With things going haywire, Market Research Future (MRFR) analyzes vital points to make sure that the businesses around the global automotive electric bus market 2020 are entirely prepared to tackle potential implications caused by COVID-19 pandemic. MRFR, from its study, estimates that the global automotive electric bus market can reach its target to get at least 22.8% CAGR during the forecast period 2017-2023, and will be valued USD 82.5 billion.
Top Impacting Factors
The escalation of the electric bus market has been attributed to the continuously rising concerns about the reduction of fossil fuels and environmental pollution. In order to tackle the issues mentioned above, many governments across the world have initiated changes in the public transportation systems, mainly by replacing the heavy-duty diesel and gasoline-run buses with zero-emission automotive electric buses.
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Automotive electric buses, which primarily run by consuming electrical energy, have been considered as a significant scope of the market to expand. Electric buses are operated in two modes, electric and hybrid, which consume less petroleum that can be recharged from a standard electrical outlet. These authentic factors claim that the market could see a rising growth graph mainly after the long term impact of COVID 19 worldwide.
MRFR further reports that vehicle emission is solely responsible for emitting 29% of greenhouse gases that result in air pollution and global warming. The reduction of crude oil and rising fuel prices have resulted in ascend in reputation and sales of vehicles that are less injurious to the environment and uses alternative fuels. This has also led to a significant boost in the adoption of electric buses to reduce dependency on fossil fuels.
Furthermore, looking at benefits such as thermal comfort and noise reduction offered by these will further augment the automotive electric bus market. Electric & hybrid electric buses assist in reducing the effects of solar heat build-up inside the bus and then turns into a filter for disruptive noises such as car horns and construction work.
On the contrary, the factor of high cost allied with manufacturers, lack of awareness on usability and benefits impede the expansion of the market, significantly during the forecast period.
Top Industry Players
The top industry players operating in the market of the global automotive electric bus are listed as Anhui Ankai Automobile Co., Ltd.( China), Daimler AG (Germany), Wright Enrichment Inc(U.S.), Volvo Group (Sweden), Zhongtong Bus Holding Co., Ltd.( China), Shandong Yi Xing Electric Auto Co., Ltd (China), Iveco (Italy), BYD Auto Co., Ltd ( China), and Beiqi Foton Motor Co., Ltd.(China).
Segmentation of Market
The global analysis of the electric bus market is done for the segment, such as charging technology and vehicle type.
In terms of the charging technology segment, the market has included autonomous and non-autonomous.
In terms of vehicle type segment, the market has included light-duty electric, heavy-duty electric, and a hybrid electric bus.
Asia-Pacific is leading the automotive electric bus market with augmented government initiatives in countries such as China, India, and Japan. China is the leading market for automotive electric buses, and the government is vigorously promoting the replacement of conventional buses with electric ones. China is also budding the required infrastructure to support the use of electric buses. However, in 2017 and 2018, sales of automotive electric buses declined, owing to the changes in policies and subsidies among the national and local governments in the country. Yet in the forecast period, China may continue to observe growth in the adoption of automotive electric buses, as more than thirty cities in the Chinese have planned to accomplish 100% electrified public transit by 2020. The regions are Zhuhai, Guangzhou, Foshan, Dongguan, and Zhongshan in the Pearl River Delta, along with Hangzhou, Nanjing, Shaanxi, and Shandong.
Europe region is known as one of the leading regions for the expansion of the bus sector. Governments of various countries in Europe are taking initiatives and steps to curb pollution, which in turn is boosting demand for automotive electric buses and other vehicles.
the development of the market.
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