Global Electric Bus Market Value Analysis and Forecast, 2018?2028
Posted by Alex Werner on June 16th, 2018
Global Electric Bus Market Value Analysis and Forecast, 2018–2028
Based on the recent research study on “Global Electric Bus Market Analysis and Forecast, 2018–2028” by Bekryl Market Analyst indicates that “The Global Electric Bus Market is estimated to be valued over US$ 37 Billion in 2018 and is expected to register a healthy CAGR of 7.7% during the forecast period, 2018–2028. This is attributed to increasing government initiatives, across developing and developed countries, towards alternative energy sources.”
It is estimated that world has just over 50 years of oil left if it is consumed in same trend. As such, the countries are actively pushing towards alternative energy sources. In recent years, various government legislations is enforcing clean fuel acts. The move is intended to minimize air pollution which has ill-effects on human being. As per World Health Organization (WHO), air pollution causes approximately 100,000 deaths each year in Europe region, lessening average life of a human by a year at least. Hence in order to curb the perils of air pollution, nations are investing in global electric bus market.
Worldwide, around 270 BRT systems are operational or under planned phase. As such, it offers high opportunity for EV bus commercialization. Technological advancement and adoption of high-end batteries is expected to lower the EV bus prices by almost 20% by 2025. As of 2017, while hybrid bus costs around USD 250 thousand, it is priced at USD 500,000 in case of fully electric bus. Currently, the cost is 3 to 6X higher compared to conventional buses.
Other features that add up to demand side are high fuel efficiency, higher ROI, and noise efficient compared to conventional buses. As such, many transit stations are deploying electric buses, some of them are Boreal Transport (Norway), Nashville Metropolitan Transit Authority, Massachusetts (the U.S.), and Worcester Regional Transit Authority.
Global Electric Bus Market Analysis, By Vehicle Type
On the basis of vehicle type, global Electric Bus market size is segmented into BEV, PHEV, and HEV. BEV segment accounted for over 80% revenue share of global Electric Bus market. In addition, this segment accounted for over 85% market share in China and U.S. Plug-in electric buses needs a plug-in power source for charging purpose, the combustion engine will enhance the engine later, which helps recharge the battery further and preserves the energy level. Hybrid electric buses will conserve energy during braking/decelerating hence used in High-intensity tasks.
Global Electric Bus Market Size and Forecast: Regional Analysis
In Asia Pacific, these development is backed by strong emphasis on Chinese government policy – ‘new energy buses’. China electric bus market size is expected to register over 20% CAGR between 2017 and 2018. Asia Pacific electric bus market size dominates the industry not only in sales terms but also production units. China is the largest producer and is investing heavily in 5-th generation electric bus. Also, exponential increase in demand for electric bus in China is backed by the fact that government provides subsidies and tax benefits to electric bus manufacturers. Subsidy is around US$ 80 thousand per electric bus.
South Korea, Japan and India are other lucrative regions for industry players. As of 2017, India electric bus market is still at its naïve stage. Pilot project took place in Delhi, India to check the feasibility of electric bus on Indian roads. Positive results has led the Indian government to initiate ‘Faster Adoption and Manufacturing of Hybrid and Electric Vehicles’ scheme. The move has led to various industry players enter India to capitalize the market. For instance, in 2016, Chinese company BYD tied-up with Goldstone Infratech Ltd. to manufacture and assemble electric bus at ModiCiti, India. In 2017, the company has bagged the order for supply of 20 e-bus in Himachal, India. It is expected that company can receive projects from 100 to 200 in next three to five few years based on high demand for such vehicles.
North America electric bus market is another key region for engaged players. In 2017, electric bus accounted 2.5% of new public transit sales in U.S.
Western Europe electric bus market size is dominated by U.K. and Norway – collectively accounting for over 46% of total regional market in 2016. Various Western Europe countries are setting up national legal frameworks in order to accelerate the adoption of e-bus. However, many developed countries show hesitance to adopt electric buses in their nations as a result of lack of a firm supervisory & regulatory framework designed for them.
Global Electric Bus Market Size and Forecast: Competition Landscape
The Key players and companies in global Electric Bus Market include BYD Company Limited, AB Volvo, Proterra, Inc., Yutong, Daimler AG and Zhongtong Bus & Holding Co., Ltd.Also, other key contributors are Solaris Bus & Coach S.A., Ashok Leyland, Ltd., Alexander Dennis Limited, and EBUSCO, Shenzhen Wuzhoulong Motors Co., Ltd. Yutong and BYD are the market leader in China.
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About the AuthorAlex Werner
Joined: December 7th, 2017
Articles Posted: 25
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