The global electric bus market is characterized by intense competition among the leading vendors, Finds Transparency Market Research (TMR). In addition, the vendors operating in the conventional buses are expected to enter into electric bus market and this likely to intensify the competition between among the present leading operators. Some of the key players operating in the global electric bus market are Shenzhen Wuzhoulong Motors Co., Ltd, FAW Group, Proterra Inc., Nova Bus, BYD Company Ltd. and EBUSCO BV. The manufacturers are adopting strategic mergers and acquisitions in order to remain leading players and maintain presence across the globe.
As per a report by TMR, the revenue generated by the global electric bus market to touch valuation of US$ 165 Bn by the end of 2026. The global electric bus market is likely to expand at robust CAGR of 24% during the course of forecast period from 2018 to 2026.
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Battery Electric Bus of Electrification Types to Drive Demand
Based on electrification type, the battery electric bus segment is likely to lead global electric bus market due to presence of large number of battery electric buses in China. Shenzhen, a city in China, only holds a larger fleet of battery electric buses than the total fleet of buses in key states of North America. From the geographical point of view, Asia Pacific is expected to dominate the global electric bus market owing to presence of large number of electric bus in China alone. The china alone holds share more than 85% of share in the overall market in Asia Pacific in 2017.
The increasing demand for eco-friendly vehicle across the globe is one of the prime factor propelling demand of the global electric bus market in the coming years. The less maintenance cost of the vehicle is likely to attract private firms to adopt electric bus for the purpose of transportation. The large subsidiary provided by the government to boost more adoption of electric vehicle in order to curb the air pollution can be another prime factor positively contributing towards growth of the global electric bus market. The sudden spur of the air pollution is another key reason triggering market growth in the coming years.
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In order to curb the traffic issues, most of the cities are motivating usage of private vehicle as the mode of transportation and this further makes them to adopt electric bus and this is further propelling overall demand of the electric bus. The stringent government policy to reduce air pollution is other prime factor supporting growth of the global electric bus market.
High Cost and Maintenance to Hamper Global Electric Bus Market
On the other hand, high cost associated with the electric bus can be one of the key reason negatively impacting overall growth of the global electric bus market. The growing need for charging stations is other factor restraining overall electric bus market in the coming years. Moreover, significant decline in cost of battery is likely to bode well for the growth of the overall electric bus over the forthcoming period. In addition to this, longer life span of the electric bus and less noise pollution is other prime factor favoring well for the growth of the global electric bus market.