Nowadays, innovation and technological advancements have grown in automotive industries. One such area of growth is in the growing use of electric buses. These buses are powered by electricity. It can store electricity onboard or can are powered by electricity and can provide efficiency and better travel experience to the passengers. Various companies ion this market are making continuous efforts in expanding their product line and provide better products for their customer. For instance, MAN city bus plant in Starachowice, Poland is in preparation to expand its manufacturing unit to another level for electric vehicles mainly buses). Initiatives like these are expected to help the growth of the electric bus market in the coming years. Moreover, it will also help in expanding market dynamics.
According to the recent report published by Transparency Market Research, the electric bus market is expected to rise at healthy CAGR during the forecast period between 2018 and 2026. In terms of revenue, the electric bus market is likely to reach a valuation of US$271.67 bn by the end of 2026.
Efforts to Minimize Fuel Expenditure is Driving Market Growth
Globally the consumption of fuel has grown at a tremendous rate, in which a larger share of fuel is consumed by various types of vehicles. Thus, governments across the world are imposing strict regulations to minimize the consumption of fuel. These initiatives are likely to benefit the growth of electric vehicles that use comparatively less fuel and are also beneficial for the environment. Moreover, in the coming years traveling in electric buses will be less expensive and conveniently available for the masses.
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Ways in Which Research and Development Can Enhance the Life of Electric Buses
Big players in the market such as Tesla Motors, Nissan Motors, Renault, General Motors, Mitsubishi Motors, Smith Electric Vehicles, Toyota Motors, and many others are investing heavily in research and development activities that could help in improving the power source and battery of electric vehicles. Nowadays, the demand for lithium-ion batteries are increasingly used in electric vehicles and has also grown lucrative opportunities for this market. As these batteries, have better storage capacity and high energy transfer. Thus, investment in R and D will not only help in improving battery life and are likely to be available at a lower cost. By considering these factors, the demand for electric buses is likely to increase in the forthcoming years.