Albany, NY -- (SBWIRE) -- 11/02/2018 -- An electric bus is an advanced variant of a conventional bus, which is powered by electricity stored on board, or is powered by an external source. Electric buses are widely accepted in public and private transport services.
The urgency to adopt low carbon mobility solutions is driving the electric bus market. Several countries in the European Union countries have more than 50% buses of Euro III standard, the EU has addressed a concern to renew the bus fleet. EU has commissioned U.S. $ 85 Mn to fund electric buses in Germany and U.S. $ 50 Mn for Poland, such active initiatives by governing bodies are driving the electric bus market.
During the 2014 UN Climate Summit, the UITP (Union Internationale des Transports Publics), members pledged to double the public transport market by 2025, improve infrastructure, and deploy electric buses, thus expanding the scope of global electric bus market. An electric bus is highly cost-effective and hence, is profitable in the long run. Depletion of crude oil and fluctuating oil prices are impacting the commuting business, thus increasing the preference for electric buses, thereby boosting their market.
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A hybrid electric bus reduces emission by nearly 75%, as compared to the conventional bus. Increased efficiency, lower emission, and low maintenance cost are propelling the demand for hybrid electric buses, which in turn is driving electric bus market.
The high manufacturing cost of the electric bus is hampering the market, yet reduction of battery prices and government incentives are likely to boost their market.
The global electric bus market can be segmented into type of bus, battery, technology, bus size, and region. Based on bus type, the electric bus market can be classified into four segments. Battery electric bus and series hybrid electric bus are two segments of the of the electric bus market. In 2017, Shenzen, China became first city in the world to have an all-electric bus fleet. Subsidies for new energy vehicles provided by the government of China and stringent regulations to curb pollution are driving the electric bus market.
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Based on battery type, the global bus market can be segregated into four segments. The lithium iron phosphate battery is cheaper and safer and hence, is estimated to witness a high demand
In terms of technology the global electric bus market can be classified into manual, semi-autonomous, and autonomous electric bus.
In terms of bus size, the electric bus market can be split into more than 10 meter and less than 10 meter size. The high preference for small buses by transport authorities and private agencies for less than 10 meter size is estimated to boost the 10 meter size segment
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In terms of geography, the global electric bus market can be segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. Asia Pacific is estimated to lead the global electric bus market owing to high government emphasis on environmental friendly drives. Europe is estimated to follow Asia Pacific with its increased investment to renew bus fleets in the region.
Key players operating in the global electric bus market include AB Volvo, Daimler AG, BYD Company Limited, King Long United Automotive Industry Co. Ltd., Zhengzhou Yutong Group Co., Ltd., Shenzhen Wuzhoulong Motors Co., Ltd., Solaris Bus & Coach S.A., Proterra Inc, New Flyer Industries Inc., EBUSCO, and Alexander Dennis Limited.