Electric Bus Market to Witness Robust Growth until 2024
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 forecast to reach $ 350 billion
by 2024. Electric buses are witnessing rising adoption owing to the increasing
urbanization coupled with growing demand for alternate fuel based vehicles,
rising air and noise pollution, advancements in the field of electric mobility,
among others. Additionally, the subsidy allocation for purchasing these
vehicles by governments in various 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.
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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, and above 40. The 31-40-seater segment is
expected to hold the largest market share during the forecast period
attributable to 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 segment is expected to
continue its dominance during the forecast period, predominantly owing to preferred
length, and consequently, higher adoption of 9-12 length electric buses for
public transportation.
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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., and 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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