The global electric bus market is projected to reach 291 thousand units by the end of 2026. The high investment in the development of efficient batteries will aid market growth. The presence of several large scale companies will contribute to the growth of the market. According to a report published by Fortune Business Insights, titled “Electric Bus Market Size, Share & Industry Analysis, By Type (Battery Electric Vehicle, Plug-in Hybrid Electric Vehicle, Fuel Cell Electric Vehicle), and Regional Forecasts, 2019-2026,” the market was worth 182 thousand units in 2018 and will exhibit a CAGR of 5.7% during the forecast period, 2019-2026.
COVID-19 Impact on Electric Bus Industry:
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Electric buses are battery-operated buses that are inclusive of high capacity batteries. The increasing awareness regarding the adverse effects of carbon emissions by fuel-driven vehicles has led to a subsequent demand for electrically operated buses. The high investments in the development of efficient batteries and designs for electric buses will yield efficient products. The technological intervention has played a huge role in the development of sustainable products, subsequently aiding the growth of the overall market in the coming years. Contributions from government organizations as well as private organizations will emerge in favor of market growth. Additionally, the huge potential held by electric vehicles has attracted large scale investments as well as numerous market entrants. The increasing efforts taken to maximize the use of solar energy and integrating this energy into combustible engines will have a huge impact on the growth of the market in the coming years.
Increasing Number of Company Mergers Will Have a Direct Impact on Market Growth
The report encompasses several factors that have contributed to the growth of the market in recent years. Among all factors, the increasing number of company mergers and acquisitions will have the highest impact on the growth of the market in the coming years. The massive investment in the development of efficient products has yielded several electrically operated buses in recent years. Government subsidies for electric vehicles is another factor that will aid the growth of the market.
In November 2019, BYD Co. Ltd. and announced that it has signed an agreement with Toyota Motor Corporation. This collaboration is aimed at the research and development of battery electric vehicle (BEV). Through this merger, the companies will aim to establish a wider consumer base across the world, and subsequently generate massive revenues in the coming years. BYD’s latest collaboration with Toyota Motor will have a direct impact on the growth of the electric bus market in the foreseeable future.
Browse Detailed Research Insights with Table of Content: https://www.fortunebusinessinsights.com/electric-bus-market-102021
Asia Pacific to Account for the Highest Share; Presence of Several Large Scale Companies to Aid Growth
The report analyzes the ongoing market trends across North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa. Among these regions, the market in Asia Pacific is likely to emerge dominant in the coming years. The market in Asia Pacific will account for the highest market share in terms of volume, owing to the increasing penetration of electric vehicles in transport and tourism. BYD’s operations in Asia Pacific have also had a massive impact on the growth of the regional market.
Besides Asia Pacific, the market in Europe will also witness considerable growth driven by the presence of several large scale companies in this region. As of 2019, the market in Europe was worth 2.3 thousand units and this value is projected to increase further in the coming years.
List of Electric Bus Market Manufacturers include:
• BYD Co., Ltd.
• Proterra, Inc.
• AB Volvo
• New Flyer Industries
• Daimler AG
• Scania AB
• Iveco
