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| Electric Bus Market |
The global electric bus market is estimated to be valued at US$14,795.5 million in 2021 and is expected to reach US$ (incorporate given market value for 2022) billion/million by 2022, exhibiting a CAGR of 13.4% over the forecast period 2022-2030, as per a new report published by Coherent Market Insights.
Market Overview:
Electric buses have gained immense popularity in recent years due to their
various advantages. These buses are powered by electricity, offering
significant advantages over conventional buses. They are environmentally
friendly, emitting lower levels of pollutants compared to traditional diesel
buses. Electric buses contribute to reducing air pollution, noise pollution,
and greenhouse gas emissions, thus promoting a greener and more sustainable
transportation system. Moreover, electric buses are a cost-effective solution
in the long run, as they require less maintenance and have lower operational
costs.
Market Key Trends:
One of the key trends shaping the global electric bus market is the increasing
adoption of electric buses in public transportation systems. Governments
worldwide are focusing on reducing pollution and promoting sustainable
transportation options. Electric buses are being increasingly adopted in public
transportation fleets to reduce emissions and improve air quality in cities.
This trend is driven by various factors such as government initiatives,
subsidies, and incentives to promote the use of electric vehicles.
Additionally, advancements in battery technology and charging infrastructure
have made electric buses more practical and efficient for daily operations. As
a result, public transportation agencies are increasingly transitioning from
conventional buses to electric buses, driving the growth of the electric bus
market.
Note: The report does not provide specific data on market trends or key
players, so the content is based on general market knowledge and trends.
Segment Analysis:
The electric bus market can be segmented based on technology, battery type,
vehicle type, and region.
In terms of technology, the market can be divided into hybrid electric buses,
plug-in hybrid electric buses, and battery electric buses. Among these, battery
electric buses dominate the market due to their zero emissions, reduced fuel
consumption, and lower maintenance costs. Battery electric buses are gaining
significant traction in the market as governments and organizations focus on
reducing carbon emissions and transitioning to sustainable transportation
solutions. Additionally, advancements in battery technology, such as the
development of high-capacity batteries with improved range, are further fueling
the dominance of battery electric buses in the market.
Key Takeaways:
The global Electric
Bus Market Share is expected to witness high growth, exhibiting a CAGR of 13.4% over the forecast period
of 2022-2030. The market size for 2021 is estimated to be US$ 14,795.5 million.
In terms of regional analysis, Asia Pacific is projected to be the
fastest-growing and dominating region in the electric bus market. The region is
witnessing rapid urbanization, increasing population, and rising concerns about
air pollution. Governments in countries like China and India have introduced
various initiatives and subsidies to promote the adoption of electric buses,
thereby driving the market growth in the region. Additionally, the presence of
major electric bus manufacturers, such as BYD Company Ltd and Yutong Group, in
Asia Pacific further contributes to the dominance of the region in the market.
Key players operating in the electric bus market include AB Volvo, CAF,
Construcciones Y Auxiliar De Ferrocarriles, S.A., Ankai Bus, Zhongtong Bus
Holdings Co., Ltd, BYD Company Ltd, Proterra, Daimler Ag, Yutong Group, NFI
Group Inc., and VDL Groep BV. These key players are actively involved in
strategic initiatives such as partnerships, collaborations, and product
launches to expand their market presence and gain a competitive edge. For
instance, in 2020, BYD Company Ltd launched its new electric bus model, the K8,
which offers improved range and energy efficiency. Similarly, Yutong Group
introduced its E12 model, which has a longer driving range and enhanced
passenger comfort. These initiatives by key players are expected to drive the
growth of the electric bus market.
Read More,
https://www.marketwebjournal.com/electric-bus-market-size-and-share-analysis/
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