Electric Bus Market worth USD 34.75 Billion by 2028, registering a CAGR of 13.47% – Report by Market Research Future (MRFR)
New York, Aug. 19, 2021 (GLOBE NEWSWIRE) — Electric Bus Market Overview: According to a comprehensive research report by Market Research Future (MRFR), “Automotive Electric Bus Market Research Report, Charging technology, Vehicle Type and Region – Forecast till 2028” the market size is projected to be worth USD 34.75 Billion by 2028, registering a CAGR of 13.47% during the forecast period (2021 – 2028), The market was valued at USD 19.27 billion in 2020 .
Eminent players profiled in the global automotive electric bus industry report include –
- Daimler AG (Germany)
- Anhui Ankai Automobile Co.Ltd.( China)
- Volvo Group (Sweden)
- Wright Enrichment Inc(U.S.)
- Shandong Yi Xing Electric Auto Co.Ltd (China)
- Zhongtong Bus Holding Co. Ltd.( China)
- BYD Auto Co. Ltd ( China)
- Iveco (Italy)
- Ebus (Singapore)
- Beiqi Foton Motor Co. Ltd.(China).
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COVID-19 Analysis
COVID-19 pandemic possessed a noteworthy impact on the automotive electric bus market. Both the outbreak and the production had a significant impact on the market. The production & sales of new electric bus came to a halt across the world as the entire ecosystem got disrupted. The OEM had to wait for the lifting of the lockdown to resume production that impacted their business. After the pandemic, the demand for electric buses is likely to show a rise with economies recovering steadily. Another wave of the outbreak owing to newer strains may impede the recovery in some countries. Electric bus manufacturers subsequently would need in adjusting the production volume based on the COVID-19 scenario across various countries. Component manufacturing too was suspended during the crisis, with small Tier II and III manufacturers facing liquidity issues. Hence, the production suspension during the crisis and lower demand after the pandemic might have unprecedented impact on the electric bus providers. Besides, the second wave of COVID-19 in India is likely to impact the sales of vehicles thus impacting the market growth.
Industry Updates
Tata Motors has recently delivered its first 35 of 340 electric buses to BEST in Mumbai. The automotive giant will undertake in building, deploying, maintaining, and operating the complete charging infrastructure together with the buses.
Browse In-depth Market Research Report (185 pages) on Automotive Electric Bus
https://www.marketresearchfuture.com/reports/automotive-electric-bus-market-3202
Automotive Electric Bus Market Drivers/Automotive Electric Bus Market Trends
Rising Environmental Concerns to Boost Market Growth
The growing environmental concerns & government initiatives to reduce fuel emissions will boost the automotive electric bus market growth in the region. Additionally the manufacturers in the auto sector have widened their product offerings by adding hybrid and electric buses as alternatives to diesel-fueled buses to their product lines.
Opportunities
Growing Adoption of Hydrogen Fuel Cell Buses to offer Robust Opportunities
Hydrogen fuel cell buses are powered by combining the powertrain with fuel cell systems, controlled technology, and batteries. Such buses are regarded the next generation of green vehicles as they possess an extended life span than e-buses. The growing adoption of hydrogen fuel cell buses will offer robust opportunities for the market in the forecast period. Hydrogen fuel cell buses possess route flexibility as well as a fast refueling speed. Owing to such benefits the demand for such buses has gone manifold for public transport systems.
Restraints
High Development Cost to act as Market Restraint
The high development cost may impact the automotive electric bus market share over the forecast period. The high cost in the development of electric buses and coaches as well as related components like batteries & monitoring systems (CAN bus modules and battery management systems) will impede market growth over the forecast period.
Challenges
Limited Battery Capacity to act as Market Challenge
The limited battery capacity and lack of awareness about usability and benefits hamper may impact the market value over the forecast period. The batteries of current electric buses possess low capacities with long charging durations and restricted range per change.
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Market Segmentation
The global automotive electric bus market has been bifurcated based on vehicle type and changing technology.
By charging technology, the automotive electric bus market is segmented into non-autonomous and autonomous.
By vehicle type, the automotive electric bus market is segmented into hybrid electric bus, heavy duty electric, and light duty electric.
Regional Analysis
APAC to Precede Automotive Electric Bus Market
The APAC region will precede the market over the forecast period. Increased government initiatives in Japan, China, and India, growing demand in China, the government actively promoting the replacement of conventional buses with electric ones, China developing the needed infrastructure, the presence of developed and fastest developing economies in the world, dominance of the Chinese market, the presence of leading OEMs, favorable regulations for electric buses, the availability of electronic and electric components at cheaper rates, and rapidly charging infrastructure are adding to the global automotive electric bus market growth in the region. Besides, the Chinese government developing public transportation zones for e-buses, the government’s mission having promoted the widespread use of battery-powered buses in the region, the presence of leading manufacturers, and the fast-growing charging stations are also adding market growth. South Korea and Japan have the utmost market share.
Segmentation of Market covered in the research:
Electric Bus Market, By Charging technology (Autonomous, Non-autonomous), By Vehicle Type (Light Duty Electric, Heavy Duty Electric and Hybrid Electric Bus) and region – Forecast to 2028.
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