New York City, NY -- (SBWIRE) -- 10/21/2016 -- The global electric buses market is predicted to expand at a staggering CAGR of 28.0% over 2014-2020, and reach 33,854 units in terms of volume, by 2020 end.

Several governments are extending efforts toward promoting environmentally friendly commute. There have also been laws regarding the reduction of pollution resulting from conventional vehicles. This is expected to provide a major thrust to the global market for electric buses. China is especially raising substantial demand for connected buses, and is expected to continue boosting the market growth over the forecast period.

As crude oil reserves are depleting and their prices are highly fluctuating, consumers are increasingly seeking a better alternative in form of connected buses. This is expected to accelerate penetration of connected buses globally. A large number of governments and venture capitalists are increasingly supporting companies and transit agencies with financial backing, which is foreseen to be a major factor positively influencing the market growth.

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Compared to their traditional counterparts, an average price of a connected bus is approximately twice. Expensive purchasing costs may hamper the widespread adoption of connected buses, especially in developing markets. The high cost of electric buses is a key barrier for this industry. Moreover, insufficient awareness about the electric bus technology and availability of electric buses may also remain a long term challenge to market growth. Despite establishing a decent adoption rate in developed markets, electric buses still lack standard regulatory framework. This is another key restrain, expected to deter the market growth during the forecast period.

Based on drive system, hybrid electric buses hold a majority of market revenues owing to relatively lower prices but pure electric buses segment has been witnessing significant growth in developed markets. Hybrid electric buses are anticipated to continue gaining the maximum traction globally. Pure electric buses will however register a higher growth rate over the forecast period, attributed to rising popularity of emission-free transportation.

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