Selbyville, Delaware, March 21, 2022 (GLOBE NEWSWIRE) --
The electric bus market is anticipated to surpass USD 75 billion by 2028, as reported in a research study by Global Market Insights Inc. The market is expected to experience significant growth owing to government initiatives to accelerate their transition toward clean transportation ecosystem.
The electric bus market faced various challenges in the first quarters of 2020 due to the significant transmission of COVID-19 pandemic. Domestic trade and international trade have been affected owing to restrictions enforced by majority of governments to minimize the virus spread. However, the market started witnessing significant growth from mid-2021 owing to relaxations given by governments due to decrease in infected patients and significant investments by market leaders in R&Ds for new product innovations.
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Enhanced fuel efficiency and long driving range are boosting the sale of PHEV buses worldwide. Bus operators are focusing on expansion of their fleet size with the addition of PHEV buses to improve their market revenue. For instance, in April 2021, Volvo Bus received an order for 64 hybrid buses from the Belgian transport operator, OTW. The buses will be used in transport services in Liege, Charleroi, Brabant Wallon, and Namur-Luxembourg.
The North America electric bus market is expected to witness a high demand owing to initiatives by various business sectors such as academic, F&B, and industrial companies to deploy e-buses in their areas. For instance, in April 2021, the University of South Florida deployed electric bus Proterra 40-foot Catalyst E2 in its Tampa campus.
Electric bus industry players are focusing on establishing strategic partnerships to improve their brand presence globally. For instance, in December 2021, AB Volvo collaborated with Zero Emission Bus Rapid-Deployment Accelerator (ZEBRA) to accelerate the adoption of major Latin American cities such as Santiago and Mexico City.
Some major findings in the electric bus market report include:
- Shifting consumer focus toward clean public transports is creating a positive market outlook in North America.
- The presence of established market players and their various business strategies to increase their net sales are boosting the electric bus sales in Europe.
- Supportive government initiatives to minimize the carbon footprints are driving the market growth in Asia Pacific.
- Fleet operators’ high emphasis on electrifying their bus fleets is fueling the electric bus sales in the Latin America region.
- Increasing public & private investments in smart city and charging infrastructure are creating robust market opportunities in the MEA.
- The integration of advanced technologies, such as ADAS, autonomous driving, and fleet connectivity, into e-buses is creating a favorable environment for the market.
- The key players operating in the electric bus market include General Motors, AB Volvo, Zhengzhou Yutong Bus Co., Ltd., Anhui Ankai Automobile Co., Ltd., MAN SE, VDL Bus & Coach B.V., Beiqi Foton Motor Co., Ltd., SCANIA AB, Daimler AG, NFI Group Inc., Tata Motors, Ford Motor Company, Nissan Motor Corporation, BYD Company Ltd., Hyundai Motor Company, Volkswagen AG, BMW AG, Tesla, Inc., Mitsubishi Motors Corporation, Irizar S.C., Toyota Motor Corporation, Iveco SpA, and Honda Motor Co., Ltd.
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Partial chapters of report table of contents (TOC):
Chapter 2 Executive Summary
2.1 Electric bus industry 360° synopsis, 2018 – 2028
2.2 Business trends
2.3 Type trends
2.4 Battery capacity trends
2.5 Seating capacity trends
2.6 Application trends
2.7 Regional trends
Chapter 3 Industry Insights
3.1 Industry segmentation
3.2 Impact of COVID-19 on electric bus industry landscape
3.3 Industry ecosystem analysis
3.4 Technology & innovation landscape
3.5 Investment landscape
3.6 Regulatory landscape
3.7 Industry impact forces
3.7.1 Growth drivers
3.7.1.1 Significant electrification of public transportation globally
3.7.1.2 Low maintenance costs of electric buses
3.7.1.3 Increasing government investments in charging infrastructure development in North America
3.7.1.4 Rising R&D investment in battery technology in Europe
3.7.1.5 Growing demand for eco-friendly transport and mobility solutions in Asia Pacific
3.7.1.6 Shifting focus of fleet operators on alternative fuels in MEA and Latin America
3.7.2 Industry pitfalls & challenges
3.7.2.1 High cost associated with electric buses
3.8 Growth potential analysis
3.9 Porter's analysis
3.10 PESTEL analysis
About Global Market Insights
Global Market Insights Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider, offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy and biotechnology.
