The electric & hybrid electric buses market is subject to witness a substantial growth due to the rapid technological advancement in automotive sector and favorable initiative to promote electrical vehicles in the market. Growing concerns regarding exponential rise in air pollution, and shifting preference towards zero emission vehicles from clean energy vehicles (CNG buses) are expected to drive the growth of the market over the forecast period. Globally, electric & hybrid electric bus market is predicted to generate massive revenue over the next seven years, providing numerous opportunities for industry participants to invest in research and development of electric & hybrid electric buses.
Swift decline in cost of automobile batteries and development of new energy batteries are projected to limit manufacturing cost of electric & hybrid electric buses, thus fostering market growth. Several manufactures are developing electric & hybrid electric buses as per regional demands, such as roads condition, affordability and country’s requirements. Rising investment by local government to strengthen public transportation and to curb air pollution levels, are positively affecting market demand for electric & hybrid electric buses.
A hybrid electric bus combines a conventional internal combustion engine propulsion system with an electric propulsion system. These type of buses normally use a Diesel-electric powertrain and are also known as hybrid Diesel-electric buses. The introduction of hybrid electric vehicles and other green vehicles for purposes of public transport forms a part of sustainable transport schemes.
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The electric & hybrid electric buses market is broadly categorized into three major segments based on the product type such as light duty electric buses, hybrid electric buses and heavy duty electric buses. Hybrid electric buses segment is growing rapidly in the market with substantial revenue generation in the last few years. Growing popularity of hybrid electric buses segment is attributed to the increasing product penetration in the newer markets and availability of customized buses.
The electric & hybrid electric bus market is divided by region as North America, Europe, Asia-Pacific, Latin America and Africa. North America has shown major growth in the recent years owing to the rise in implementation of latest technologies in automotive sector, surge in number of research & development activities and existence of well-established industrial infrastructure in the region. In European region, Germany, France, and United Kingdom are projected to witness steady growth over the coming years.
Asia-Pacific region is estimated to hold a major share in the electric and hybrid electric buses market with massive growth in the forecast period. Countries such as India, China and Singapore are leading the Asia-Pacific market with strong economic growth, rising manufacturing activities, favorable government policies, and significant investment by leading industry players considering potential growth opportunities in the region.
The key players in the electric & hybrid electric buses market are EBUSCO B.V., Alexander Dennis Ltd., Daimler AG, Ashok Leyland Ltd., Proterra, Inc., The Volvo Group, and BYD Company Ltd.
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