Electric buses can store electricity either on board or can be consumed unceasingly from an external source (i.e. overhead wires, as in the trolleybus, or with non-contact conductors exist on the ground). A bus that stores power are majorly known as battery-electric buses, in which the electric motor takes energy from an on-board battery, although instances of additional storage modes do exist, like the gyro that uses flywheel energy storage.
According to the study,’ Global Electric Bus Market to reach USD XXX billion by 2026’ The global electric bus market is dominated by major players such as Volvo Group, Daimler AG, Iveco Bus, Anhui Ankai Automobile Co. Ltd, BYD Co. Ltd., New Flyer Industries, Proterra Inc., Ryobi Bus, Scannia AB, and Zhengzhou Yutong Bus Co. Ltd. These companies have strong distribution networks at a global level. In addition, these companies offer an extensive product range in this market. These companies have adopted strategies such as new product developments, collaborations, and contracts & agreements to sustain its market position. For instance, in India, the National Electric Mobility Mission Plan 2020 is released with the aim to accelerate the growth of the electric and hybrid components of the automotive industry. It primarily emphasizes fast tracing the production and introduction of electric vehicles in India. Similarly, in 2017, the Government of China paid over an average of USD 10,000 per electric vehicle. This factor would contribute to the rising demand for electric buses around the world. However, the outbreak of COVID-19 pandemic across the globe has a swift and severe impact on every single sector including the automotive industry.
Government-issued strict guidelines on the movement of public, goods & services, due to which automobile companies cannot produce vehicles. As a result, the production of electric buses has substantially declined and affected the topline of electric bus manufacturers thereby, impacting the market growth in recent years. In addition, the high manufacturing cost is being always considered as the major limiting factor to the market growth over the forecast period of 2020-2026.
The regional analysis of the global Electric Bus market is considered for the key regions such as Asia Pacific, North America, Europe, Latin America and Rest of the World. Asia-Pacific is the leading/significant region across the world in terms of market share owing to increased government funding to accelerate the production of electric buses, along with the presence of a significant number of OEMs such as BYD, Yutong, etc. in the countries, particularly China and India. Whereas, Asia-Pacific is also projected to exhibit highest growth rate / CAGR over the forecast period 2020-2026, due to the rapidly growing electric vehicle (EV) charging infrastructure in the region.
Vehicle emissions are extensively liable for discharging 29% of ozone-depleting substances that bring about air pollution and are dangerous for the atmosphere. The consumption of unrefined petroleum and rising fuel costs have brought about an ascent in fame and demand vehicles that are less harmful to nature and utilize energy. This has additionally prompted an expansion in the adoption of this type of bus to set the reliance on petroleum fuels. Increasing demand for the hydrogen fuel cell bus, rising focus on emission-free and energy-efficient mass transit solutions, and growing government initiatives for stimulation the adoption of electric bus are the few factors responsible for the high CAGR of the market over the forecast period.
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