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New York, Aug 19, 2021 (GLOBE NEWSWIRE) – Electric Bus Market Snapshot: According to a Comprehensive Research Report from Market Research Future (MRFR), “Automotive Electric Bus Market Research Report, Charging Technology, Vehicle Type and Region – Forecast to 2028 ” The market size is expected to reach $ 34.75 billion by 2028, registering a CAGR of 13.47% during the forecast period (2021 – 2028). The market was valued at $ 19.27 billion in 2020.
Prominent players featured in the Global Automotive Electric Bus Industry Report include –
- Daimler AG (Germany)
- Anhui Ankai Automobile Co. Ltd. (China)
- Volvo Group (Sweden)
- Enrichment Wright Inc (United States)
- Shandong Yi Xing Electric Auto Co. Ltd (China)
- Zhongtong Bus Holding Co. Ltd. (China)
- BYD Auto Co. Ltd (China)
- Iveco (Italy)
- Ebus (Singapore)
- Beiqi Foton Motor Co. Ltd. (China).
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COVID-19 analysis
The COVID-19 pandemic has had a notable impact on the automotive electric bus market. The epidemic and production had a significant impact on the market. Production and sales of new electric buses have halted across the world as the entire ecosystem has been disrupted. The OEM had to wait for the lock to be lifted to resume production which impacted its activity. After the pandemic, demand for electric buses is expected to increase as economies recover steadily. Another wave of the epidemic due to new strains could hamper the recovery in some countries. Electric bus manufacturers are then expected to adjust the production volume based on the COVID-19 scenario in various countries. Component manufacturing was also suspended during the crisis, with smaller Tier II and III manufacturers facing liquidity issues. Therefore, the suspension of production during the crisis and the decline in demand after the pandemic could have an unprecedented impact on electric bus providers. In addition, the second wave of COVID-19 in India is likely to impact vehicle sales, thereby impacting the growth of the market.
Industry Updates
Tata Motors recently delivered its first 35 out of 340 electric buses to BEST in Mumbai. The auto giant will undertake the construction, deployment, maintenance and operation of the entire charging infrastructure with buses.
Browse the in-depth Automotive Electric Buses Market Research Report (185 pages)
https://www.marketresearchfuture.com/reports/automotive-electric-bus-market-3202
Automotive Electric Bus Market Drivers / Automotive Electric Bus Market Trends
Growing environmental concerns to drive market growth
Growing environmental concerns and government initiatives to reduce fuel emissions will drive the growth of the automotive electric bus market in the region. In addition, automakers in the automotive sector have broadened their product offering by adding hybrid and electric buses as alternatives to diesel buses to their product lines.
Opportunities
Growing Adoption of Hydrogen Fuel Cell Buses to Provide Strong Opportunities
Hydrogen fuel cell buses are powered by combining the powertrain with fuel cell systems, controlled technology and batteries. These buses are considered the next generation of green vehicles because they have a longer lifespan than electric buses. The increasing adoption of hydrogen fuel cell buses will provide strong opportunities for the market during the forecast period. Hydrogen fuel cell buses have route flexibility as well as fast refueling speed. Due to these advantages, the demand for such buses has multiplied for public transport systems.
Constraints
High development cost to act as a market constraint
The high development cost could impact the automotive electric bus market share during the forecast period. The high cost of developing electric buses and coaches along with related components such as batteries and monitoring systems (CAN bus modules and battery management systems) will hamper the market growth during the forecast period.
Challenges
Limited battery capacity to act as a market challenge
Limited battery capacity and lack of awareness of ease of use and benefits may impact market value over the forecast period. The batteries of current electric buses have low capacities with long charging times and a limited autonomy by change.
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Market segmentation
The global automotive electric bus market has been divided based on vehicle type and technology development.
Thanks to charging technology, the automotive electric bus market is segmented into non-autonomous and autonomous.
By vehicle type, the automotive electric bus market is segmented into hybrid electric, heavy electric, and light electric buses.
Regional analysis
APAC will precede the automotive electric bus market
The APAC region will lead the market during the forecast period. Increased government initiatives in Japan, China and India, growing demand in China, the government is actively promoting the replacement of conventional buses with electric buses, China is developing the necessary infrastructure, the presence of the most developed and developing economies The dominance of the Chinese market, the presence of leading OEMs, favorable regulations for electric buses, the availability of electronic and electrical components at cheaper prices, and a fast charging infrastructure all contribute to the growth of the global automotive electric bus market in the region. In addition, the Chinese government developing public transport zones for electric buses, the government’s mission having promoted the widespread use of battery-powered buses in the region, the presence of major manufacturers and the rapidly growing charging stations also add to market growth. South Korea and Japan have the largest market share.
Market segmentation covered by research:
Electric Buses Market, By Charging Technology (Autonomous, Non-Autonomous), By Vehicle Type (Light Electric, Heavy Electric, and Hybrid Electric Buses) and Region – Forecast to 2028.
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