Electric Bus Market Anticipated To Value 33,854 Units In Terms Of sales By 2020

Global Electric Bus Market Will Reach an Estimated Volume sales of
33,854 units by 2020.
According to a new market report published by Persistence Market Research “Global Market Study
on Electric Bus: Asia Pacific to Witness Highest Growth by 2020”, the global electric bus market is
expected to grow at a CAGR of 28.0% during 2014 to 2020, to reach an estimated volume sales of
33,854 units by 2020.
Governments of various countries are focusing on no or low-pollution transportation systems to
tackle rising pollution. This, in turn, is driving the electric bus market. Based on drive system,
electric buses are categorized as pure electric, hybrid electric, and plug-in hybrid. Most of the
electric buses running worldwide are hybrid electric due to their low cost as compared to its other
electric counterparts. However, developed countries are focusing on increasing the number of pure
electric buses in their fleets.
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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. A high cost of electric buses is a key barrier for this industry. However, unstable crude oil
prices and increasing focus of the 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. This is favoring the growth of electric bus market.
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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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.
The key companies operating in the global electric bus market include BYD Company Limited,
Proterra, AB Volvo, Daimler AG, Solaris Bus & Coach S.A., Zhongtong Bus & Holding Co., Ltd,
Ashok Leyland, EBUSCO, Alexander Dennis Limited (ADL), and Shenzhen Wuzhoulong Motors
Co., Ltd.
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