MRFR, from its study, estimates that the global Electric buses market Growth can reach its target to get at least 22.8% CAGR during the forecast period 2017-2023, and will be valued USD 82.5 billion.With things going haywire, Market Research Future (MRFR) analyzes vital points to make sure that the businesses around the global Electric buses market Growth 2020 are entirely prepared to tackle potential implications caused by COVID-19 pandemic.
Top Impacting Factors
- The escalation of the electric bus market has been attributed to the continuously rising concerns about the reduction of fossil fuels and environmental pollution. To tackle the issues mentioned above, many governments across the world have initiated changes in the public transportation systems, mainly by replacing the heavy-duty diesel and gasoline-run buses with zero-emission Electric buses
- Electric buseses, which primarily run by consuming electrical energy, have been considered as a significant scope of the market to expand. Electric buses are operated in two modes, electric and hybrid, which consume less petroleum that can be recharged from a standard electrical outlet. These authentic factors claim that the market could see a rising growth graph mainly after the long-term impact of COVID 19 worldwide.
- MRFR further reports that vehicle emission is solely responsible for emitting 29% of greenhouse gases that result in air pollution and global warming. The reduction of crude oil and rising fuel prices have resulted in ascend in reputation and sales of vehicles that are less injurious to the environment and uses alternative fuels. This has also led to a significant boost in the adoption of electric buses to reduce dependency on fossil fuels.
- Furthermore, looking at benefits such as thermal comfort and noise reduction offered by these will further augment the Electric buses market Growth. Electric hybrid electric buses assist in reducing the effects of solar heat build-up inside the bus and then turns into a filter for disruptive noises such as car horns and construction work.
- On the contrary, the factor of high cost allied with manufacturers, lack of awareness on usability and benefits impedes the expansion of the market, significantly during the forecast period.
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KEY COMPANIES PROFILED
- Daimler AG (Germany)
- Anhui Ankai Automobile Co., Ltd.( China)
- Volvo Group (Sweden)
- Wright Enrichment Inc(U.S.)
- Shandong Yi Xing Electric Auto Co.,Ltd (China)
- Zhongtong Bus Holding Co., Ltd.( China)
- BYD Auto Co., Ltd ( China)
- Iveco (Italy)
- Ebus (Singapore)
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Segmentation of Market
By Charging technology
By Vehicle Type
- Light Duty Electric
- Heavy Duty Electric
- Hybrid Electric Bus
- North America
- Rest of the World
Electric buses market Growth SHARE, BY REGION, 2020
- North America: XX%
- Europe: XX%
- Asia-Pacific: XX%
- Rest of the World (RoW): XX%
The global analysis of the market is done for the segment, such as charging technology and vehicle type.
In terms of the charging technology segment, the market has included autonomous and non-autonomous.
In terms of vehicle type segment, the market has included light-duty electric, heavy-duty electric, and a hybrid electric bus.
Asia-Pacific is leading the Electric buses market Growth with augmented government initiatives in countries such as China, India, and Japan. China is the leading market for Electric buseses, and the government is vigorously promoting the replacement of conventional buses with electric ones. China is also budding the required infrastructure to support the use of electric buses. However, in 2017 and 2018, sales of Electric buseses declined, owing to the changes in policies and subsidies among the national and local governments in the country. Yet in the forecast period, China may continue to observe growth in the adoption of Electric buseses, as more than thirty cities in the Chinese have planned to accomplish 100% electrified public transit by 2020. The regions are Zhuhai, Guangzhou, Foshan, Dongguan, and Zhongshan in the Pearl River Delta, along with Hangzhou, Nanjing, Shaanxi, and Shandong.
Europe region is known as one of the leading regions for the expansion of the bus sector. Governments of various countries in Europe are taking initiatives and steps to curb pollution, which in turn is boosting demand for Electric buseses and other vehicles.
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