Electric Bus Market is CAGR register 28.0% during 2014 to 2020

Posted by ashutosh sable on September 27th, 2017

Existing or conventional buses are losing their dominance in public transport industry as several parts of the world are looking for transport vehicle alternatives. Maintaining these buses required additional expenditure and yet, improving their fuel economy became uncertain. Electric buses turned out to be an ideal alternative for transforming public transportation & urban transit systems. Financial investments for improving the public transit system continue to welcome rampant adoption of electric buses.

The growth of global electric bus market is incidental to the growing urbanization in different parts of the world. Counties and municipal authorities in distinct countries are all demonstrating similar response for electric buses. These authorities are acting as core proponents of electric buses and urging their manufacturer to improve their amenities in terms of seating capacity, power storage and commuting economy. Global organizations monitoring effects of commodities on the environment continue to give their nod for electric buses in a jiffy. Increasing demand for electric buses has orchestrated growth of associated market such as energy storage solutions, lithium-ion batteries, lightweight seat or couch materials, and many others.

The most significant growth registered in the global electric bus market comes from the Asia-Pacific region. Countries such as China, India, and Thailand, among others have accelerated the replacement of public transport vehicles with electric ones. Electric buses market in Asia-Pacific will endure an impressive growth in the forecast period of 2014 to 2020. According to a report compiled by Persistence Market Research, titled “Global Market Study on Electric Bus: China to Retain Dominance During 2014-2020,” the global market for electric buses will garner revenues from sales of over 33,000 units over the forecast period, rising at an exponential CAGR of over 25%. The report also illustrates China’s dominance in the global electric bus market, thereby signifying the prominence of Asia-Pacific region in the future of electric buses.

For China and a few other Asia-Pacific countries, growing air pollution through fuel combustion is devastating their economy as well as the lifestyle of consumers. Prompt adoption and use of electric buses is slated to tone down the pollution levels in China to a significant level. With the population growing beyond proportion, China continues to strengthen its public transportation system; particularly in its urban areas. The dense concentration of people living in China’s urban cities have urged local authorities to restrict further atmospheric damage from vehicles with poor economies. India and Thailand have also put forth several propositions for actively replacing the existing buses with electric or hybrid electric buses. Manufacturers of electric buses, a majority of whom are based in Asia-Pacific, have improved their production by reasonably increasing the seating capacity, simultaneously reducing gross body weight and hiking the energy storage capacity. Some notable players in the global market for electric buses include, AB Volvo, Diamler, Ashok Leyland, Alexander Dennis, Proterra, BYD Company, and EBUSCO, among others.

The report also includes key insights of global electric bus market, especially in North American and European regions, where self-driving technologies are being incorporated and tested on electric buses.

For more information, please visit us at www.persistencemarketresearch.com