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Electric Bus Market Features and Forecast

Electric Bus Market

Topnewspro.com The “Electric Bus Market” report has been added by Logic Research and Solutions.

The global electric bus market accounted for volume sales of 19,059 units in 2015. It is expected to witness growth at a CAGR of 19 % in terms of volume during the period from 2016 to 2025. Among the various technologies, the parallel pure electric bus is expected to be the largest segment (50.8% share) in the global electric bus market in 2025. However, the majority of electric buses running in the present time are hybrid, as they are low in cost, and offer operational flexibility in terms of alternative fuel. However, the western countries are focusing more on the pure electric buses, due their zero carbon footprints.

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Pure electric buses require a battery for their operation, while hybrid electric buses use conventional fuel, along with an electric propulsion system. Hybrid electric buses accumulate energy, when the bus decelerates. The power stored in batteries of hybrid electric buses is used for forceful tasks, such as accelerating from a standstill. Once the vehicle is in motion, the combustion engine later runs the vehicle’s movement. The kinetic energy of the moving vehicle is used for recharging battery in hybrid vehicles.

The hybrid buses holds the majority share in the global electric bus market; however, the demand of pure electric buses is increasing rapidly, especially in the western countries owing to growing government concerns for emission-free transportation. As of now, China is the largest and the fastest growing electric bus market in Asia-Pacific. It is expected to account for over 50% share of the global electric bus market by 2025.

Electric Bus Market

In Europe, the U.K., Germany, and France are the major markets for an electric bus. The government of the U.K. launched a double-decker electric bus in London earlier in 2015. Côte d’Ivoire, Uruguay, and Brazil are expected to be the early adopters of an electric bus in Rest of the World.  The price of electric buses is almost twice, as compared to their conventional counterparts. The demand for public transit services is highest in Brazil, Russia, India, China, and South Africa (BRICS). However, the premium pricing of electric buses is limiting their acceptance in these price sensitive countries. The low level of environmental awareness, along with lack of infrastructure, such as charging station is limiting the penetration of electric buses in the public transit system.

The electric bus market is still at its nascent phase and requires further technical development for the increased adoption of electric buses. Moreover, the premium price of electric buses is the major hindrance for their large-scale adoption in public transit infrastructure, especially within the developing countries, where regional governments are focusing more on low emission natural gas powered buses.

Electric Bus Market Features

The Chinese module suppliers, such as BYD, are expected to be the largest electric bus module suppliers, during the forecast period. So far, AB Volvo is the only major participant to have hybrid module system developed in-house. Other electric bus module suppliers, such as ZF Friedrichshafen AG offer their hybrid bus module in the aftermarket for conventional transit buses. Several companies operating in the global electric bus market have been expanding their market at the global level.

BYD Company Limited has recently expanded its production base in California. Solaris Bus and Coach S.A. launched articulated electric bus ‘Urbino 18’, in September 2014. The major players operating in the electric bus market include, Zhengzhou Yutong Group Co. Ltd., AB Volvo, Shenzhen Wuzhoulong Motors Co. Ltd., FAW Group Corporation, King Long United Automotive Industry Co. Ltd., Daimler AG, Alexander Dennis Limited, EBUSCO, Ashok Leyland Ltd., Solaris Bus & Coach S.A., BYD Company Limited, and Proterra Inc.

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