The electric bus market production is expected to cross 8.2 million units by 2025, growing at a CAGR of 33.5% between 2017-2025. The rising concern about greenhouse has (GHG) emission and long-term cost benefits provided by electric bus that is alluring transit agencies to adopt electric bus have been the key growth driver for the market.
Insights on market segments
In terms of technology, the electric bus industry has been categorized into parallel hybrid bus, pure electric bus, series parallel hybrid bus and series hybrid bus. The hybrid buses segment accounts for the majority of share in the electric bus market; however, the demand of pure electric buses is increasing rapidly, especially in the western countries owing to growing government concerns for emission-free transportation.
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Increasing venture capital funding and PPP is driving the growth of the market
The electric bus market is still in its nascent phase, and requires further technical development for their increased adoption. Many venture capital firms have shown interest in the market by providing large funds to the electric bus players. Venture capitalists, such as General Motors Ventures LLC, and Kleiner Perkins Caufield & Byers, recently invested $30.0 million in Proterra Inc. (a U.S. based electric bus manufacturing company).
European e-bus market production to cross 1.1 million units by 2025
The European electric bus market production is expected to cross 1.1 million units by 2025, growing at a CAGR of 33.1% between 2017-2025. European Union’s regulation towards the environment and sustainability is among the most stringent ones in the world and is the primary reason for the growth of the e-bus market in the region. The European Union (EU) has set a plan to minimize the greenhouse gas emissions in the region by around 80% till the end of 2050. To meet the target, emissions from transport need to be reduced by 95%, by 2050. Among the European countries, the U.K. is the largest bus market, owing to its oldest and largest public transit system.
Companies are launching new and advanced e-buses to improve their position in the market
The companies in the electric bus market are launching new and advanced e-buses to improve their position in the global e-bus market. For instance, in January 2017, Tata Motors, an automobile provider, unleased a range of pure electric and hybrid buses under the range of smart buses for clean and green cities. The range of these buses includes STARBUS ELECTRIC 9m, the STARBUS ELECTRIC 12m and the STARBUS HYBRID 12m.
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Some of the major companies operating in the worldwide electric bus market include Yutong Group, AB Volvo, Shenzhen Wuzhoulong, BYD, King Long, Proterra, Daimler, Solaris, Zhongtong, Ebusco, Alexander Dennis, and Ashok Leyland.
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