AutomotiveElectric Bus Market Synopsis:
Market Research Future (MRFR)’slatest study has revealed that the global automotive electric bus market is setto expand exponentially at 22.8% CAGR during the forecast period 2017 to 2023.Fuel efficiency is the key area of focus in the automotive sector and has pavedthe way for the swift adoption of electric buses. The trend is likely toperpetuate in the foreseeable future, favoring the automotive electric busmarket globally.
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Rising environmental concernscoupled with initiatives undertaken by the governments in reducing fuelemissions are driving the automotiveelectric bus market growth. Additionally, the manufacturers in theautomotive sector have widened their product offerings by adding electric &hybrid electric buses as substitutes to diesel-fueled buses to their productlines. It is projected to have a positive impact on the adoption of electricbuses through the projection period.
Electric buses offer variousbenefits such as noise mitigation, thermal comfort, etc. which is likely tointensify the demand for the product in the forthcoming years. Furthermore, theindustry leaders have catalyzed investments in research & developments forproduct development and gaining competitiveness over competitors which isprognosticated to complement the market expansion. However, factors such as thehigh cost of manufacturing, and lack of awareness about usefulness are holdingthe growth of the automotiveelectric bus market trend and is likely to continue the trend in the nextfew years.
MarketSegmentation:
By charging technology, theglobal automotive electric bus segment is segmented into autonomous andnon-autonomous.
By vehicle type, the automotiveelectric bus market has been segmented intolight duty electric, heavy duty electric, and hybrid electric bus.
RegionalInsights:
By region, the globalautomotive electric bus has been segmented into North America, Europe, AsiaPacific, and the Rest of the World. Asia Pacific holds a dominant share of theglobal market. It is likely to retain a substantial share of the market in theforthcoming years. The initiatives undertaken by the governments in the regionto curb fuel emission has led to the accelerated adoption of electric buses.The trend is likely to garner more support by governments over the forecastperiod. This, in turn, is expected to aid automotive electric bus marketproliferation over 2023. For instance, China is one of the most significantmarkets for electric buses and is supported by its government for thereplacement of conventional buses. China is also building the requiredinfrastructure for supporting the optimum use of electric buses.
Europe resonates strong growthopportunities and is anticipated to exhibit immense growth over the next coupleof years. The developed automotive sector and transportation industry is likelyto aid the expansion of the automotive electric bus market in the region. Theinitiatives undertaken by government and organizations for curbing pollutionshas boosted the sales of electric buses. It is likely to catalyze theproliferation of the automotive electric bus market over the next few years.Meanwhile, North America is an important growth pocket and is likely to remaina highly lucrative market through the assessment period.
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CompetitiveDashboard:
Some of the key playersprofiled in the report include Daimler AG (Germany), Volvo Group (Sweden),Wright Enrichment Inc (U.S.), Shandong Yi Xing Electric Auto Co.,Ltd (China),Anhui Ankai Automobile Co., Ltd.( China), Zhongtong Bus Holding Co., Ltd.(China), Iveco (Italy), Ebus (Singapore), BYD Auto Co., Ltd (China), and BeiqiFoton Motor Co., Ltd.(China).
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Market Research Future (MRFR)is a global market research firm that takes great pleasure in its services,providing a detailed and reliable study of diverse industries and consumersworldwide. MRFR's methodology integrates proprietary information with differentdata sources to provide the client with a comprehensive understanding of thecurrent key trends, upcoming events, and the steps to be taken based on thoseaspects.
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