Rising environmental concerns coupled with increasing government investments in fuel saving technologies to drive global electric bus market through 2024
According to TechSci Research report, “Global Electric Bus Market By Seating Capacity, By Battery Type, By Application, By Bus Length, By Region, Competition, Forecast & Opportunities, 2024”, the global electric bus market is forecast to reach $ 350 billion by 2024. Electric buses are witnessing rising adoption owing to the increasing urbanization coupled with growing demand for alternate fuel based vehicles, rising air and noise pollution, advancements in the field of electric mobility, among others. Additionally, the subsidy allocation for purchasing these vehicles by governments in various economies would further fuel growth in the market. However, lack of technical awareness and high procurement cost are likely to hamper the growth of market.
Browse 89 market data Figures spread through110 Pages and an in-depth TOC on“Global Electric Bus Market”
The global electric bus market is segmented based on seating type, battery type, application, bus length, region and company. Based on seating type, the market can be fragmented into up to 30-seater, 31-40-seater, and above 40. The 31-40-seater segment is expected to hold the largest market share during the forecast period attributable to compact body, ease of boarding and capacity of storing large volume of luggage. On the basis of bus length, the market can be categorized into 6-8m, 9-12m and above 12m. Of all, the 9-12m length segment is expected to continue its dominance during the forecast period, predominantly owing to preferred length, and consequently, higher adoption of 9-12 length electric buses for public transportation.
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“Asia-Pacific is expected to dominate and grow at the fastest rate during the forecast period, owing to the increasing investments in alternative fuel technologies in the region. Sales in Asia-Pacific are dominated by regional players. These companies have strong presence owing to well-established distribution channels. China is the largest producer and is investing heavily in 5th generation electric buses. Additionally, governments in various countries of the region are providing subsidies and tax benefits to electric bus manufacturers, thereby further propelling demand for electric buses.” said Mr. Karan Chechi, Research Director with TechSci Research, a research based global management consulting firm. AB Volvo, BYD Company Limited, Daimler AG, Zhengzhou Yutong Bus Co., Ltd., Anhui Ankai Automobile Co. Ltd., Iveco S.p.A., Scania AB, New Flyer Industries, Dongfeng Automobile Co. Ltd., and GreenPower Motor Company Inc., among others are some of the leading players operating in global electric bus market.
“Global Electric Bus Market By Seating Capacity, By Battery Type, By Application, By Bus Length, By Region, Competition, Forecast & Opportunities, 2024” has evaluated the future growth potential of global electric bus market and provides statistics & information on market size, structure and future market growth. The report intends to provide cutting-edge market intelligence and help decision makers take sound investment decisions. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges and opportunities in global electric bus market.
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