Players in the global electric bus market will benefit from the significant opportunities presented by China. China is aggressively taking steps to cut down vehicular pollution.
New York City, NY -- (SBWIRE) -- 10/05/2016 -- The featured report from Persistence Market Research (PMR), titled "Global Market Study on Electric Bus: Asia Pacific to Witness Highest Growth by 2020", delivers a 360-degree view of the market. According to the report, the global electric bus market will expand at a remarkable CAGR of 28.0% during the forecasting horizon from 2014 to 2020. By 2020, the global electric bus market is expected to record a volume of 33,854 units.
Players in the global electric bus market will benefit from the significant opportunities presented by China. China is aggressively taking steps to cut down vehicular pollution. According to a recent study from a Chinese research institute, around 400,000 premature deaths occurring in the nation are linked to air pollution. To curb this issue, the government in China is supporting the electric vehicle (EV) market. Nevertheless, unstable crude oil prices and rising focus of transit agencies on minimizing operational costs are projected to decrease the impact of the cost factor in the long run.
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Recently, certain product launches by companies have demonstrated the rising level of competition in the industry. Several private companies in China have entered the electric vehicle market and are increasingly receiving support from the government. The growing investment by companies and transit agencies in the nation is supported by governments and venture capitalists. This is projected to drive the China electric bus market in the years to come.
The rising air pollution in other parts of the world has also prompted the growth of the electric bus market in these regions. For example, air pollution causes around 100,000 deaths per year in Europe and reduces average life expectancy by 1 year, says the WHO. Governments in Europe are taking into consideration the negative impact of air pollution and are supporting the growth of the electric bus sector in this region. European countries such as the U.K., France, and Germany are emerging as the key markets for both electric and hybrid electric vehicles.
Although the global electric bus market will expand remarkably, it is not free from challenges. The global electric bus market will be suppressed by the popularity of natural-gas-fuelled buses. In addition to this, the market will be challenged by the high purchasing costs of electric buses. Electric buses are expensive, as manufacturing these vehicles is capital-intensive.
The majority of large automotive companies have not yet penetrated the market as this market is still at its nascent stage. Due to their high purchasing costs, many developing nations tend to refrain from using electric buses. Further to this, low level of awareness and low concern over environmental issues are preventing developing nations from buying electric buses. In addition to this, developed nations are reluctant to a certain degree about the incorporation of electric buses due to the absence of the necessary regulatory framework for these electric vehicles.
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The rising investment in the electric bus market in China will continue to bolster the overall market. Some of the key players operating in the global electric bus market are Alexander Dennis, EBUSCO, Ashok Leyland, Daimler, AB Volvo, Proterra, and BYD Company Limited.