According to a new market research report published by Acute Market Reports “Electric Buses Market – Growth, Future Prospects, and Competitive Analysis, 2018 – 2026”, the overall electric buses market worldwide is set to grow with a CAGR of 22.9% through the forecast period starting from 92,200 units in 2017.
Market Insights
With ever-growing environmental concerns coupled with regulations, electric vehicles are witnessing profound demand worldwide, with China being the frontrunner. Amongst the overall electric vehicles sector, electric buses have demonstrated rapid growth over the past few years and are expected to lead the overall electric vehicles market over the forecast period. Despite the well-settled market for CNG vehicles, electric buses are expected to pose a tough competition to the former in the following years. Although electric buses are more expensive to purchase, these buses offer much lower maintenance and operation costs as compared to CNG and diesel operated buses. Subsequently, considering the environmental benefits and lower operating costs, electric buses are expected to register strong demand worldwide during the forecast period.
Browse Full Report Originally Published by Acute Market Reports at https://www.acutemarketreports.com/report/electric-buses-market
Currently, there are approximately 400,000 electric buses operating worldwide, with China accounting for more than 95% of the total fleet. The market is highly governed by the pure electric bus segment primarily due to tightening environmental regulations and continued efforts by the governments towards minimizing fossil fuel consumption. With the aim of rapidly reducing air pollution, various national governments are now offering subsidies for bus operators in order to bring down the prices of electric buses closes to that of conventional diesel and CNG buses. This is another major factor in facilitating the rapid growth of the electric bus market worldwide.
Based on type, pure electric buses lead the market with more than 65%, in terms of revenue and volume, of the total market size across the globe. On the basis of geography, Asia Pacific leads the overall electric bus market worldwide accounting for more than 60% of the global market size. Apart from China, countries including India, Japan, South Korea, and a few others are prominent markets for electric buses. The Asia Pacific is followed by Europe having an extensive emphasis on reducing carbon emissions caused by road traffic.
The overall electric buses market is quite competitive in nature with market players focusing on producing more efficient products that can be used in countries having minimal infrastructure for electric vehicles. BYD Company is among the largest manufacturers of electric buses followed by Proterra, Inc. and few others. BYD Company possesses an extensive product range and has a presence across all the major markets globally. In addition, the company operates across most of the electric buses value chain, thereby positioning at a prominent place in electric buses market.
List of Companies Covered:
By Type Segment
By Battery Type Segment
By Length Segment
By End-use Segment
By Geography Segment
Key questions answered in this report
Our Blog: Electric Buses Market
The voluntary agriculture carbon credit market is expanding at a strong 31.5% CAGR as food…
Understanding the Best AI Side Hustles 2025 The year 2025 is shaping up to be…
Rising Momentum in the Global Alternative Fuel Vehicles Market The global market for Alternative Fuel…
Revolutionizing Next-Gen Mobility: New Automotive Chiplet Technology Sets a Breakthrough Standard for Vehicle Performance and…
Introduction to Antiques and Collectibles There’s a special kind of magic that comes with antiques…
What Are Freighter Aircraft? Freighter aircraft—often called cargo planes—are highly specialized airplanes designed or converted…