Automotive Electric Bus Market To Capture A Robust 22.8% CAGR In The Forecast Period
Summary
Global Automotive Electric Bus Market, By Charging technology (Autonomous, Non-autonomous), By Vehicle Type (Light Duty Electric, Heavy Duty Electric and Hybrid Electric Bus) and region - Forecast 2017-2023
Automotive Electric Bus Market – Overview
The escalation in environmental concerns has driven the development of electric vehicles to help curb the negatives of emissions. Reports that scrutinize the automobile industry has been offered by Market Research Future, which generates reports on industry verticals that judge the market development and possibilities. A CAGR of 22.8 % is expected to open the possibility to earn revenues worth USD 82.5 billion by the end of the forecast period.
The need to gain savings from the use of fuel-saving technologies are driving the expansion of the automotive electric bus market considerably. The changing inclination towards alternative fuel vehicles is projected to boost the adoption of automotive electric buses around the world. Moreover, the increasing presence of strong manufactures in the automotive electric bus market is expected to bolster the market’s expansion in the forthcoming period.
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Key Players
The foremost companies functioning in the automotive electric bus market are Iveco (Italy), Anhui Ankai Automobile Co., Ltd.(China), Daimler AG (Germany), Volvo Group (Sweden), Wright Enrichment Inc.(U.S.), Zhongtong Bus Holding Co., Ltd.(China), Shandong Yi Xing Electric Auto Co., Ltd (China), BYD Auto Co., Ltd (China), Ebus (Singapore) and Beiqi Foton Motor Co., Ltd.(China).
Industry Updates:
Nov 2019 BYD has recently announced that it had accepted its initial order from Norwegian public transport provider Unibuss. The Chinese electric bus manufacturer stated that 23 12 meter eBuses were planned for distribution in the next quarter of 2020 for operation on roads in and around Oslo.
Segmental Analysis
The segmental overview of the automotive electric bus market is conducted on the basis of charging technology, vehicle type, and region. On the basis of charging technology, the automotive electric bus market is segmented into non-autonomous and autonomous. Based on the vehicle types, the automotive electric bus market is segmented into heavy-duty electric, light-duty electric, and hybrid-electric bus. Based on the regions, the automotive electric bus market is segmented into APAC, North America, Europe and other regions in the world.
Detailed Regional Analysis
The regional study of the automotive electric bus market includes regions such as APAC, North America, Europe and other regions in the world. The Asia Pacific region is in the controlling position in the automotive electric bus market with improved government initiatives in nations such as Japan, India, and China. China is considered as the principal market for electric buses, and the management is actively encouraging the substitution of conventional buses with electric ones. China is also increasing the vital infrastructure to back the use of electric buses. The European region is identified as one of the important regions for progress and expansion in the bus sector. The governments of several countries in the European region are making plans and steps to control pollution, which in turn is advancing the demand for hybrid and electric vehicles.
Competitive Analysis
The need to mitigate risks is expected to influence development in the market on the whole. The development of modern practices in the production and selling of the goods is motivating the market towards realizing its goals. The improvements in the production quality are creating a healthy atmosphere for the growth of the market. The increased diversification of the market players has laid down a solid foundation for the growth of the market. The strengthening of the distribution channel is expected to create further impetus of the market’s growth. The relative ease in securing investment is expected to guide the progress of the market in the approaching period. The governments around the world are also playing their role to ensure the excellent development of the market. The structuring of the global economies has further deepened the development of the market.
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