Pune, India, Jan. 27, 2022 (GLOBE NEWSWIRE) -- According to the report, the global Electric Bus market size was 170 thousand units in 2020. It is estimated to grow from 192 thousand units in 2021 to 544 thousand units in 2028 at a CAGR of 16.0% in 2021-2028. The global electric bus market is set to gain traction from the rising fuel prices and increased utilization of unprocessed petroleum.
Deteriorating Usage of Public Transportation to Impede Growth amid COVID-19 Pandemic
The automotive industry was adversely influenced owing to the outbreak of the COVID-19 pandemic across the globe. Manufacturing and transportation happenings were terminated momentarily to avert the spread of the novel coronavirus. This has led to a diminishing demand for electric buses as government organizations executed travel prohibitions. Moreover, people are experiencing terror regarding the usage of public transportation amid the pandemic.
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Growing Demand for Hydrogen Fuel Cell Bus to Thrust Market Growth
Hydrogen fuel cell buses are driven by uniting an electric powertrain with fuel cell systems, managed technology, as well as batteries. These buses are measured as next-generation green transport as they have an enhanced and extended lifetime in comparison with a standard e-bus. The hydrogen fuel cell bus has a rapid refueling speed and direction flexibility. This shall augment the electric bus market growth during the forecast period.
However, these buses are costly and thus, governments, transit organizations, large fleet operatives, as well as administrative divisions of specific nations may not be capable to arrange these. It may hinder growth.
List of the Companies Operating in the Market:
- BYD Co., Ltd (Shenzen, China)
- Proterra, Inc. (Burlingame, California, U.S.)
- AB Volvo (Gothenburg, Sweden)
- New Flyer Industries (Winnipeg, Canada)
- Daimler AG (Stuttgart, Germany)
- Scania AB (Södertälje, Sweden)
- Iveco (Turin, Italy)
- Yutong (Zhengzhou, China)
- Ebusco (Deurne, Netherlands)
- Xiamen King Long United Automotive Industry Co., Ltd. (Fujian, China)
- VDL Groep bv (Eindhoven, Netherlands)
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Asia Pacific to Hold the Lion’s Share
Asia Pacific held the maximum electric bus market share and was worth 167 thousand units in 2020. China is dominating the regional market and also globally on account of owning the largest market in terms of quantity.
Europe is the second-biggest market and is anticipated to display positive growth over the forecast period. The strict government guidelines regarding car emissions is the prime aspect endorsing the market rise in Europe.
North America is also estimated to demonstrate distinct growth in the global market. The U.S. is projected to display sturdy growth in this region.
Segmentation:
On the basis of type, the market is divided into fuel cell electric vehicles, plug-in hybrid electric vehicles, and battery-electric vehicles. The battery-electric vehicles segment dominated the market with a share of 91.4% in 2020.
In terms of range, the market is segregated into less than 200 miles and more than 200 miles. By battery capacity, the market is branched into up to 400 kWh and above 400 kWh. Geographically, the global market is segmented into North America, Europe, Asia Pacific, and the rest of the world.
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Competitive Landscape:
Crucial Players Focus on Launching State-of-the-art Buses to Satisfy Demand of People
The market comprises several noticeable e-bus manufacturers that are presently determined to uphold their pioneering positions. Most of them are concentrating on launching novel buses to suffice the high demand from people. A few additional companies are collaborating with government organizations to present their buses.
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Global Electric Bus Market Segmentation:
By Propulsion Type:
- Battery Electric Vehicle
- Plug-in Hybrid Electric Vehicle
- Fuel Cell Electric Vehicle
By Range:
- Less than 200 Miles
- More than 200 Miles
By Battery Capacity:
- Up to 400 kWh
- Above 400 kWh
By Geography:
- North America (USA, Canada)
- Europe (UK, Germany, France, Italy, Spain, Scandinavia and Rest of Europe)
- Asia Pacific (Japan, China, India, Australia, Southeast Asia and Rest of Asia Pacific)
- Latin America (Brazil, Mexico, Rest of Latin America)
- Middle East & Africa (South Africa, GCC, and Rest of Middle East & Africa)
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