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Global Electric Bus Market : CAGR and Estimated Volume sales of
33,854 units by 2020
Persistence Market Research
Global Electric Bus Market : CAGR and
Estimated Volume sales of 33,854 units by
2020 : By PMR
Persistence Market Research
1
Global Electric Bus Market : CAGR and Estimated Volume sales of
33,854 units by 2020
Persistence Market Research Released New Market Report on “Global Electric Bus Market :
CAGR and Estimated Volume sales of 33,854 units by 2020”.
Air pollution caused by vehicles has been emerging as a serious concern for governments
across the globe. This, in turn, is driving demand for public transport facilities with lower
emissions. According to the World Health Organization (WHO), air pollution causes about
100,000 deaths every year in Europe, reducing life expectancy by an average of one year.
Considering the negative impact of pollution on people, governments around the world are
working to find solutions to reduce pollution levels. European countries such as France, the
U.K., and Germany are emerging as key markets for electric and hybrid electric vehicles.
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There are three main categories of electric buses, namely, pure electric, hybrid electric, and
plug-in hybrid electric. Pure electric buses use batteries for their operations, while hybrid electric
buses use conventional fuel and electric propulsion systems. Plug-in hybrid buses have similar
functionality as hybrid electric buses. However, hybrid electric buses store energy when the bus
decelerates, whereas plug-in hybrid buses require an external plug-in power source for
charging. Power generated in hybrid electric buses is used for high intensity tasks such as
accelerating from standstill. The combustion engine later boosts the vehicle’s movement and
also recharges the battery.
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Unstable fuel prices and depleting crude oil reserves are influencing transport departments and
transit agencies globally to increase the number of alternate and new energy vehicles. Some of
the transit agencies in developed countries are considering long-term benefits as opposed to
short-term costs while purchasing buses. Electric buses require high initial investment.
However, their operational cost is significantly low as compared to that of conventional buses as
electricity is cheaper than diesel.
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Global Electric Bus Market : CAGR and Estimated Volume sales of
33,854 units by 2020
Electric bus manufacturing is a capital intensive market. Most large automotive companies have
not forayed into the market as it is in the nascent phase. Funding from external investors is one
of the key reasons for the growth of electric bus market. For instance, venture capitalists such
as Kleiner Perkins Caufield & Byers and General Motors Ventures LLC invested USD 30.0
million in Proterra Inc., an electric bus manufacturing company based in the U.S., in June 2014.
Moreover, the company raised over USD 120 million from private equity funding since 2011.
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China has been crusading towards its goal of pollution free transportation environment under
which it has been focusing on increasing the number of electric vehicles in the country. The
government is encouraging the purchase of electric buses in several other ways.
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Global Electric Bus Market : CAGR and Estimated Volume sales of
33,854 units by 2020
Market Bytes:
The global electric bus market is thriving mainly due to growing environmental concerns of the
public and various governments. However, among developing countries, China is the only
country taking concrete steps to curb vehicular pollution with the introduction of large number of
electric buses. The high cost of electric buses is a key barrier for this industry. However,
unstable crude oil prices and increasing focus of transit agencies on minimizing operational
costs are expected to lower the impact of the cost factor in the long term. In recent times,
certain product launches by companies indicate the increasing level of competition in the
industry. The investments of companies and transit agencies are being backed by funding from
venture capitalists and governments, which are, in turn, favoring the growth of electric bus
market.
There are mainly three categories of electric buses, namely, pure electric, hybrid electric and
plug-in hybrid electric. Pure electric buses use batteries for their operation while hybrid electric
buses use conventional fuel and an electric propulsion system. Plug-in hybrid buses have
similar functionality as hybrid electric buses. However, hybrid electric buses store energy when
the bus decelerates, whereas plug-in hybrid buses require an external plug-in power source for
charging. Power generated in hybrid electric buses is used for high-intensity tasks such as
accelerating from a standstill. The combustion engine later boosts the vehicle’s movement and
also recharges the battery.
The global electric bus market is mainly dominated by hybrid buses. However, the market for
the pure electric bus is growing at a fast pace owing to increasing public and government
interest in emission-free transportation. China dominated the global electric bus market mainly
due to its large population and the clean transportation drive initiated by the government.
Air pollution caused by vehicles has been emerging as a serious concern for governments
across the globe. This, in turn, is driving demand for public transport facilities with lower
emissions. According to the World Health Organization (WHO), air pollution causes about
100,000 deaths every year in Europe, reducing life expectancy by an average of one year.
Considering the negative impact of pollution on people, governments around the world are
working to find solutions to reduce pollution levels. European countries such as France, the
U.K., and Germany are emerging as key markets for electric and hybrid electric vehicles.
Persistence Market Research
4
Global Electric Bus Market : CAGR and Estimated Volume sales of
33,854 units by 2020
Electric bus manufacturing is a capital intensive market. Most large automotive companies have
not forayed into the market as it is in the nascent phase. Funding from external investors is one
of the key reasons for the growth of electric bus market.
Due to high purchasing costs, developing countries refrain from using electric buses. Also, due
to the low level of awareness, public concern about environmental pollution is low in these
countries. Developed countries are also reluctant to a certain extent about the incorporation of
electric buses due to the absence of any regulatory framework for them.
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Global Electric Bus Market : CAGR and Estimated Volume sales of
33,854 units by 2020
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