1 July 2019 – The
Global Electric and Hybrid Electric Buses Market
is subject to witness a substantial growth due to the rapid technological
advancement in automotive sector and favorable initiative to promote electrical
vehicles in the market. Growing concerns regarding exponential rise in air
pollution, and shifting preference towards zero emission vehicles from clean
energy vehicles (CNG buses) are expected to drive the growth of the market over
the forecast period. Globally, electric & hybrid electric bus market is
predicted to generate massive revenue over the next seven years, providing
numerous opportunities for industry participants to invest in research and
development of electric & hybrid electric buses.
Swift decline in cost of automobile batteries and
development of new energy batteries are projected to limit manufacturing cost
of electric & hybrid electric buses, thus fostering market growth. Several
manufactures are developing electric & hybrid electric buses as per
regional demands, such as roads condition, affordability and country’s
requirements. Rising investment by local government to strengthen public
transportation and to curb air pollution levels, are positively affecting
market demand for electric & hybrid electric buses.
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The electric & hybrid electric buses market is broadly
categorized into three major segments based on the product type such as light
duty electric buses, hybrid electric buses and heavy duty electric buses.
Hybrid electric buses segment is growing rapidly in the market with substantial
revenue generation in the last few years. Growing popularity of hybrid electric
buses segment is attributed to the increasing product penetration in the newer
markets and availability of customized buses.
The electric & hybrid electric bus market is divided by
region as North America, Europe, Asia-Pacific, Latin America and Africa. North
America has shown major growth in the recent years owing to the rise in
implementation of latest technologies in automotive sector, surge in number of
research & development activities and existence of well-established
industrial infrastructure in the region. In European region, Germany, France,
and United Kingdom are projected to witness steady growth over the coming
years.
The key players in the electric & hybrid electric buses
market are EBUSCO B.V., Alexander Dennis Ltd., Daimler AG, Ashok Leyland Ltd.,
Proterra, Inc., The Volvo Group, and BYD Company Ltd.
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