Long term benefits attracting the concerned public transport authorities to adopt electric buses into their fleet of buses. Global electric bus market is forecasted to reach 331,327 units by 2025, registering a CAGR of 16.6% during the forecast period.
Global electric bus market is projected to reach 331,327 units by 2025, the growth of the market is majorly driven by stringent government norms and regulations on emissions, increasing government support for electric vehicles, and declining battery prices, according to P&S Intelligence.
Insights into market segments
On the basis of vehicle type, the electric bus market is segmented into battery electric bus (BEB), plug-in hybrid electric bus (PHEB), and hybrid electric bus (HEB). The BEB category recorded the highest sales by volume in in 2017, with a market share of more than 75%.
Furthermore, the category is expected to continue being the largest vehicle type in the market, owing to the declining battery prices and the minimum levels of carbon emissions it offers.
On the basis of the hybrid powertrain used, the electric bus market is segmented into parallel hybrid, series parallel hybrid, and series hybrid. Of these, the parallel hybrid category recorded the highest sales in the market, with a revenue contribution of more than 40% in 2017.
But during the forecast period, the series hybrid category is expected to lead the market in terms of volume sales share, primarily due to its smaller size and simpler configuration as compared to other categories in this segment.
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By customer, the electric bus market is categorized into public and private. The public category recorded the highest sales by volume in 2017, with a market share of more than 65%.
This is because the governments around the world are incorporating eco-friendly version into public transport, gradually replacing the conventional buses. Also, these buses are costly as compared to their conventional counterparts, and public sector being less cost sensitive than the private players, the adoption of these buses is higher in the public category.
A major portion of crude oil imports by the countries around the world is used in their public transport vehicles. These countries are looking to cut down their crude oil import bills by adopting electric vehicles.
In spite of the high initial cost, electric buses offer low operating cost as compared to their conventional counterparts. Public transport authorities in developing economies are focusing more on long term environmental and cost benefits.
Moreover, electric buses are less noisy and require less maintenance as compared to their conventional counterparts, thus contributing to the growth of the electric bus market around the world.
Some of the key players in the global electric bus market include AB Volvo, Zhengzhou Yutong Group Co. Ltd., Shenzhen Wuzhoulong Motors Co.
Ltd., Daimler AG, BYD Company Limited, King Long United Automotive Industry Co. Ltd., Alexander Dennis Limited, New Flyer Industries Inc., EBUSCO, Solaris Bus & Coach S.A., and Proterra Inc.
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