Technological Advancements to Propel Growth of Global Industry Electric bus in the Forecast Period of 2032
Electric bus outlook:
MRFR, from its study, estimates that the global Electric bus market can reach its target to get at least 13.4% CAGR during the forecast period 2023-2030, and will be valued USD 34.7 Billion.With things going haywire, Market Research Future (MRFR) analyzes vital points to make sure that the businesses around the global automotive electric bus Industry 2020 are entirely prepared to tackle potential implications caused by COVID-19 pandemic. The escalation of the electric bus market has been attributed to the continuously rising concerns about the reduction of fossil fuels and environmental pollution. To tackle the issues mentioned above, many governments across the world have initiated changes in the public transportation systems, mainly by replacing the heavy-duty diesel and gasoline-run buses with zero-emission automotive electric buses.
Automotive electric buses, which are powered primarily by electrical energy, have been viewed as a big business opportunity. The two operating modes for electric buses—electric and hybrid—consume less fuel and can be recharged using a regular electrical socket. These reliable variables assert that the market may have an upward trend in growth, particularly following the global long-term effects of COVID 19. According to MRFR, the only source of 29% of the greenhouse gases that cause air pollution and global warming is automobile emissions. Vehicles that are less harmful to the environment and use alternative fuels are becoming more popular and are selling better as a result of the decline in crude oil prices and increase in fuel prices.
KEY COMPANIES PROFILED
· Daimler AG (Germany)
· Anhui Ankai Automobile Co., Ltd.( China)
· Volvo Group (Sweden)
· Wright Enrichment Inc(U.S.)
· Shandong Yi Xing Electric Auto Co.,Ltd (China)
· Zhongtong Bus Holding Co., Ltd.( China)
· BYD Auto Co., Ltd ( China)
· Iveco (Italy)
· Ebus (Singapore)
Segmentation of Market
By Charging technology
By Vehicle Type
· Light Duty Electric
· Heavy Duty Electric
· Hybrid Electric Bus
· North America
· Rest of the World
AUTOMOTIVE ELECTRIC BUS INDUSTRY SHARE, BY REGION, 2020
· North America: XX%
· Europe: XX%
· Asia-Pacific: XX%
· Rest of the World (RoW): XX%
The global analysis of the market is done for the segment, such as charging technology and vehicle type.
In terms of the charging technology segment, the market has included autonomous and non-autonomous.
In terms of vehicle type segment, the market has included light-duty electric, heavy-duty electric, and a hybrid electric bus.
Asia-Pacific is leading the automotive electric bus Industry with augmented government initiatives in countries such as China, India, and Japan. China is the leading market for automotive electric buses, and the government is vigorously promoting the replacement of conventional buses with electric ones. China is also budding the required infrastructure to support the use of electric buses. However, in 2017 and 2018, sales of automotive electric buses declined, owing to the changes in policies and subsidies among the national and local governments in the country. Yet in the forecast period, China may continue to observe growth in the adoption of automotive electric buses, as more than thirty cities in the Chinese have planned to accomplish 100% electrified public transit by 2020. The regions are Zhuhai, Guangzhou, Foshan, Dongguan, and Zhongshan in the Pearl River Delta, along with Hangzhou, Nanjing, Shaanxi, and Shandong.
Europe region is known as one of the leading regions for the expansion of the bus sector. Governments of various countries in Europe are taking initiatives and steps to curb pollution, which in turn is boosting demand for automotive electric buses and other vehicles.
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