Lithium ion Batteries to Register Highest Growth in UK Electric Bus Market until 2024
Increasing concerns towards global warming along with rising
air pollution level to drive United Kingdom electric bus market through 2024
According
to TechSci Research report, “United
Kingdom Electric Bus Market By Seating Capacity, By Battery Type, By
Application, By Bus Length, Competition, Forecast & Opportunities, 2024”, United Kingdom electric bus market is expected to grow at a
formidable rate during the forecast period owing to the rising environmental
concerns and increasing focus on clean energy adoption. Additionally, government
is providing incentives and subsidies for promoting the adoption of electric
buses, which is further driving the market. However, expensive
charging stations are likely to hamper the growth of the market in the coming
years. Additionally, a fuel subsidy in the United Kingdom has slowed down the
shift towards electric buses as compared to other European Union countries.
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The United Kingdom 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 and above 40. The up to 30-seater bus
segment is expected to hold a significant market share during the forecast
period owing to rising preference for small seater buses by the transport
authorities. Based on battery type, the market can be segmented into lead acid
and lithium ion. Lithium ion battery segment is expected to register the
highest CAGR during forecast period since it provides very high specific energy
and a large number of charge-discharge cycles. Additionally, they are easily
available and are cost-effective as well.
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Alexander Dennis Limited, VDL Bus &
Coach, Ankai UK Bus and Coach, BYD (U.K.) CO., Ltd., Mellor Coachcraft, Optare,
Pelican Bus & Coachy, Volvo and others are some of the
leading players operating in United Kingdom electric bus market. “United
Kingdom is one of the largest and fastest growing markets in the European Union
and is expected to create huge opportunities for the electric bus market. Rising
preference for electric buses among both passengers and drivers coupled with funding
from the Department for Transport to support the purchase of new electric and
hydrogen models is further anticipated to fuel growth in the market during the
forecast period.” said Mr. Karan Chechi, Research Director with TechSci
Research, a research based global management consulting firm.
“United Kingdom Electric Bus Market By Seating
Capacity, By Battery Type, By Application, By Bus Length, Competition, Forecast
& Opportunities, 2024” has
evaluated the future growth potential of United Kingdom 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 United Kingdom electric bus market.
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