| A02594 | Pages: 257 | Oct 2020 | 15535 Views | ||
| Author(s) : Akshay Jadhav & Abhay Singh | Tables: 146 | Charts: 76 |
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Pandemic disrupted the entire world and affected many industries.
Get detailed COVID-19 impact analysis on the Electric Bus Market
Request Now !The global electric bus market was valued at $17.95 billion in 2019, and is projected to reach $31.45 billion by 2027, registering a CAGR of 12.6%.
With the advent in COVID-19 pandemic across the globe, the E-bus market has been affected as the e-bus manufacturing units have been shut down due to the imposed lockdown in major countries across the globe. In addition, the unavailability of skilled labor has affected the market growth.
Electric bus or e-bus is a bus that does not have traditional ICE engine for its propulsion and is completely electric. E-bus is driven by an on-board electric motor that receives the power from on-board batteries or set of batteries. Electric buses are considered as eco-friendly as they do not produces any pollutants are also economical when compared with traditional gasoline/diesel buses.
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COVID Impact Analysis: With the advent in COVID-19 pandemic across the globe, the electric bus market has been affected as the e-bus manufacturing units have been shut down due to the imposed lockdown in major countries across the globe. In addition, the unavailability of skilled labor has affected the market growth.
The electric bus market is driven by factors such as increase in demand for fuel-efficient, high-performance, and low-emission buses, stringent government rules & regulations toward vehicle emission, and reduction in battery prices. However, high manufacturing cost, and low fuel economy & serviceability restrict the market growth. Moreover, technological advancements, and proactive government initiatives for adoption of e-buses creates lucrative growth opportunities for the market.
The global electric bus market is segmented based on propulsion type, length, range, battery capacity, power output, and region. By propulsion type, the market is segmented into BEV, FCEV, and PHEV. Further, based on length, the market is segmented into less than 9 meters, 9–14 meters, and above 14 meters. Based on range, the market is bifurcated into less than 200 miles, and more than 200 miles. Moreover, the electric bus market is segmented based on battery capacity into up to 400 kWh, and above 400 kWh. By power output, the market is split into up to 250kW and above 250 kW.
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Based on region, the electric bus market is studied across North America, Europe, Asia-Pacific, and Latin America, Middle East & Africa (LAMEA) including country-level analysis for each region.
Some of the key players in the electric bus market are 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, and Zhongtong Bus Holdings Co., Ltd.
Increase in demand for fuel-efficient, high-performance, and low-emission buses
Gasoline being a fossil fuel is not a renewable source of energy, and is anticipated to be exhausted in the future. To support sustainable development, it is important to develop and use alternative sources of fuel. This involves use of electric buses, which do not use gas and are more economical than conventional buses. An electric bus converts over 50% of the electrical energy from the grid to power at the wheels, whereas the gas-powered bus only manages to convert about 17%–21% of the energy stored in gasoline. The demand for fuel-efficient buses has increased recently owing to rise in prices of petrol and diesel. This is due to depleting fossil fuel reserves and growing tendency of companies to gain maximum profit from these oil reserves. Thus, these factors give rise to the need for advanced fuel-efficient technologies, leading to surge in demand for electrically powered buses for travel.
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The conventional gas-powered vehicle makes use of an internal combustion engine to generate power. In an ideal scenario, the combustion system fully incinerates the fuel and only creates carbon dioxide and water as a waste, however, the combustion system generates various greenhouse gases, leading to environmental pollution. On the other hand, an electric bus uses an electric motor powered via a continuous supply of current; hence, it does not create any pollutants. The U.S., Germany, France, and China have implemented stringent government laws and regulations for vehicular emission, making it mandatory for the automobile manufacturers to use advanced technologies to combat high-emission levels in buses.
A program launched by the California Air Resources Board (CARB) also includes guidelines for manufacturers to produce and deliver zero-emission vehicles (ZEVs), thereby substantially boosting the adoption of electric buses. Moreover, various countries are planning to switch completely to electric buses from conventional buses, owing to stringent emission norms. For instance, in September 2019, Nitin Gadkari (Union Minister of Road Transport and Highways in India) said that all the buses in India will switch to electric propulsion type in the following two years to cut down the pollution levels across the country. Such initiatives are expected to drive the growth of the global electric bus market.
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Key Benefits For Stakeholders
Key Market Segments
By Propulsion Type
By Length
By Range
By Battery Capacity
By Power output
By Region
Key Players
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In accordance with the insights by CXOs of leading companies, the e-bus market is projected to witness moderate growth rate, owing to growth in population along with increase in disposable income, which will result into increase in the domestic as well as international flights. Companies in this industry are adopting various innovative techniques to provide customers with advanced and innovative feature ranges.
Experts also predict that the electric buses are considered as the future of electric mobility owing to their advantages over traditional ICE buses such as better acceleration, zero-emission, and noise-free operations. In addition, the market is expected to be boosted by advancements in the battery technologies and reduction in e-bus prices coupled with proactive government initiatives.
Further, the market is consolidated by the presence of major key players such as 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, and Zhongtong Bus Holdings Co., Ltd. These players have adopted efficient techniques to develop innovative products. LAMEA is expected to witness the highest growth rate during the forecast period, due to lucrative opportunities offered by underlying countries.
A. The COVID-19 crisis has severely affected the transportation sector across the globe. Also, E-bus market is hampered due to the imposed lockdowns and travel restrictions coupled with the reduced passengers across the globe.
A. The global electric bus (e-bus) market was valued at $17.95 billion in 2019, and is projected to reach $31.45 billion by 2027, registering a CAGR of 12.6% from 2020 to 2027
A. The report sample for global electric bus market report can be obtained on demand from the website.
A. The major companies profiled in the e-bus market include 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, and Zhongtong Bus Holdings Co., Ltd.
A. The company profiles of the top ten players of the e-bus market market can be obtained from the company profile section mentioned in the report. This section includes analysis of top ten player’s operating in the industry along with their last three year revenue, segmental revenue, product offerings, key strategies adopted, and geographical revenue generated.
A. Asia-Pacific region is leading the global electric bus market presently. However, LAMEA is expected to grow at lucrative rate over other regions.
A. The service providers of electric bus industry are the different e-bus vendors who are developing better and advanced e-bus solutions for transportation which are equipped with efficient technology thus propelling the growth of the global market.
A. The key growth startegies of electric bus industry players includes product launch, acquisition, expansion followed by different mergers, and partnerships related in the field of electric mass mobility thus leading to the growth of the market
A. AB Volvo signed a contract with Nobina, a bus transport group, to deliver 60 Volvo 7900 articulated electric buses in Malmö, Sweden. Delivery of the 60 electric bus units will start in January 2021 and all the buses will be delivered by April 2021
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