Latest Study on “Electric Bus Market Size, Share, Trends, Growth, Production, Consumption, Revenue, Company Analysis and Forecast 2021-2027”.
The global Electric Bus market size is expected to be worth around US$701 thousand units by 2027, according to a new report by nova one advisor.
The global Electric Bus market size was valued at US$ 80 thousand units in 2020 and is anticipated to grow at a CAGR of 42.1% during forecast period 2021 to 2027. The market in Asia Pacific is projected to experience the fastest growth owing to the high demand of electric buses from countries such China, Japan, South Korea and India. Further, China has introduced many electric buses to reduce vehicle emissions. For instance, BYD offers the K8 and K9 electric buses, the most popular in the world, between 9 m and 14 m in length, and with a range of 155 miles and 190 miles, respectively. Similarly, in January 2021, Olectra Greentech Limited and Evey Trans Private Limited received an order of 350 electric buses from Mahanagar Parivahan Mahamandal Ltd. Favorable policies and consistent new orders for electric buses would drive the Indian electric bus market in the upcoming years. European and North American market are growing due to increase in demand of emission free public transport and favorable government policies for electric vehicles.
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The market survey provides compelling insights into important drivers that enable growth. It highlights untapped potential in a variety of industries.For the purpose of the study, the market has been segmented in terms of propulsion type,consumer segment,application,bus type,Vehicle range,battery capacity,power output,battery type, and regions. The report presents an incisive view of various factors impacting growth across these categories. Challenges posing threat also are studied in detail.
Apart from underscoring unexplored prospects, the report is intended to prepare businesses for unforeseen challenges in the future. It covers recommendations to help them navigate their businesses through obstacles to continue reporting growth at a sustainable pace.
COVID-19 Impact on Electric Bus Sales
Businesses today are operating in a dynamic environment. Earlier focus primarily concentrated on keeping pace with changing consumer preferences. COVID-19 outbreak was unprecedented and exposed vulnerabilities of various industries. Pandemic-induces obstacles also were registered in the Electric Bus market.
Sales plummeted as COVID-19 gradually tightened its noose worldwide. Supply-chain disruptions caused massive losses, while demand took nose-dive as consumers remained indoors with affected countries implementing either partial or complete lockdown.
Gradual recovery however is on the cards with the roll out of vaccinations. Nonetheless, consecutive waves of the virus compelled businesses to stay prepared for the worst. As government and healthcare organizations successfully implement steps to contain the spread of COVID-19, industries have begun operations, albeit at a slow and more cautious pace.
Against this backdrop, Nova one advisor’s study predicts gradual recovery for the Electric Bus market 2021 onwards. This trend will however continue through the course of the report’s assessment period
Emerging Nations to Continue Attracting Investments
The expansion of various industries across India, China, Brazil, and other emerging countries will help the Electric Bus market flourish. Consistent investment towards industrialization and urbanization, as well as the implementation of policies favouring foreign investment, will continue to be major growth drivers.
Expansion initiatives undertaken by various countries will aid the growth of the Electric Bus market. Besides, the easy availability of raw materials and labours at a cheaper cost will attract an increasing number of companies within the Electric Bus market.
Asia Pacific is expected to be the largest market during the forecast period
The Asia Pacific region is the largest electric bus market in the world. It comprises some of the fastest developing and developed economies in the world. The growth in the region can be attributed to the dominance of the Chinese market and presence of leading OEMs such as BYD, Yutong, Zhongtong, and Ankai in the country as well, resulting in exponential growth of the Asia Pacific electric bus market. Also, Shenzhen was the first city in the world to have a fully electrified public transport fleet. The favorable regulations for electric buses, availability of electric and electronic components at cheaper rates, and rapidly growing charging infrastructure are projected to boost the electric bus market in the region.
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List of key players:
such as BYD (China), Yutong (China), Proterra (US), VDL Groep (Netherlands), and AB Volvo (Sweden). and Others
Unravelling the Critical Segments
This research report offers market revenue, sales volume, production assessment and prognoses by classifying it on the basis of various aspects including product type, application/end-user, and region. Further, this research study investigates market size, production, consumption and its development trends at global, regional, and country level for period 2017 to 2027 and covers subsequent region in its scope:
Based on propulsion type:
- BEV
- PHEV
- FCEV
Based on the consumer segment:
- Fleet Operator
- Government
Based on application:
- Intercity
- Intracity
Based on the length of bus type:
- less than 9 m
- 9−14 m
- Above 1 4m
Based on Vehicle range:
- less than 200 miles
- Above 200 miles
Based on battery capacity:
- Upto 400 kWh
- Above 400 kWh
Based on power output:
- Upto 250 kW
- Above 250 kW
Based of battery type:
- Lithium- Nickel- Manganese- Cobalt-Oxide
- Lithium- Iron- Phosphate
- Others
Based on component (qualitative):
- Motor
- Battery
- Fuel Cell Stack
- Battery Management System
- Battery Cooling System
- EV Connectors
The regional segmentation covers:
-North America Region (U.S., Canada, Mexico)
-Europe Region (Germany, UK, France, Russia, Italy, Rest of Europe)
-Asia-Pacific Region (China, Japan, South Korea, India, Southeast Asia, Rest of Asia-Pacific)
-South America Region (Brazil, Argentina, Columbia, Rest of South America)
-The Middle East & Africa Region (Saudi Arabia, UAE, Egypt, Nigeria, South Africa, Rest of MEA)
Key Findings of the Electric Bus Market Study
- Backed by the presence of well-established industrial infrastructure and willingness to spend on advanced technologies will strengthen North America’s hold in the global market.
- The Europe market will continue gaining from surging demand in Germany, U.K., Italy, France, and Spain.
- Investment towards industrialization and favourable policies intended at encouraging foreign investment will drive growth in India and China, sealing Asia Pacific’s position as a highly lucrative market for Electric Bus.
- In Latin America, the market will gain from surging focus on economic development.
Why Buy this Report?
The purpose of Nova one advisor’s Electric Bus market study is to provide stakeholders with a detailed picture of potential barriers and untapped opportunities. The report contains exclusive information to assist businesses in making informed decisions about how to maintain growth throughout the assessment period.
Some of the key highlights of the report are:
- Electric Bus Market Demand Outlook – The report offers refined forecasts on potential growth prospects for the market. Based on data derived after thorough research by a team of expert analysis, Nova one advisor presents the most precise rate of growth for the market for the assessment period starting from (start year) to (end year).
- Electric Bus Supply Chain Analysis – The purpose of the survey is to help companies identify potential scope for supply chain expansion. The study also presents analysis of unprecedented threats.
- Key Market Segments – To present an exhaustive overview, the global Electric Bus market is segmented in terms of propulsion type,consumer segment,application,bus type,Vehicle range,battery capacity,power output,battery type, and region. Opportunities existing across each of these categories are reflected on to help businesses realize their true potential.
- Competitive Landscape Analysis – Some of the leading companies operating in the Electric Bus market are profiled in the market study. The report also underscores winning strategies adopted over the last few years and gauges impact of the same on growth trajectory exhibited by the market over the last few years.
Obtain Premium Research Report Details, Considering the impact of COVID-19 @ https://www.novaoneadvisor.com/report/checkout/4423
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