NEW YORK, May 25, 2016 /PRNewswire/ --
According to market research "Global Electric Bus Market Size, Share, Development, Growth and Demand Forecast to 2025 - Industry Insights by Technology (Series Parallel Hybrid Bus, Series Hybrid Bus, Parallel Hybrid Bus, Pure Electric Bus)" published by P&S Market Research, the global electric bus market is expected to grow at a CAGR of 20.9% in terms of volume during 2016-2025. Among the various technologies, the parallel hybrid bus segment accounted for largest share (43.6%) in the electric bus market in 2015.
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Pure electric buses require battery for their operation, while hybrid electric buses use conventional fuel, along with an electric propulsion system. Hybrid electric buses accumulate energy, when the bus decelerates. The power stored in batteries of hybrid electric buses is used for forceful tasks, such as accelerating from standstill. Once the vehicle is in motion, the combustion engine later runs the vehicle's movement
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China accounted for the largest market share of electric bus, among the various countries in 2015. With newly built smart cities and modern infrastructure, China is giving significant attention to the emission free public transit system. The government of China offers subsidies on the purchase of emission free vehicles that has assisted the growth of the electric bus market in the country. China is expected to account for more than 50% share of the global electric bus market by the end of 2025. Currently, the average cost of controller is about $9,000 to $10,000, however by the end of 2025, the average price for controller is expected to increase by 10% to 20%.
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Across the value chain of electric bus market, the supplier-level cost for batteries and motors are expected to decline during the forecast period, which is expected to lower the overall manufacturing cost of electric bus during 2021-2025. However, the cost of controllers is likely to increase, due to a shift in propulsive power from diesel engine to electric motor. Therefore, it is expected to increase the complexity of power management in pure electric buses during the forecast period.
The regional electric bus players are expanding their market reach though organic expansion. BYD Company Limited has recently expanded its production base in Europe and North America. Solaris Bus and Coach S.A. launched articulated electric bus 'Urbino 18', in September 2014. EBUSCO launched EBUSCO 2.0, a new product under company's electric bus portfolio in the same month in 2014. The major players operating in the global electric bus market include, Zhengzhou Yutong Group Co. Ltd., AB Volvo, Shenzhen Wuzhoulong Motors Co. Ltd., FAW Group Corporation, King Long United, Automotive Industry Co. Ltd., Daimler AG, Alexander Dennis Limited, EBUSCO, Ashok Leyland Ltd., Solaris Bus & Coach S.A., BYD Company Limited, and Proterra Inc.
Global Electric Bus Market Segmentation
- Series Parallel Hybrid
- Series Hybrid
- Parallel Hybrid
- Pure Electric
- North America
- Rest of Europe
- Rest of Asia-Pacific
- Rest of the World (RoW)
- Rest of RoW
Explore Other Market Market Research Reports by P&S Market Research
Electric Vehicle (EV) Charging Station Market - https://www.psmarketresearch.com/market-analysis/electric-vehicle-charging-station-market
Intelligent Transportation System (ITS) Market - https://www.psmarketresearch.com/market-analysis/intelligent-transportation-system-market
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