Electric Buses : Redefining Urban Mobility : Global Opportunity Analysis and Industry Forecast, 2021-2031
According to the report published by Allied Market Research, The global electric bus market size was valued at $35.3 billion in 2021 and is projected to reach $439.7 billion by 2031, growing at a CAGR of 29.5% from 2022 to 2031.๐๐๐๐๐ข๐ง๐ ๐๐๐ซ๐ค๐๐ญ ๐๐ฅ๐๐ฒ๐๐ซ๐ฌ :
AB Volvo,
Ankai Bus,
BYD Company Ltd.,
Construcciones y Auxiliar de Ferrocarriles,
S.A.,
Daimler AG,
NFI Group Inc.,
Proterra,
VDL GROEP BV,
Yutong Group,
Zhongtong Bus Holdings Co., Ltd.
๐๐๐ญ ๐๐๐ฌ๐๐๐ซ๐๐ก ๐๐๐ฉ๐จ๐ซ๐ญ ๐๐๐ฆ๐ฉ๐ฅ๐ ๐๐๐ ๐๐ฌ :
https://www.alliedmarketresearch.com/request-sample/2931
Asia-Pacific dominated the global e-bus market in 2021. China is expected to hold a dominant revenue share throughout the forecast period owing to the presence of key companies such as BYD Auto Co. Ltd., among others. In addition, the rapid infrastructure development in developing countries of Asia-Pacific, technological developments, and growing environmental concerns are some of the key factors driving the growth of the electric bus market in the region.
A rise in investments by government bodies and strict rules and regulations towards vehicle emissions is expected to support market competitiveness during the forecast period. The U.S., Germany, France, and China have implemented stringent government laws and regulations for vehicular emission, making it mandatory for automobile manufacturers to use advanced technologies to combat high-emission levels in buses.
For instance, in March 2021, the Indian government approved a proposal to procure 300 new low-floor electric (AC) buses to increase the number of buses in the city. Future buses will be incorporated into the Delhi Transport Corporation (DTC). The first 118 buses arrived in October 2021, with another 100 scheduled to be added in November. Up to 60 buses arrive in December, with the remaining 20 buses expected to arrive by January 2022.
On the basis of propulsion, the global electric bus market has been segmented into battery electric vehicles (BEV), fuel cell electric vehicles (FCEV), and plug-in hybrid electric vehicles (PHEV). Hydrogen fuel cell vehicles emit water as a by-product and are considered environment-friendly vehicles, driving the growth of the market. Furthermore, unlike battery electric vehicles, no city infrastructure work is required, except for a central hydrogen refueling station (HRS).
In addition, manufacturers are introducing new fuel-cell electric buses and planning to mass produce these vehicles in the next few years, which are expected to boost the growth of the fuel-cell electric bus market. For instance, in July 2022, Hyundai partnered with truck and bus manufacturer Iveco Group to provide a hydrogen fuel cell system for European buses. According to Iveco's bus division, the company plans to produce more than 3,000 of zero and low-emission buses at its Foggia plant in southern Italy from 2023.โ
Significant factors that impact the growth of the electric bus market comprise an increase in government initiatives for the promotion of e-mobility, stringent emission norms imposed on fossil-fuel-powered buses, and a reduction in the cost of electric vehicle batteries. However, factors such as the lack of charging infrastructure in developing countries and the high cost of electric buses are expected to hamper the market growth. Furthermore, the adoption of autonomous buses and technological advancements in e-buses are expected to create new growth opportunities for the market during the forecast period.
๐๐ซ๐จ๐๐ฎ๐ซ๐ ๐๐จ๐ฆ๐ฉ๐ฅ๐๐ญ๐ ๐๐๐ฌ๐๐๐ซ๐๐ก ๐๐๐ฉ๐จ๐ซ๐ญ ๐๐จ๐ฐ : https://www.alliedmarketresearch.com/electric-buses-market/purchase-options
Furthermore, governments of many countries are spending on the latest technologies to enhance public transport by the adoption of electric buses and passenger safety while decreasing accidents. For instance, in March 2021, London operated 3,884 hybrid buses, 485 electric buses, and 2 hydrogen buses out of its 9,068-bus fleet, with plans to increase this to 9,200 electric buses by 2027. Thus, these supportive government initiatives offer lucrative opportunities for the market players during the forecast period.
๐๐๐๐๐-๐๐ ๐๐ฆ๐ฉ๐๐๐ญ ๐๐ง๐๐ฅ๐ฒ๐ฌ๐ข๐ฌ :
The outbreak of COVID-19 led to reduced demand for electric buses. However, post-pandemic, several governments are focused on infrastructural development to enhance their public transport and zero-emission. The sales of electric vehicles increased in 2020 and 2021 due to the growing trend of vehicle electrification around the world. This sector was thus, less affected by the pandemic. The demand for electric buses had similarly decreased in the first half of 2020 and increased thereafter. Being a newly growing segment of the EV market, the demand for these vehicles has been increasing in the past months in countries such as China, the U.S., Germany, France, and the UK.
๐๐๐ฒ ๐ ๐ข๐ง๐๐ข๐ง๐ ๐ฌ ๐๐ ๐๐ก๐ ๐๐ญ๐ฎ๐๐ฒ :
By propulsion type, the fuel cell electric vehicle segment is anticipated to exhibit significant growth in the near future.
By length type, the above 14 meters segment is anticipated to exhibit significant growth in the near future.
By range, the above 300 miles segment is anticipated to exhibit significant growth in the near future.
By battery capacity, the above 250 kWh segment is anticipated to exhibit significant growth in the near future.
By power output, the above 250 kW segment is anticipated to exhibit significant growth in the near future
By region, LAMEA is anticipated to register the highest CAGR during the forecast period.
๐๐ง๐ช๐ฎ๐ข๐ซ๐ ๐๐๐๐จ๐ซ๐ ๐๐ฎ๐ฒ๐ข๐ง๐ : https://www.alliedmarketresearch.com/purchase-enquiry/2931
๐๐ข๐ฆ๐ข๐ฅ๐๐ซ ๐๐๐ฉ๐จ๐ซ๐ญ๐ฌ ๐๐ ๐๐๐ฏ๐ ๐จ๐ง ๐๐ฎ๐ฌ ๐๐ง๐๐ฎ๐ฌ๐ญ๐ซ๐ฒ :
New Energy Bus Market Research Report 2023-2035-https://www.alliedmarketresearch.com/new-energy-bus-market-A10412
Ethanol Bus Market Research Report 2023-2035- https://www.alliedmarketresearch.com/ethanol-bus-market-A09110
Solar Bus Market Research Report 2023-2035- https://www.alliedmarketresearch.com/solar-bus-market-A10070
Semi-Autonomous & Autonomous Bus Market Research Report 2023-2035- https://www.alliedmarketresearch.com/semi-autonomous-and-autonomous-bus-market-A07164
Self-Driving Bus Market Research Report 2023-2035- https://www.alliedmarketresearch.com/self-driving-bus-market
๐๐จ๐ง๐ญ๐๐๐ญ :
David Correa
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Corporation Trust Center,
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help@alliedmarketresearch.com
Web: www.alliedmarketresearch.com
Allied Market Research Blog: https://blog.alliedmarketresearch.com
๐๐๐จ๐ฎ๐ญ ๐ฎ๐ฌ :
Allied Market Research (AMR) is a full-service market research and business consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions. AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.
We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.
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