Global Electric Bus Market Report 2021: Burgeoning Need for Greener Environment & Falling Prices of Batteries Driving Growth - Industry Analysis and Growth Forecast to 2026
DUBLIN, Nov. 11, 2021 /PRNewswire/ -- The "Electric Bus Market Research Report: By Vehicle and End User - Global Industry Analysis and Growth Forecast to 2026" report has been added to ResearchAndMarkets.com's offering.
The global electric bus market registered 82,604 unit sales in 2020, and it is predicted to rise at a CAGR of 14.9% from 2021 to 2026, according to the market research report.
The major factors driving the global market are:
Falling Prices of Batteries: As per various industry experts, the average cost of lithium-ion battery packs for large orders fell to nearly $150 per kilowatt-hour (kWh) in 2020 from around $600/kWh in 2015.
Since the battery accounts for nearly 40% of the total manufacturing cost of an electric bus, any reduction in its price will allow automotive manufacturers to reduce the cost of these vehicles, which will, in turn, propel the electric bus market sales volume.
Burgeoning Need for Greener Environment: The extensive usage of fossil-fuel-powered vehicles has caused rapid environmental deterioration, which is one of the major factors responsible for the rising incidence of lung diseases.
Thus, in order to mitigate the escalating air pollution levels, the governments of many countries are encouraging the deployment of electric buses. For instance, the Indian government has provided $486 million in incentives for supporting the deployment of 7,090 such automobiles in the country.
The battery electric bus (BEB) category dominated the global electric bus market during the last few years, under the vehicle segment, and this trend is predicted to continue in the forthcoming years. The deployment of these vehicles has increased massively in recent years because of the provision of government subsidies and other financial incentives. In addition, major automotive companies are incorporating BEBs in their product portfolio, which is also supporting the advance of the category.
Asia-Pacific (APAC) held the largest share in the electric bus market in the past, mainly because of the large-scale deployment of these vehicles in China. This was because of the enactment of supportive policies and provision of financial incentives by the government for the replacement of traditional diesel, petrol, and natural gas buses with greener variants. Moreover, many other regional countries are aiming to electrify their public fleets in the coming years.
In the near future, North America is expected to be the fastest-growing electric bus market on account of the enactment of strict emission regulations in the region. Currently, in North America, the procurement rate of hybrid electric buses (HEBs), plug-in hybrid electric buses (PHEBs), and BEBs is higher in the U.S.
Essentially, the provision of tax credits and subsidies by the federal as well as the state governments is positively impacting the sales of these automobiles in the country. Furthermore, the U.S. government has mandated emission tests and announced an exemption from toll charges, for encouraging the deployment of electric buses.
The major companies in the electric bus market are Proterra Inc., Zhongtong Bus & Holding Company Limited, Solaris Bus & Coach S.A., Beiqi Foton Motor Co. Ltd., Zhengzhou Yutong Bus Co. Ltd., BYD Company Limited, Dongfeng Motor Corporation, AB Volvo, Tata Motors Limited, Ashok Leyland Limited, and Olectra Greentech Ltd.
Key Topics Covered:
Chapter 1. Research Background
Chapter 2. Research Methodology
Chapter 3. Executive Summary
Chapter 4. Definition of Market Segments
4.1 By Vehicle
4.1.1 BEB
4.1.2 HEB
4.1.3 PHEB
4.2 By Length
4.2.1 More than 10 m
4.2.2 Less than 10 m
4.3 By Battery
4.3.1 LFP
4.3.2 NMC
4.3.3 Others
4.4 By End User
4.4.1 Public
4.4.2 Private
Chapter 5. Industry Outlook
5.1 Market Dynamics
5.1.1 Trends
5.1.1.1 Emergence of autonomous buses
5.1.1.2 Entry of regional players into the global market
5.1.2 Drivers
5.1.2.1 Growing concerns over GHG emissions
5.1.2.2 Declining cost and improving operational efficiency of batteries
5.1.2.3 Long-term cost benefits of electric buses
5.1.2.4 Increasing replacement sales
5.1.2.5 Impact analysis of drivers on market forecast
5.1.3 Restraints
5.1.3.1 High price of electric buses
5.1.3.2 Growing popularity of natural gas-fueled buses
5.1.3.3 Inadequate infrastructure and underdeveloped value chain ecosystem
5.1.3.4 Impact analysis of restraints on market forecast
5.1.4 Opportunities
5.1.4.1 Growing adoption of electric buses in developing economies
5.2 Electric Bus Funding Scenario
5.3 Value Chain Analysis
5.4 Porter's Five Forces Analysis
Chapter 6. Policy and Regulatory Landscape
6.1 North America
6.1.1 Overview
6.1.1.1 U.S.
6.2 Europe
6.2.1 Overview
6.2.1.1 U.K.
6.2.1.2 Germany
6.2.1.3 France
6.2.1.4 Sweden
6.3 APAC
6.3.1 Overview
6.3.1.1 China
6.3.1.2 India
Chapter 7. Global Market Size and Forecast
7.1 Overview
7.2 By Vehicle
7.3 By Length
7.4 By Battery
7.5 By End User
7.6 By Region
Chapter 8. APAC Market Size and Forecast
Chapter 9. Europe Market Size and Forecast
Chapter 10. North America Market Size and Forecast
Chapter 11. RoW Market Size and Forecast
Chapter 12. Competitive Landscape
12.1 Competitive Positioning of Key Players
12.2 Market Share Analysis of Key Players
12.3 Product Benchmarking
12.4 Projects in the Pipeline
12.5 Electric Bus Component Suppliers
12.5.1 Electric Bus Motor Suppliers
12.5.2 Electric Bus Battery Suppliers
12.6 Charging Systems Used by Major Players
12.7 Global Strategic Developments of Key Players
12.7.1 Product Launches
12.7.2 Partnerships
12.7.3 Facility Expansions
12.7.4 Client Wins
12.7.5 Other Developments
Chapter 13. Company Profiles
- Zhengzhou Yutong Bus Co. Ltd.
- BYD Company Limited
- Zhongtong Bus & Holding Company Limited
- Solaris Bus & Coach S.A.
- Proterra Inc.
- Dongfeng Motor Corporation
- Anhui Ankai Automobile Co. Ltd.
- Yinlong Energy Co. Ltd.
- Nanjing Golden Dragon Bus Co. Ltd.
- Beiqi Foton Motor Co. Ltd.
- AB Volvo
- Tata Motors Limited
- Olectra Greentech Ltd.
- Ashok Leyland Limited
- VDL Bus & Coach B.V.
- Eicher Motors Limited
- Deccan Auto Limited
For more information about this report visit https://www.researchandmarkets.com/r/d6fva8
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