New Energy Bus Market Outlook – 2027
A new energy-charged or new energy bus is powered exclusively or mainly by new energy. Moreover, the use of the term new energy bus normally implies that new energy is used not only for powering electric equipment on the bus, but also for propulsion of the vehicle. In addition, new energy panels on buses are installed to keep battery charged for all onboard equipment. Therefore, launch of a new energy bus service often goes hand in hand with investments for large-scale installations of stationary new energy panels with photovoltaic cells. Similarly, to other new energy vehicles, many buses have photovoltaic cells in their panels, on the roof top so that energy from sun is directly converted into electric energy, which is used by the engine. Moreover, rise in awareness regarding use of renewable sources of energy propels growth of the new energy bus market.
COVID-19 scenario analysis:
- New energy has experienced spectacular growth in past two decades. However, the crisis caused by the COVID-19 could considerably disrupt this momentum.
- Public transport has been completely shut during the lockdown in almost every country around the world to contaminate the spread of coronavirus.
- Ban in operations during lockdown has caused a significant financial loss and it is predicted that when services resume, demand may not return easily, owing to norms of social distancing and passenger perceived risk of traveling.
- Public transport has several challenges to face after the lockdown such as crew management, social distancing, and handling crowds, which is expected to impact profitability of new energy buses.
- The COVID-19 induced lockdown and additional safety measures such as social distancing has put an additional financial burden on bus operators, which may risk long-term sustainability of the sector.
Top impacting factors: Market Scenario Analysis, Trends, Drivers, and Impact Analysis
Rise in emphasis by government authorities and extensive need to conserve the environment and reduce pollution are expected to spur demand during the forecast period. However, lack of control centers and command that leads to high traffic congestion in metropolitan areas encourages people to use other modes of public transport such as mass rapid transit like metros or subways and is anticipated to hamper growth of the new energy bus market. Furthermore, technological advancements and innovative product launches by manufacturers are expected to create lucrative opportunities for players operating in the market during the forecast period.
The new energy bus market trends are as follows:
Increase in emphasis by government authorities
Governments of developing and developed economies are concerned about enhancement of transportation systems by switching to renewable fuel, which emphasizes on making transport in every region cleaner, sustainable, energy-efficient, and available to all. In addition, rise in number of joint ventures and partnerships among key manufacturers and government agencies to launch advanced public transport is further expected to support the new energy bus market during the forecast period.
Extensive need to conserve the environment and reduce pollution
Awareness about damage caused to environment, with rise in use of combustion engine has been increasing rapidly as there are major effects that can be seen in the environment. Hence, the new energy vehicle market is considered to be the future of automobile and many customers are shifting to new these vehicles as they are economical and eco-friendly. In addition, they are considered to use renewable source of energy, which further propels growth of the market.
Key benefits of the report:
- This study presents the analytical depiction of the new energy bus market along with the current trends and future estimations to determine the imminent investment pockets.
- The report presents information related to key drivers, restraints, and opportunities along with a detailed analysis of the new energy bus market share.
- The current market is quantitatively analyzed to highlight the new energy bus market scenario.
- Porter’s five forces analysis illustrates the potency of buyers & suppliers in the market.
- The report provides a detailed new energy bus market analysis based on competitive intensity and how the competition will take shape in the coming years.
Questions answered in the new energy bus market research report:
- Which are the leading market players active in the new energy bus market?
- What would be the detailed impact of COVID-19 on the market?
- What current trends would influence the market in the next few years?
- What are the driving factors, restraints, and opportunities in the new energy bus market?
- What are the projections for the future that would help in taking further strategic steps?
New Energy Bus Market Report Highlights
Key Market Players
BYD Auto Co. Ltd, Isuzu Motors Ltd., Volvo Buses, Yangzhou Yaxing Motor Coach Co., Toyota Motor Corporation, Daimler AG, China South Industries Group Corporation, Ashok Leyland Ltd.