July 16, 2020
According to the research report titled ‘Global Electric Bus Market Size study with COVID-19 impact, by Vehicle Type (Battery Electric Bus, Plug-in Hybrid Electric Bus, Fuel Cell Electric Bus), by Application (Government, Fleet Operators) and Regional Forecasts 2020-2026’, available with Market Study Report LLC, global electric bus market is expected to register substantial growth by the year 2026.
For those uninitiated, an electric bus is powered by electricity and either consumes this energy continuously through external sources such as non-contact conducts and overhead wires or stores it on-board.
Growing demand for hydrogen fuel cell bus, alongside shifting focus towards reducing emissions and adopting energy-efficient mass transit are major factors driving global electric bus market growth.
Favorable government initiatives which encourage the use of electric bus is also accelerating the market expansion. In fact, the Indian government introduced the National Electric Mobility Mission Plan 2020, which aims to increase the adoption of hybrid and electric components of automotive sector.
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However, the advent of COVID-19 pandemic in late December 2019 has resulted in global economic slowdown and has majorly impacted the automotive sector. Various governments across the globe imposed strict lockdowns and restricted the movement of goods, people and services in order to counter the spread of the disease, thereby hampering the growth of global electric bus market. Additionally, high manufacturing cost of such vehicles may also act as a restraining factor to the overall market growth.
As per vehicle type, the market is divided into fuel cell electric bus, plug-in hybrid electric bus and battery electric bus. On the other hand, the application scope of global electric bus market comprises of fleet operators and government.
Highlighting the regional landscape, Asia-Pacific electric bus industry is estimated to accumulate commendable returns and register significant growth during the forecast period. Escalating investments by public entities towards increasing the production of electric buses and high concentration of major OEMs are favoring the market scenario in Asia-Pacific. Moreover, rapid expansion of electric vehicle charging infrastructure is also augmenting the regional demand for electric buses.
Major companies formulating the competitive terrain of global electric bus market are Zhengzhou Yutong Bus Co. Ltd., Scannia AB, Ryobi Bus Co., Proterra Inc., New Flyer Industries, BYD Co. Ltd., Anhui Ankai Automobile Co. Ltd., Iveco Bus, Daimler AG and The Volvo Group among others.