Against the backdrop of high fuel prices and the worsening effects of climate change, the adoption of electric mobility is being promoted as a solution. As electric vehicles have zero tailpipe emissions which can effectively decrease pollution in cities and improve air quality. To this end, the global electric bus market is projected to grow throughout the projection period. Several governments and environmental agencies are supporting this move due to its economic and sustainability benefits. Battery-powered vehicles are cleaner, quieter, and have significantly higher energy efficiency. The adoption of electric buses is being promoted through progressive policies and incentives for customers and manufacturers alike. Along with EV manufacturers, many legacy automobile OEMs are investing heavily in battery technology to leverage this growing business opportunity. All these factors are expected to boost the sales of electric buses, thereby aiding long-term market growth.
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Sales in Electric Bus Market to Grow Amidst Growing Carbon Emissions
Transportation is one of the leading contributors to pollution and carbon emissions across the globe. To overcome this mounting environmental challenge, the adoption of a cleaner and more sustainable transport system is being promoted. Electric buses are set to play a crucial role in building an eco-friendly future. Besides being healthy for the environment, electric buses are also helping overcome the challenge of growing fuel prices. The prerequisite of adopting sustainable practices and the inherent economic benefit amidst fuel inflation is generating notable traction for electric buses. Such developments are creating lucrative growth possibilities for the global electric bus market expansion.
Growing Demand for 9-14 Meter Length Electric Buses to Unlock Novel Opportunities
In the past few years, the demand for 9-14 meter length electric buses has grown at a rapid pace. One of the main factors behind the growing demand for this type of bus is its utility as a public transport vehicle. A significant majority of electric buses running today comprise the public transportation fleet. Many electric bus manufacturers are developing these buses to meet the growing demand for electric public transportation vehicles. Moreover, these buses have proven to be more reliable and feasible in real-world usage. All these factors are poised to work in conjunction to facilitate the growth of the global electric bus market in the forecast period.
Favorable Government Norms to Establish Asia Pacific’s Dominance in Electric Bus Market
Growing electric bus sales, supporting policy-making, and depleting air quality are creating a lucrative business environment for the electric bus market in Asia Pacific. Major regional economies such as China and India are promoting the electrification of public transport through subsidies and other benefits for customers. China has one of the biggest electric bus fleets in the world with more than 421,000 buses currently in operation. India is also promoting electric vehicle adoption and RD. These factors are expected to cement Asia Pacific as the leading market region.
Key Market Entities
The most active players currently competing in the global electric bus market include AB Volvo (Sweden), BYD (China), VDL Groep (Netherlands), Yutong (China), and CAF (Solris) (Spain).
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