NEW YORK, May 15, 2019 (GLOBE NEWSWIRE) -- The global electric bus market is predicted to grow at 16.2% CAGR during the forecast period, with the fleet size anticipated to reach 281.3 thousand units by 2024. The market is driven by the promising government strategies and supportive regulations, mounting price of gasoline, increasing government plans for electrification of public transport and launch of novel technologies.
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Supportive government initiatives and increasing alarm about the environment pollution are key factors leading to the increase in electric bus adoption
The market is driven by supportive government initiatives and mounting alarm about environmental pollution. Increase in the requirement of an efficient vehicle with zero carbon emission, strict regulations regarding vehicle emission, upsurge in air pollution, and mounting alarm about environmental pollution are also facilitating the growth of the market.
Different governments across the globe are taking initiatives to replace the petroleum based automotive fleet with electric powered vehicles. Countries such as India and China provide incentives to boost electric vehicles adoption. Over the last few decades, the carbon emission has increased to extremely alarming level in Asia due to vehicular and industrial emission. This is a major concern at global and regional level, therefore government are looking for low or no-emission alternative for transport and industrial processes.
According to the World Health Organization (WHO), globally exposure to ambient air pollution leads to 4.2 million deaths every year. In addition, 91% of the world’s population lives in a place where air quality exceeds WHO guidelines limits.
Explore key industry insights in 52 tables and 35 figures from the 114 pages of report, “Global Electric Bus Market Analysis and Forecast to 2024 - Industry Insights by Vehicle Type (Battery Electric Bus, Hybrid Electric Bus, and Plug-In Hybrid Electric Bus), by Hybrid Powertrain (Parallel Hybrid, Series Hybrid and Series Parallel Hybrid), by Battery (Lithium Iron Phosphate Battery, Lithium Nickel Manganese Cobalt Oxide, and Others) and by Length (Less than 10m and More than 10m)”
Battery electric bus is the most commonly adopted type of electric bus
The different types of electric bus include battery electric bus, hybrid electric bus, and plug-in hybrid electric bus. Of all vehicle type, battery electric bus accounted for the largest share and is expected to grow at the fastest rate in the market, due to decreasing battery prices and least amount of carbon emissions.
On the basis of length, the market is subdivided into less than 10m and more than 10m. Among the two categories, the less than 10m accounted for the larger share in the electric bus market due to preference of smaller buses by the public transport authority.
On the basis of battery, the market is subdivided into lithium iron phosphate battery, lithium nickel manganese cobalt oxide, and others. Among all batteries, the lithium iron phosphate battery accounted the largest share in the electric bus market, as it is cost-effective and safer. In addition, the demand for lithium nickel manganese cobalt oxide battery powered buses is expected to grow at the fastest rate in the market due to reducing price, and higher energy density.
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Asia-Pacific is the largest market for the electric bus, worldwide
Asia-Pacific is the largest electric bus market and is observed to witness the fastest growth in demand for these buses due to the favourable government initiatives and support. In addition, increasing population, upsurge in air pollution, reducing cost of batteries, increasing disposable income, rapid urbanization, rising awareness of environmental safety, mounting price of gasoline, increase in the requirement of efficient vehicle with zero carbon emission and large population base are feeling the growth of the Asia-Pacific electric bus market.
R&D investment and technological advancements are the key factors leading to the launch of new electric buses
Major players in the electric bus market are catering the demand by collaborating with small players and investing on technologically advanced product portfolio across the globe. In October 2017, Proterra introduced DuoPower drivetrain for its Catalyst zero emission buses at American Public Transit Association (APTA). Daimler AG, New Flyer Industries Inc., Zhengzhou Yutong Group, EBUSCO, King Long United Automotive Industry Co. Ltd., Shenzhen Wuzhoulong Motors, BYD Company Limited, Alexander Dennis Limited, and Proterra Inc. are the key players offering electric bus.
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