DALLAS, Oct. 23, 2019 (GLOBE NEWSWIRE) -- According to a new market report published by Lucintel, the future of the electric bus market looks promising with opportunities in the public and private transportation. The electric bus market is expected to reach an estimated $71.9 billion by 2024 with a CAGR of 19.6% from 2019 to 2024. The major drivers for this market are increasing gasoline prices, government subsidies as tax benefits to promote electric buses, and stringent environmental regulations to reduce air pollution.
Browse 115 market data tables and 152 figures spread through 217 pages and in-depth TOC on “Electric Bus Market" at https://www.lucintel.com/electric-bus-market.aspx
In this market, different types of electric bus such as plug-in hybrid electric bus, hybrid electric bus, battery electric bus are used as vehicle type. Lucintel forecasts that battery electric bus will remain the largest segment and it is also expected to witness the highest growth over the forecast period due to declining battery prices and government initiatives, such as tax benefits and subsidies to promote electric transportation.
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APAC will remain the largest region due to growing concerns on environmental pollution, government subsidies and tax rebates, and heavy investment from automaker in electric bus development. Europe is expected to witness highest growth over the forecast period due to stringent European government regulations which ensures to reduce CO2 emissions by adding more electric buses to its existing fleet.
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Emerging trends, which have a direct impact on the dynamics of the industry, include development of low cost lithium ion batteries and integrated software solutions for better optimization of bus performance. BYD, CRRC, Alexander Dennis Limited, Solaris Bus & Coach, Volvo, Proterra, and others are among the major electric bus manufacturers.
Lucintel, has analyzed and forecasted for the electric bus market by vehicle type, battery type, charging type, length type, end use type, and region and has come up with a comprehensive research report entitled “Growth Opportunities in the Electric Bus Market 2019-2024: Trends, Forecast, and Opportunity Analysis.” The Lucintel report serves as a catalyst for growth strategy as it provides a comprehensive data and analysis on trends, key drivers, and directions.
For a detailed table of contents, contact Lucintel at +1-972-636-5056 or mail at helpdesk@lucintel.com.
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