The electric bus market is expected to surpass US$ 165 Bn by 2026, expanding at a CAGR of more than 24% during the forecast period. The market for electric buses is anticipated to expand at a significant growth rate during the forecast period, owing to rising concern of society toward the environment.
The global electric bus market is envisaged to accelerate growth on the back of fluctuating oil prices and crude oil depletion hampering the transportation industry. Market scope is expected to expand as public organizations take initiatives to increase deployment of electric buses, improve infrastructure, and develop the public transport industry. Millions of dollars have been commissioned by governing authorities in the EU to fund electric buses, especially in Poland and Germany. Demand to renew bus fleets and availability of Euro III standard buses in EU countries are foreseen to set the tone for valuable growth in the market.
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In terms of electrification type, the battery electric buses segment dominated the global electric bus market in 2017, owing to the presence of a large number of battery electric buses in China. Shenzhen, a city in China, alone holds a larger fleet of battery electric buses than the total fleet of buses in major states of North America.
Below are some positive factors that could work in the favor of the global electric bus market:-
- Urgent need for low-carbon mobility solutions
- Government initiatives to fund electric buses in Europe
- Efforts taken by non-profit advocacy organizations to expand public transport
- Rising demand for electric buses and high adoption in private and public transportation
- High profitability and cost-effectiveness of electric buses
Hybrid Electric Bus Reduces Emission by Nearly 75% Compared to Conventional Bus
In comparison with traditional buses, hybrid electric ones are researched to curb emission by a close to 75%. Demand for hybrid electric buses is projected to see a rise as a result of increasing awareness about their strong advantages such as low maintenance cost, lower emission, and improved efficiency. This could eventually surge the growth of the world electric bus market. However, the market is foretold to face the challenge of expensive manufacturing cost, which may dent its growth in the near future. Nonetheless, there could be rewarding opportunities taking birth due to increase in favorable government initiatives and decrease in battery prices.