Electric & Hybrid Electric Buses Demand to Grow at 17% Till 2021: TechSci Research Report

23 Mar, 2016, 12:30 ET from TechSci Research

BURNABY, Canada, March 23, 2016 /PRNewswire/ --

Growing demand for zero emission vehicles and implementation of favourable government policies to drive growth in global electric & hybrid electric bus market through 2021 

According to TechSci Research report, "Global Electric & Hybrid Electric Buses Market, By Vehicle Type, By Technology, Competition Forecast and Opportunities, 2011-2021', global market for electric & hybrid electric buses offers huge growth potential. Major global economies such as the US, Canada, UK, Germany, France, China, etc., have already deployed a huge number of new buses with electric and hybrid fuel systems. Major factors driving global electric & hybrid electric buses market include rising pollution concerns, rapid developments in transportation sector, coupled with governments across various countries launching initiatives to switch from clean energy buses comprising CNG/LPG buses to zero emission buses. Over the next five years, developed economies offer tremendous potential for incorporation of these high priced electric & hybrid electric buses in their transportation networks.

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Leading electric & hybrid electric bus manufacturers across the globe have been constantly working on lowering cost of batteries in order to boost adoption of electric & hybrid buses in various developed as well as major developing countries, globally. Few of the leading electric & hybrid electric bus manufacturers such as Zhengzhou Yutong Group, BYD, Volvo, Zhongtong Bus, etc., have been expanding their product portfolios and focusing on introduction of various models of electric & hybrid electric buses with advanced features that are specific to a country's requirements and road conditions. Moreover, demand for electric & hybrid electric buses is growing for delivering public transport services in various countries across the world. With focus on strengthening public transportation and reducing level of air pollution, government across various emerging nations are likely to deploy zero emission buses in their respective public transportation fleets during the forecast period. Also, with government incentives and subsidy schemes, transport agencies across various countries, have started adding more and more electric & hybrid electric buses in their networks. In November 2013, ZeEUS (Zero Emission Urban Bus System), a demonstration project worth US$ 27.68 million, was launched by International Association of Public Transport. Under the ZeEUS project, the association plans to validate the anticipated positive outcomes of using electric & hybrid electric buses in major economies of the European region by 2017.

"Increasing urbanization and rapid developments in transportation industry across various major countries has contributed to rising CO2 emissions worldwide. Vehicles with conventional fuel systems are among the leading contributors of pollution, globally. In order to counter this issue, governments across various countries are taking initiatives to switch their public transportation systems to zero emission vehicles. This is propelling demand for new energy buses such as electric and hybrid electric buses. Though hybrid electric buses dominate global market for electric and hybrid electric buses, demand for pure electric buses is also anticipated to grow at a robust pace over the next five years, predominantly due to rising demand for zero emission vehicles in developed countries," said Mr. Karan Chechi, Research Director with TechSci Research, a research based global management consulting firm.

"Global Electric & Hybrid Electric Buses Market By Vehicle Type, By Technology, Competition Forecast and Opportunities, 2011-2021' evaluated the future growth potential of electric & hybrid electric buses in the global market and provides statistics and information on market structure and trends. The report is intended to provide cutting-edge market intelligence and help decision makers take sound investment evaluation. Besides, the report also identifies and analyzes emerging trends along with essential drivers, challenges and opportunities available in global electric & hybrid electric bus market.

About TechSci Research: 

TechSci Research is a global market research and consulting company with offices in Canada, UK and India. TechSci Research provides market research consulting services in six verticals - Information Technology, Chemicals, Water & Water Recycling, Consumer Goods & Retail, Automotive and Energy & Power. The company uses proprietary innovative business model that focuses on improved productivity that also ensure the creation of high-quality reports. With more than 100 client engagements with fortune 500 clients, TechSci Research enjoys the status of a premium market research services provider in the industry.

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SOURCE TechSci Research