Rising environmental
concerns coupled with increasing government investments in fuel saving
technologies to drive global electric bus market through 2024
According to TechSci Research report, “Global Electric Bus
Market By Seating Capacity, By Battery Type, By
Application, By Bus Length, By Region, Competition, Forecast & Opportunities,
2024”, the global electric
bus market is expected to grow at a CAGR of around 20% during the forecast
period. The electric buses are witnessing adoption owing to the increasing
urbanization. Moreover, increasing demand for alternate fuels, rising air and
noise pollution, advancements in the field of electric mobility, among others
are some of the important factors driving the global electric bus market. Additionally,
the subsidy allocation for purchasing these vehicles by governments of
developing economies would further fuel growth in the market. However, lack of
technical awareness and high procurement cost are likely to hamper the growth
of market.
Browse market data Tables and Figures spread
through 70 Pages and an in-depth TOC on "Global
Electric Bus Market"
The global electric bus market is
segmented based on seating type, battery type, application, bus length, region
and company. Based on seating
type, the market can be fragmented into up to 30-seater, 31-40-seater,
41-50-seater and above 50. The up to 30-seater segment is expected to hold the
largest market share during the forecast period attributable to their compact
body, ease of boarding and capacity of storing large volume of luggage. On the
basis of bus length, the market can be categorized into 6-8m, 9-12m and above
12m. Of all, the 9-12m length market is expected to register the highest CAGR
during the forecast period owing to their precise length which is preferred by
the transport authority.
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“Asia-Pacific is expected
to dominate and grow at the fastest rate during the forecast period, owing to
the increasing investments in alternative fuel technologies in the region. Sales in Asia-Pacific are dominated by
regional players. These companies have strong presence owing to well-established
distribution channels. China is the largest producer and is investing
heavily in 5th generation electric buses. Additionally,
governments in various countries of the region are providing subsidies and tax
benefits to electric bus manufacturers, thereby further propelling demand for
electric buses.” said Mr. Karan Chechi, Research Director with TechSci
Research, a research based global management consulting firm. AB
Volvo, BYD Company Limited, Daimler AG, Zhengzhou Yutong Bus Co., Ltd., Anhui
Ankai Automobile Co. Ltd., Iveco S.p.A., Scania AB, New Flyer Industries,
Dongfeng Automobile Co., Ltd., GreenPower Motor Company Inc., among others are some of the
leading players operating in global electric bus market.
“Global Electric Bus Market By Seating Capacity, By
Battery Type, By Application, By Bus Length, By Region, Competition, Forecast
& Opportunities, 2024” has evaluated the
future growth potential of global electric bus market and provides statistics &
information on market size, structure and future market growth. The report
intends to provide cutting-edge market intelligence and help decision makers
take sound investment decisions. Besides, the report also identifies and
analyzes the emerging trends along with essential drivers, challenges and
opportunities in global electric bus market.
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