by The electric bus market has made a significant leap, surpassing a global valuation of over $30 billion in 2021 and is poised for momentous growth in the near future. A recent study has shed light on key insights into the markets progress during this stipulated timeframe, highlighting several drivers propelling this rapid expansion.
Increasing Use of Battery Electric Buses for a Sustainable Future
Electric buses are taking center stage in the drive towards a more sustainable and environmentally friendly transportation system. With pollution levels soaring, especially in densely populated urban areas, cleaner and more sustainable public transportation systems are becoming imperative. Battery-electric buses are emerging as a crucial component of this transformation, expected to spearhead the growth of the electric bus market. These buses are increasingly being deployed in cities with higher population densities, where air quality has already deteriorated significantly.
Public Transport Sectors Rising Adoption
Government regulations and incentives are playing a pivotal role in boosting the adoption of electric buses. In the United States, the Safer Affordable Fuel-Efficient (SAFE) cars rule and the Zero-emission Vehicles Program are setting minimum requirements for greenhouse gas emissions and fuel economy. By 2030, the Zero-emission Vehicles Program aims to have 12 million zero-emission vehicles, including buses, on the nations roads. India, too, is making significant strides, committing substantial funds to the electrification of shared and public transportation. This has led to the rapid adoption of electric buses in regions like Asia Pacific and North America.
Prominence of 9-14 Meter Segment
The 9-14 meter segment dominates the electric bus market in terms of bus length. These buses are widely used in public transportation fleets worldwide, particularly in China, which boasts approximately 99% of the electric bus market. Leading OEMs such as BYD, Proterra, and Yutong offer electric buses within this length range, catering to the growing demand for cleaner and more efficient public transportation.
North Americas Growing Domestic Demand
North America is experiencing a surge in domestic demand for electric buses. Government initiatives and incentives, as well as the need to reduce operating costs, carbon emissions, and improve air quality, are driving the transition from internal combustion engine (ICE) buses to electric ones. Cities like Delhi are making substantial investments in electric buses to enhance their public transportation systems.
Chinas Continued Dominance
China remains at the forefront of the global electric bus market, producing more than 98% of the worlds electric buses. The countrys commitment to electrifying public transportation, coupled with generous subsidies and robust legislation, solidifies its position as a leader in the industry.
Competitive Landscape
Key players in the electric bus market include CAF (Solris) (Spain), VDL Groep (Netherlands), BYD (China), Yutong (China), and AB Volvo (Sweden). These companies are actively contributing to the markets growth by innovating and supplying electric buses to meet the increasing demand.
The electric bus market is poised for remarkable growth as countries worldwide strive to transition to cleaner and more sustainable transportation options. With strong government support and growing consumer awareness, the future of electric buses looks promising.
Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2023-2030 By Product, Technology, Grade, Application, End-user, Region: (North America, Europe, Asia Pacific, Latin America and Middle East and Africa) https://www.fairfieldmarketresearch.com/report/electric-bus-market
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This press release first seen on Brilad
COMTEX_442125724/2840/2023-10-19T10:45:19
Julian Lopez is professor emeritus of finance, served as the founding academic affairs dean and founding chair of the finance department.
Disclaimer: The views, suggestions, and opinions expressed here are the sole responsibility of the experts. No journalist was involved in the writing and production of this article.