Automotive Electric Bus Market Synopsis:
Market Research Future (MRFR)’s latest study has revealed that the global automotive electric bus market is set to expand exponentially at 22.8% CAGR during the forecast period 2020 to 2027.
Fuel efficiency is the key area of focus in the automotive sector and has paved the way for the swift adoption of electric buses. The trend is likely to perpetuate in the foreseeable future, favoring the automotive electric bus market globally.
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Some of the key players profiled in the report include Daimler AG (Germany), Volvo Group (Sweden), Wright Enrichment Inc (U.S.), Shandong Yi Xing Electric Auto Co.,Ltd (China), Anhui Ankai Automobile Co., Ltd.( China), Zhongtong Bus Holding Co., Ltd.( China), Iveco (Italy), Ebus (Singapore), BYD Auto Co., Ltd (China), and Beiqi Foton Motor Co., Ltd.(China).
Rising environmental concerns coupled with initiatives undertaken by the governments in reducing fuel emissions are driving the growth of the automotive electric bus market. Additionally, the manufacturers in the automotive sector have widened their product offerings by adding electric hybrid electric buses as substitutes to diesel-fueled buses to their product lines. It is projected to have a positive impact on the adoption of electric buses through the projection period.
Electric buses offer various benefits such as noise mitigation, thermal comfort, etc. which is likely to intensify the demand for the product in the forthcoming years. Furthermore, the industry leaders have catalyzed investments in research developments for product development and gaining competitiveness over competitors which is prognosticated to complement the market expansion. However, factors such as the high cost of manufacturing, and lack of awareness about usefulness are holding the growth of the automotive electric bus market and is likely to continue the trend in the next few years.
By charging technology, the global automotive electric bus segment is segmented into autonomous and non-autonomous.
By vehicle type, the automotive electric bus market has been segmented into light duty electric, heavy duty electric, and hybrid electric bus.
By region, the global automotive electric bus market share has been segmented into North America, Europe, Asia Pacific, and the Rest of the World. Asia Pacific holds a dominant share of the global market. It is likely to retain a substantial share of the market in the forthcoming years. The initiatives undertaken by the governments in the region to curb fuel emission has led to the accelerated adoption of electric buses. The trend is likely to garner more support by governments over the forecast period. This, in turn, is expected to aid automotive electric bus market proliferation over 2023. For instance, China is one of the most significant markets for electric buses and is supported by its government for the replacement of conventional buses. China is also building the required infrastructure for supporting the optimum use of electric buses.
Europe resonates strong growth opportunities and is anticipated to exhibit immense growth over the next couple of years. The developed automotive sector and transportation industry is likely to aid the expansion of the automotive electric bus market in the region. The initiatives undertaken by government and organizations for curbing pollutions has boosted the sales of electric buses. It is likely to catalyze the proliferation of the automotive electric bus market over the next few years. Meanwhile, North America is an important growth pocket and is likely to remain a highly lucrative market through the assessment period.
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