bus market is categorized by fierce competition among a myriad of players, observes Transparency Market Research (TMR). In this fragmented competitive landscape, the vendors who were solely operating in the conventional buses, are shifting their services to electric buses. This factor is further intensifying the level of competition in the global electric bus market.
A few names of the present leading operators in the global electric bus market include Proterra Inc., EBUSCO BV., BYD Company Ltd., FAW Group., and Nova Bus. The manufacturers in the market are mostly relying on strategic mergers and acquisitions in order to retain their dominance. Their intention is also maintaining presence across the world to gain a permanent position in the global electric bus market. However, constant modification of electric buses with several advanced technologies is another strategy adopted by most of the players. These players are targeting to incorporate such technologies, which would bring fruitful outcomes in curbing air pollution to a great extent.
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According to the experts of TMR, the growth of the global electric bus market is prophesized to occur at a stellar 24% CAGR during the forecast tenure of 2018-2026. The market is expected to touch valuation of US$ 165 bn by the end of the assessment period.
From the perspective of electrification type, the battery electric buses register the maximum share in the global electric bus market, on account of its rapid deployment in China. Region Wise, North America and Asia Pacific is expected to remain highly lucrative markets in terms of the adoption of electric buses. This is due to the increasing stringency in emission norms in both of these regions.
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Rising Need to Control GHG Emissions to Fuel Market's Growth
The global electric bus market is driven by several factors. Experts have estimated that our world has just over 50 years of fuel left if it is consumed in same rate. Therefore, countries globally have taken approach towards using alternative energy sources. This is one of the many reasons fueling adoption of electric buses, which in turn is driving the global electric bus market. Besides this, numerous government legislations are enforcing the clean fuel acts. Such move is intended to curb air pollution which has severe ill-effects on human being. Hence, to minimize the perils of air pollution, countries are highly investing in electric buses. This factor is providing a major impetus to the growth of the global electric bus market.
Furthermore, other features of electric buses which add up to demand side include higher ROI, high fuel efficiency, and extremely noise-efficient as compared to traditional buses. All these advantages are further complementing growth in the global electric bus market. Among various types of electric buses, hybrid electric buses conserve energy at the time of decelerating or braking, and thus, used in several high-intensity tasks. Such applications are also positively influencing the growth of the global electric bus market.
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Cost-sensitivity and High Maintenance to Obstruct Market's Growth
High-cost associated with the electric buses can be a key reason to negatively impact the overall growth of the global electric bus market. Additionally, rising need for effective charging stations is another factor hampering the market's growth. Nonetheless, significant decline in battery cost is expected to bode well the growth of the global electric bus market in the upcoming years.
The review is based on a market research report by TMR, titled, "Electric Bus Market (Electrification Type - Battery Electric Bus, Plug-in Hybrid Bus, Hybrid Bus; Bus Type - Light Bus, Medium Bus, High Seating Capacity Bus; Component - Electric Motor, Batteries, Transmission System; Battery - Lithium Iron Phosphate, Lithium Titanate, Nickel Manganese Cobalt; Operation - Manual, Semi-autonomous, Autonomous) - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2018 - 2026".
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The segmentation of global Electric Bus Market is based on:
- Battery Electric Bus
- Plug-in Hybrid Bus
- Hybrid Bus
- Light Bus
- Medium Bus
- High Seating Capacity Bus
- Electric Motor
- Transmission System
- Lithium Iron Phosphate
- Lithium Titanate
- Nickel Manganese Cobalt
- North America
- Latin America
- Rest of Latin America
- Rest of Europe
- Asia Pacific
- Rest of Asia Pacific
- Middle East & Africa
- South Africa
- Rest of Middle East & Africa
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