According to a new market research report published by Credence Research “Electric Buses Market (Type – Hybrid Electric, Plug-in Hybrid and Pure Electric; End-user – Public Transport and Private Fleet Owners) – Growth, Future Prospects and Competitive Analysis, 2018 – 2026”, the overall electric buses market worldwide is set to grow with a CAGR of 22.9% through the forecast period starting from 92,200 units in 2017.
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With ever-growing environmental concerns coupled with regulations, electric vehicles are witnessing profound demand worldwide, with China being the frontrunner. Amongst the overall electric vehicles sector, electric buses have demonstrated rapid growth over the past few years and are expected to lead the overall electric vehicles market over the forecast period. Despite the well settled market for CNG vehicles, electric buses are expected to pose a tough competition to the former in the following years. Although electric buses are more expensive to purchase, these buses offer much lower maintenance and operation cost as compared to CNG and diesel operated buses. Subsequently, considering the environmental benefits and lower operating costs, electric buses are expected to register strong demand worldwide during the forecast period.
Currently, there are approximately 400,000 electric buses operating worldwide, with China accounting for more than 95% of the total fleet. The market is highly governed by the pure electric buses segment primarily due to tightening environmental regulations and continued efforts by the governments towards minimizing fossil fuel consumption. With an aim of rapidly reducing air pollution, various national governments are now offering subsidies for bus operators in order to bring down the prices of electric buses closes to that of conventional diesel and CNG buses. This is another major factor facilitating rapid growth of electric buses market worldwide.
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Based on type, pure electric buses lead the market with more than 65%, in terms of revenue and volume, of the total market size across the globe. On the basis of geography, Asia Pacific leads the overall electric buses market worldwide accounting for more than 60% of the global market size. Apart from China, countries including India, Japan, South Korea and few others are prominent markets for electric buses. Asia Pacific is followed by Europe having extensive emphasis on reducing carbon emissions caused by road traffic.
The overall electric buses market is quite competitive in nature with market players focusing on producing more efficient products that can be used in countries having minimal infrastructure for electric vehicles. BYD Company is among the largest manufacturers of electric buses followed by Proterra, Inc. and few others. BYD Company possesses extensive product range and have presence across all the major markets globally. In addition, the company operates across most of the electric buses value chain, thereby positioning at prominent place in electric buses market.
Some of the major companies profiled in the report include BYD Company Ltd., AB Volvo,, Alexander Dennis Ltd., Ashok Leyland Ltd., Daimler AG, Dongfeng Automobile Co., Ltd., EBUSCO BV, FAW Group, IVECO S.p.A., King Long United Automotive Industry Co., Ltd., Proterra, Inc., Shenzhen Wuzhoulong Motors Co., Ltd., Skoda Auto a.s., Solaris Bus & Coach SA, Tata Motors Ltd., Zhengzhou Yutong Bus Co., Ltd. and Zhongtong Bus Holding Co., Ltd. among others.
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