Global Electric Bus Market to Witness 33.5% CAGR during 2017 – 2025 |
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May 2017 According to a new market research report “Global Electric Bus Market Size, Share, Development, Growth and Demand Forecast to 2025 - Industry Insights by Technology (Pure Electric, Parallel Hybrid, Series Parallel Hybrid, and Series Hybrid), by Size (Above 10 Meters, and Below 10 Meters)” published by P&S Market Research, the global electric bus market is expected to witness double digit growth during 2017 - 2025. Access Report Description: https://www.psmarketresearch.com/market-analysis/electric-bus-market Global electric bus market to witness a CAGR of 33.5% during 2017 – 2025 The study suggests that low existing penetration of electric buses in the global fleet is the key reason for high growth rate of this market. The policy makers of various countries are focusing on developing public transit infrastructure with no or low pollution to tackle the air pollutant emissions, mainly in the densely-populated cities and mega-cities. This has been impelling the bus owners, including transit agencies, to make their fleet electric. This is consequently propelling the electric bus demand globally. Insights on market segments Based on our analysis, the market for pure electric bus represented highest shipments of the global electric bus market in 2016. The growth in market for series hybrid bus is likely to topple down during the forecast period. Public transports are one of the pocket friendly means of travelling short to medium distances; however, they are one of the major reasons for increasing pollution. The emergence of electric bus as a solution to curb this issue is therefore being welcomed by several transit agencies globally, that support greener transportation. The global sales of above 10 meter bus is expected to grow at a higher rate as compared to those below 10 meter, during the forecast period. Asia-Pacific to remain the largest market throughout the forecast period Owing to high anticipated growth in market for electric bus in Asia-Pacific, the region is expected to continue being the largest electric bus market during the forecast period. China has been playing a pivotal role in the increasing electric bus market in Asia-Pacific. The Indian market has also good growth prospects, owing to several government initiatives being undertaken. The North American and European electric bus market are also expected to register a growth of above 30% during the forecast period. Rest of the World, comprising Middle-East and Africa and Latin America, is expected to register the fastest growth in this market during the forecast period. The major electric bus markets in Asia-Pacific include China and India, whereas in North America, the U.S. has been the largest market. The U.K., the Netherlands, France, and Germany accounted for largest shipments in Europe, while Brazil was the major market in Rest of the World. Rising concerns about GHG emission have been the key growth driver High emission of greenhouse gases (GHG) has been one of the burning issues for environmentalists, governments and the common masses, across the world. Vehicular emission has been observed to be among the key factors for GHG emission. Several initiatives have been taken and a number of related regulations have also been issued. The gradual replacement of gasoline and petrol powered vehicles with electric vehicles has become a prime agenda for several governments across the globe. The long-term cost benefits in using electric buses over the conventional buses, have been encouraging several transit agencies to increase the deployment of the former, in their fleet. Supportive government incentives are further encouraging the replacement of the existing buses with the greener transportation solutions. These factors have been gaining attention of several venture capitalists, who are becoming more inclined towards investing in the technology and gaining mutual benefit along with the electric bus manufacturers. Emerging economies to offer growth opportunity to the electric bus market China was among the earliest adopters of electric vehicles (EV) in the world. The country has been aiming to increase the number of electric vehicles. In 2013, the Chinese government offered $80,000 as subsidy on the purchase of every electric bus. Government of China has encouraged the adoption of electric buses for public transit in several other ways. Potevio New Energy Co. Ltd., a state-owned company in China, built 57 charging stations in Shenzhen. The city owns the world's largest urban electric vehicle power supply network. The company is also providing financial incentives for the purchase of electric buses in Shenzhen. In 2016, Shenzhen city in China had 4,887 pure electric buses. Department of Heavy Industries (DHI) launched Faster Adaptation and Manufacturing of Electric Vehicles (FAME) in 2015 to encourage the manufacturing of hybrid and electric vehicles in India. Under FAME, the government will be investing INR 8 billion ($123 million) in electric mobility based initiatives. Under the government’s National Electric Mobility Mission Plan (NEMMP) 2020, the government of India will be focusing on accelerating the introduction of electric vehicles in India. This is expected to augment the electric bus sales in the country. Electric bus manufacturers have been enhancing their portfolio Several companies operating in electric bus market have been expanding their market at a global level. Solaris Bus and Coach S.A. launched articulated electric bus ‘Urbino 18’ in 2014. In 2014, Proterra launched the second generation 40-foot electric transit bus. In 2015, it introduced a 35-foot Catalyst electric bus. EBUSCO launched EBUSCO 2.0, a new product within the company’s electric bus portfolio, during the same year. In 2014, Ashok Leyland launched its Optare electric bus in India, while in 2016, the company unveiled its Circuit series electric bus; however, it still awaits its commercialization. In January 2017, Tata Motors launched a pure electric and a hybrid electric bus. Consolidated market structure The global electric bus market has a consolidated structure, where the top three players held a majority share in 2016. In the recent past, product launch, and orders and contracts has been the major recent activities in the global electrical bus market. BYD Company Ltd., electric vehicle manufacturer based in China, has been the forerunner in both product launches, and orders and contracts. Some of the major companies operating in the global electric bus market include Yutong Group, AB Volvo, Shenzhen Wuzhoulong, BYD, King Long, Proterra, Daimler, Solaris, Zhongtong, Ebusco, Alexander Dennis, and Ashok Leyland.
GLOBAL ELECTRIC BUS MARKET SEGMENTATION
By Size
By Geography
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