Electric Bus Market size worth over $53 Bn by 2027
Electric Bus Market size is set to be over USD 53 billion by 2027, according to a new research report by Global Market Insights, Inc.
SELBYVILLE, Del. - March 3, 2021 - (Newswire.com)
Global Market Insights Inc. has recently added a new report on the electric bus market which estimates the market valuation for the electric bus will cross US$ 53 billion by 2027. The market is anticipated to witness a surging growth rate due to the stringent emission regulations imposed by government authorities such as the Environmental Protection Agency (EPA). For instance, EPA's vehicle greenhouse gas rules will aid in eliminating about six billion metric tons of GHG pollution by 2025.
The electric bus industry is facing several challenges due to the rapid spread of the COVID-19 pandemic across the globe. International and domestic trade has been impacted significantly owing to the trade and travel restrictions imposed by various governments. The sales of electric buses have witnessed a steady decline in the market. However, the market will witness significant growth due to the economic revival and containment of the virus by 2021.
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The PHEV bus segment is anticipated to grow steadily over the coming years. Hybrid buses are powered by a combination of electric and diesel/gasoline engines, providing them with an enhanced range in terms of kilometers. The low cost of these buses compared to all-electric and FECVs will augment their market representation.
The Middle East & Africa electric bus market is expected to witness significant growth due to the increase in the demand for these buses in countries including the UAE and Saudi Arabia. Factors, such as the growing presence of OEMs in the region, development of sustainable electric mass transit solutions, and government support, are further contributing to the market growth. For instance, in November 2019, China's Shanghai Wanxiang Group assisted Egypt's Arab Organisation for Industrialisation in introducing its first electric bus in the country.
Similarly, in May 2019, Foton Motor and Egypt's Military Production Ministry signed an agreement to manufacture more than 2,000 electric buses in the country by the next four years. The adoption of electric buses in the region will propel the market growth during the forecast timeline.
The players active in the electric bus market are AB Volvo, BYD Co. Ltd, Daimler AG, Yutong, Ankai Bus, NFI Group Inc Proterra Inc., Zhongtong Bus Holdings Co., Scania AG, VDL Group, Ltd. Solaris, and Alexander Dennis Ltd. These players emphasize on mergers and acquisitions to enhance their business operations. For instance, in September 2018, CAF Group announced the acquisition of Solaris Bus and Coach. The acquisition aided the company to enter the global electric bus market.
Some major findings in the electric bus market report include:
- Rising emphasis on the integration of advanced technologies including automated control systems and sensors into the buses will propel the industry size.
- The all-electric bus segment will witness a high growth rate owing to increasing government regulations toward vehicular emissions and supportive policy measures.
- Proliferation of numerous market players coupled with the growing adoption of these buses in intercity and intracity travel is augmenting the electric bus market share in Asia Pacific and Europe.
- Key players operating in the electric bus market include AB Volvo, BYD, Proterra, Yutong, and VDL Group.
- Major strategies adopted by the market players include new product launches and strategic partnerships with other industry players to enhance their market share.
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Partial chapters of report table of contents (TOC):
Chapter 3 Industry Insights
3.1 Industry segmentation
3.2 Impact of COVID-19 on electric bus industry landscape
3.2.1 Global outlook
3.2.2 Regional impact
3.2.2.1 North America
3.2.2.2 Europe
3.2.2.3 Asia Pacific
3.2.2.4 Latin America
3.2.2.5 MEA
3.2.3 Industry value chain
3.2.3.1 Research & development
3.2.3.2 Manufacturing
3.2.3.3 Marketing
3.2.3.4 Supply
3.2.4 Competitive landscape
3.2.4.1 Strategy
3.2.4.2 Distribution network
3.2.4.3 Business growth
3.3 Industry ecosystem analysis
3.3.1 Component suppliers
3.3.2 Technology providers
3.3.3 Manufacturers
3.3.4 End use landscape
3.3.5 Distribution channel analysis
3.3.6 Vendor matrix
3.4 Technology & innovation landscape
3.5 Policy support for electric vehicles across the globe
3.6 EV charging infrastructure outlook
3.7 Regulatory landscape
3.7.1 North America
3.7.2 Europe
3.7.3 Asia Pacific
3.7.4 Latin America
3.7.5 MEA
3.8 Industry impact forces
3.8.1 Growth drivers
3.8.1.1 Increasing focus on electrification of public transport across the globe
3.8.1.2 Low maintenance requirements of electric buses
3.8.1.3 Supportive government initiatives for development of charging infrastructure in North America
3.8.1.4 Growing investments by European OEMs in battery technologies
3.8.1.5 Rising demand for clean mobility and transportation solutions in Asia Pacific
3.8.1.6 Rising inclination towards alternative fuels in Latin America and MEA
3.8.2 Industry pitfalls & challenges
3.8.2.1 High initial cost of electric buses
3.9 Growth potential analysis
3.10 Porter's analysis
3.10.1 Supplier power
3.10.2 Buyer power
3.10.3 Threat of new entrants
3.10.4 Threat of substitutes
3.10.5 Internal rivalry
3.11 PESTEL analysis
About Global Market Insights
Global Market Insights, Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider; offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy and biotechnology.
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Corporate Sales, USA
Global Market Insights, Inc.
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Original Source: Electric Bus Market Revenue to Cross $53 Bn by 2027; Global Market Insights, Inc.
