According to a new market research report published by Credence Research, the global market for electric buses is set to grow by 22.9 percent over the forecast period from 92,200 units in 2017.
With ever-increasing environmental concerns coupled with regulations, electric vehicles are experiencing widespread demand worldwide, with China at the forefront. Among the electrical vehicles sector as a whole, electric buses have shown rapid growth over the last few years and are expected to lead the overall market for electric vehicles over the forecast period. Despite the well-established market for CNG vehicles, electric buses are expected to pose a tough competition to the former in the years to come. Although electric buses are more expensive to purchase, they offer much lower maintenance and operating costs compared to CNG and diesel buses. Subsequently, taking into account the environmental benefits and lower operating costs, electric buses are expected to have a strong demand worldwide during the forecast period.
Browse the full report at “Electric Buses Market”
Approximately 400,000 electric buses are currently operating worldwide, with China accounting for more than 95% of the total fleet. The market is highly governed by the segment of pure electric buses, mainly due to the tightening of environmental regulations and the continued efforts of governments to minimize fossil fuel consumption. With the aim of rapidly reducing air pollution, various national governments are now offering subsidies to bus operators in order to reduce the prices of electric buses close to those of conventional diesel and CNG buses. This is another major factor that facilitates the rapid growth of the electricity bus market worldwide.
Pure electric buses are a type-based market leader with more than 65 per cent of the total market size worldwide in terms of revenue and volume. Geographically, Asia Pacific is leading the global market for electric buses, accounting for more than 60 percent of the global market size. Apart from China, countries such as India, Japan, South Korea and a few others are prominent markets for electric buses. Asia Pacific is followed by Europe, which places a great deal of emphasis on reducing carbon emissions from road traffic.
The overall market for electric buses is quite competitive in nature, with market players focusing on producing more efficient products that can be used in countries with minimal infrastructure for electric vehicles. BYD Company is one of the largest manufacturers of electric buses, followed by Proterra, Inc. and a few others. BYD Company has a wide range of products and has a global presence across all major markets. In addition, the company operates across most of the value chain of electric buses, placing it at a prominent position in the market for electric buses.
Some of the major companies profiled in the report include BYD Company Ltd., AB Volvo,, Alexander Dennis Ltd., Ashok Leyland Ltd., Daimler AG, Dongfeng Automobile Co., Ltd., EBUSCO BV, FAW Group, IVECO S.p.A., King Long United Automotive Industry Co., Ltd., Proterra, Inc., Shenzhen Wuzhoulong Motors Co., Ltd., Skoda Auto a.s., Solaris Bus & Coach SA, Tata Motors Ltd., Zhengzhou Yutong Bus Co., Ltd. and Zhongtong Bus Holding Co., Ltd. among others.
By Type Segment
- Pure Electric
- Hybrid Electric
- Plug-in Hybrid
By Battery Type Segment
By Length Segment
- Less than 10m
- More than 10m
By End-use Segment
- Public Transport
- Private Fleet
By Geography Segment
- North America (U.S., Rest of North America)
- Europe (U.K., Germany, France, Rest of Europe)
- Asia Pacific (China, Japan, India, Rest of Asia Pacific)
- Rest of the World (Middle East & Africa, Latin America)