Solar Bus Market Outlook 2021-2027:
A solar-charged or solar bus is a bus that is powered exclusively or mainly by solar energy. Solar-powered bus service is referred to as a solar bus service. Moreover, the use of the term solar busnormally implies that solar energy is used not only for powering electric equipment on the bus, but also for the propulsion of the vehicle. In addition, existing solar buses are battery-electric buses for hybrid solar buseshybrid buses equipped with batteries that are recharged from solar power sources. The launch of solar bus service often goes hand in hand with investments for large-scale installations of stationary solar panels with photovoltaic cells. Similarly,to other solar vehicles, many solar buses have photovoltaic cells contained in solar panels on the vehicle's roof which convert the sun's energy directly into electric energy to be used by the engine. The increase in awareness about renewable sources of energy boosts the growth of the solar bus market during the forecast period.
Market scope and structure analysis:
Market size available for years
Base year considered
Type, Drive Mechanism and Battery
North America (U.S., Canada, and Mexico), Europe (Germany, UK, France, Russia, and Rest of Europe), Asia-Pacific (China, Japan, India, South Korea, and Rest of Asia-Pacific), LAMEA (Latin America, Middle East, and Africa)
Volvo Buses, Yangzhou Yaxing Motor Coach Co., Toyota Motor Corporation, Daimler AG, China South Industries Group Corporation, Ashok Leyland Ltd., Isuzu Motors Ltd., BYD Auto Co. Ltd. and Johanneberg Science Park
COVID-19 scenario analysis:
- Solar energy has experienced spectacular growth over the past two decades. But 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.
- Due to the ban in operations during lockdown which has caused a significant financial loss and it is predicted that when services resume, demand may not return due to the norms of social distancing and passengerperceived risk of traveling.
- Public transport has several challenges to face after the lockdown such as crew management, social distancing, handling crowds, and others, which will impact their profitability.
- The Covid-19 induced lockdown and additional safety measures such as social distancing which has put an additional financial burden on the bus operators which may risk the long-term sustainability of the sector.
Top impacting factors: Market Scenario Analysis, Trends, Drivers and Impact Analysis
Some of the factors that boost the market growth include increase in emphasis by government authorities and the extensive need for conserving the environment and reducing pollution. However, lack of control centers and command that leads to high traffic congestion in metropolitan areas leads people to adopt other modes of public transport such as mass rapid transit such as metro or subway and is the key factor anticipated to hamper the growth of the solar bus market shortly. Furthermore,technological advancements and innovative product launches by manufacturers are expected to create lucrative opportunities for players operating in the target market during the forecast period.
The solar bus markettrends are as follows:
Increase in emphasis by government authorities
The governments of every developing and developed economies are concerned aboutthe enhancement of the transportation systems by switching more on renewable fuel which emphasizes on making the transports in every region, cleaner, sustainable, and energy-efficient which is available to all. Also, the rise in the number of joint ventures and partnerships among key manufacturers and government agencies for launching new advanced public transport is further expected to support the solar bus marketduring the forecast period.
Extensive need for conserving the environment and reducing pollution
The awareness about the damage caused to the environment with the increase in usage of the combustion engine has been increasing rapidly as there are major effects that can be seen in the environment. Hence, the solar energy vehicle market is considered to be the future of the automobile, many customers are shifting to solar vehicles as it is economical and eco-friendlyconsidered to be a renewable source of energy to nature which further boost the growth of the solar bus marketduring the forecast period.
Key segments covered:
Key benefits of the report:
- This study presents the analytical depiction of the solar bus market industry 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 solar bus market share.
- The current market is quantitatively analyzed from 2020 to 2027 to highlight the solar bus market scenario.
- Porter’s five forces analysis illustrates the potency of buyers & suppliers in the market.
- The report provides a detailed solar bus market analysis based on competitive intensity and how the competition will take shape in the coming years.
Questions answered in the solar bus market research report:
- What are the leading market players active in the solar bus market?
- What are the current trends that will influence the market in the next few years?
- What are the driving factors, restraints, and opportunities in the market?
- What are the projections for the future that would help in taking further strategic steps?
Solar Bus Market Report Highlights
By Drive Mechanism
Key Market Players
Daimler AG, Isuzu Motors Ltd., Volvo Buses, BYD Auto Co. Ltd., Ashok Leyland Ltd., China South Industries Group Corporation, Yangzhou Yaxing Motor Coach Co., Johanneberg Science Park, Toyota Motor Corporation