Electric Bus Market to Grow at a CAGR of 28.0% through 2020
Posted by Vikas Bahurupi on November 18th, 2018
It is no secret that Electric Bus Market are yet to find their full-fledged service models in transit systems. Most conventional buses run on CNG and diesel powered engines, however, growing concerns over global warming and rising levels of pollution have favored the cause of electric types. Electric types are available in three different modules hybrid electric, plug-in hybrid electric and pure electric. Hybrid and plug-in hybrids have a similar working model as both use electric propulsions along with conventional fuel, while pure electrics run only on batteries and use no conventional fuel. In addition, leading automotive manufacturers are extending business units dedicated to making and developing efficient electronic vehicles. The global electric bus market is estimated to account for 33,854 units in terms of volume, and register a CAGR of 28.0% over the forecast period, 2014-2020.
Plugins for an Electric Bus Market
The technology used in Electric Bus Market will need more enhancements and upgrades before they could take over the reins from the conventional models. The present transit systems around the world heavily dependent on busses running on diesel and CNG engines, although, a portion of it is slowly shifting towards greener transit solutions. For instance, recently the government of Switzerland promoted the use of greener transit models and is planning to launch electronic buses to its municipal service including setting ups of charging stations for the buses.
Request For Report Sample with Table of Contents@ https://www.researchreportinsights.com/report/sample/110114667/Electric-Bus-Market
Novelty in technology
Request For Report Discount@ https://www.researchreportinsights.com/report/discount/110114667/Electric-Bus-Market
Low Adoption Rate in Developing Countries
The high cost of Electric Bus Market makes it difficult for their widespread adoption. Pollution levels are rising all across the globe, however, for developing countries, it is more challenging to deal with the problem owing to limited funding and low financial aid. In recent years, the region of Asia Pacific has recorded high levels of air pollution, especially in countries such as China and India. While China takes strong measures for controlling the excessive carbon emission in the country by introducing greener transit systems, other developing countries in the region are a still reflecting sluggish approach to the matter.
The demand for Electric Bus Market is expected to gain traction in the coming years. Innovation and advanced technological solutions are expected to support the market growth. In addition, North America and Europe are showing healthy adoption of the Electric Bus Market in the region.
Key Market Players
EBUSCO, Alexander Dennis, Daimler, Ashok Leyland, Proterra, AB Volvo, and BYD Company limited are some key players that operate in the global electric bus market.
Like it? Share it!
About the AuthorVikas Bahurupi
Joined: March 7th, 2018
Articles Posted: 561
More by this author