Global electric bus market is expected to grow at a CAGR of over 25% and is anticipated to exceed 600 thousand units by 2026.
NEW YORK, UNITED STATES, May 21, 2020 /EINPresswire.com/ — Findings from Facts and Factors report “Electric Bus Market By Bus Type (Less than 9m, 9-14m, and Above 14m), By Battery Capacity (Less than 50kWh, 50–250kWh, and Above 250kWh), By Range (Less than 150 miles, 150–300 miles, and Above 300 miles), By Propulsion Type (PHEV, BEV, and FCEV), By Component (Battery, Motor, Ultra-Capacitor, and Fuel Cell Stack), By Consumer Segment (Fleet Operator and Government), By Application (Intercity and Intracity), And By Region: Global Industry Outlook, Market Size, Business Intelligence, Consumer Preferences, Statistical Surveys, Comprehensive Analysis, Historical Developments, Current Trends, and Forecasts, 2020–2026” states that the global electric bus market in terms of volume was around 135 thousand units in 2019. The market is expected to grow at a CAGR of over 25% and is anticipated to exceed 600 thousand units by 2026.
Gasoline-based vehicles are the leading cause of air pollution worldwide. The increasing carbon and other hazardous gases emission due to fuel combustion have been leveling up the global warming effect. To combat such a situation, several government agencies and policymakers are seeking to launch low and zero-emission vehicles. Although natural gas-based public transport system is succeeded to some extent in controlling the swiftly rising air pollution, electric buses are gaining prominence to eradicate this global concern owing to their zero-emission characteristic. Thus, the demand for electric buses in different regions across the globe is flourishing substantially and propelling the global electric bus market.
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Some of the key players driving the global electric bus market are Daimler AG, Solaris Bus & Coach S.A., New Flyer Industries Inc., Proterra Inc., EBUSCO, Zhengzhou Yutong Group Co. Ltd., AB Volvo, and BYD Company Limited, among others.
Besides, the major amount of the globally extracted crude oil is consumed by public transportation systems in several regions. All the countries are focused to slash the import and consumption rate of oil. Thus, the adoption of electric vehicles is an effective alternative for this condition. However, electric buses are quite expensive compared to gasoline-based vehicles, which is likely to hamper the global electric bus market.
By bus type, the 9–14 m segment to hold the dominating position in the global electric bus market throughout the study timeframe
Based on the length of the bus, the electric bus market is categorized into less than 9m, 9–14 m, and above 14 m. The 9–14 m segment is likely to hold the major volume share of the global electric bus market from 2020 to 2026. The 9–14 m segment is leading among all the size-based electric bus segments. Based on the actual figures, the electric bus fleet for public transportation in China comprises the major share of the electric buses that are 9–14 m stretched.
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The Middle East & Africa (MEA) electric bus market is likely to witness a remarkable CAGR during the study timeframe
The electric bus market in the Middle East & Africa region (MEA) anticipates substantial growth in the coming years, as the majority of the leading manufacturers are headquartered in the region, the demand for the electric transportation system is increasing considerably, and the regulations imposed by the regional government to promote electric vehicles.
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This report segments the global electric bus market as follows:
Global Electric Bus Market: Bus Type Segmentation Analysis
Less than 9 m
Above 14 m
Global Electric Bus Market: Battery Capacity Segmentation Analysis
Less than 50 kWh
Above 250 kWh
Global Electric Bus Market: Range Segmentation Analysis
Less than 150 miles
Above 300 miles
Global Electric Bus Market: Propulsion Type Segmentation Analysis
Global Electric Bus Market: Component Segmentation Analysis
Fuel Cell Stack
Global Electric Bus Market: Consumer Segment Segmentation Analysis
Global Electric Bus Market: Application Segmentation Analysis
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Source: EIN Presswire