An Electric Bus is a great substitute for public transportation. Since they are powered by electricity, they are lower than conventional buses. Electric buses are also eco- friendly because they generate less noise and pollution. Therefore, they are a best choice to be used in cities due to high pollution levels and dense population.
The global electric bus market is estimated to account for US$ 16,157.1Mn in terms of value by the end of 2022.
Hydrogen fuel cell buses are known to have enduring life compared to the electric buses and hence the rising demand for hydrogen fuel cell buses is expected to boost the growth of the global electric bus market. For instance, in Europe around one thousand hydrogen fuel cell buses are expected to be introduced in the forecast period.
Rising need of fuel-efficient vehicles and supportive government initiative is driving the growth of the e- bus market in LAMEA. Additionally, the e-bus market in LAMEA is intact and provides remarkable growth opportunities for the e-bus manufacturers in the region and is expected to propel the growth of electric bus market.
In October 2020, BYD Company Ltd. had signed an agreement with Nobina, one of the Finland’s and the Scandinavia’s largest public transport operators to provide 106 BYD electric bus in the Finland. The order comprises 64 units for the Nobina services and facilities in the Helsinki and the 42 units for the Nobina’s operation in Turku.
The cost of e-buses is more compared to the cost of conventional buses. Moreover, the administration and the regulatory are not implementing the e-buses in the market due to its cost which expected to hamper the growth of global electric bus market.
Global Electric Bus Market - Impact of Coronavirus (Covid-19) Pandemic
With the spread of the Covid-19 and its outbreak, the electric bus market had an adverse effect as there was a strict imposition of the shut down and lockdowns which stopped the movement of people from one place to other and the import and export of the parts of bus were delayed by manufacturing units in the production houses which caused decline and slow supply of the materials which led to the downfall of the electric bus market.
The global electric bus market was valued at US$ 14,795.5 Mn in 2021 and is forecast to reach a value of US$ 44,309.04 Mn by 2030 at a CAGR of 13.4% between 2022 and 2030.
BEV (Battery Electric Vehicle) Segment held the dominant position in the global electric bus market in 2022, accounting for 84.1% share in terms of value, increasing approval and launch of new products is expected to propel the growth of the segment during the forecast period.
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The vehicle emission has prompted an increase in the adoption of e-buses to decrease the use and dependency on the fuels. Moreover, the electric buses are lighter compared to traditional buses. These are considered to be very productive and easiest way of transportation and it is expected to propel the growth of global electric bus market.
In order to ensure the decrease in greenhouse gas emissions and increase air quality in urban areas, governments across world have been providing lucrative incentives to promote mobility and clean transportation. Governments across the globe have launched attractive initiatives and schemes to facilitate the adoption of electric buses, it is expected to fuel the growth global electric bus market
Major companies that are involved in the growth of the global electric bus market are AB VOLVO, CAF, CONSTRUCCIONES Y AUXILIAR DE FERROCARRILES, S.A., ANKAI BUS, ZHONGTONG BUS HOLDINGS CO., LTD, BYD COMPANY LTD, PROTERRA, DAIMLER AG, YUTONG GROUP, NFI GROUP INC. and VDL GROEP BV.