Electric and Hybrid Electric Buses Market Driver, Trends, Applications & Business Strategy Forecast 2023
The electric & 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.
The electric & 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.
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<strong>Electric</strong> <strong>and</strong> <strong>Hybrid</strong> <strong>Electric</strong> <strong>Buses</strong> <strong>Market</strong> <strong>Driver</strong>, <strong>Trends</strong>,<br />
<strong>Applications</strong> & <strong>Business</strong> <strong>Strategy</strong> <strong>Forecast</strong> <strong>2023</strong><br />
“Growing concerns regarding exponential rise in air pollution, <strong>and</strong> shifting preference<br />
towards zero emission vehicles from clean energy vehicles (CNG buses) are expected to<br />
drive the growth of the market over the forecast period.”<br />
The electric & hybrid electric buses market is subject to witness a substantial growth due to the rapid technological<br />
advancement in automotive sector <strong>and</strong> favorable initiative to promote electrical vehicles in the market. Growing<br />
concerns regarding exponential rise in air pollution, <strong>and</strong> shifting preference towards zero emission vehicles from<br />
clean energy vehicles (CNG buses) are expected to drive the growth of the market over the forecast period.<br />
Globally, electric & hybrid electric bus market is predicted to generate massive revenue over the next seven years,<br />
providing numerous opportunities for industry participants to invest in research <strong>and</strong> development of electric &<br />
hybrid electric buses.<br />
Swift decline in cost of automobile batteries <strong>and</strong> development of new energy batteries are projected to limit<br />
manufacturing cost of electric & hybrid electric buses, thus fostering market growth. Several manufactures are<br />
developing electric & hybrid electric buses as per regional dem<strong>and</strong>s, such as roads condition, affordability <strong>and</strong><br />
country’s requirements. Rising investment by local government to strengthen public transportation <strong>and</strong> to curb air<br />
pollution levels, are positively affecting market dem<strong>and</strong> for electric & hybrid electric buses.<br />
A hybrid electric bus combines a conventional internal combustion engine propulsion system with an electric<br />
propulsion system. These type of buses normally use a Diesel-electric powertrain <strong>and</strong> are also known as hybrid<br />
Diesel-electric buses. The introduction of hybrid electric vehicles <strong>and</strong> other green vehicles for purposes of public<br />
transport forms a part of sustainable transport schemes.<br />
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The electric & hybrid electric buses market is broadly categorized into three major segments based on the product<br />
type such as light duty electric buses, hybrid electric buses <strong>and</strong> heavy duty electric buses. <strong>Hybrid</strong> electric buses<br />
segment is growing rapidly in the market with substantial revenue generation in the last few years. Growing<br />
popularity of hybrid electric buses segment is attributed to the increasing product penetration in the newer<br />
markets <strong>and</strong> availability of customized buses.<br />
The electric & hybrid electric bus market is divided by region as North America, Europe, Asia-Pacific, Latin America<br />
<strong>and</strong> Africa. North America has shown major growth in the recent years owing to the rise in implementation of latest<br />
technologies in automotive sector, surge in number of research & development activities <strong>and</strong> existence of wellestablished<br />
industrial infrastructure in the region. In European region, Germany, France, <strong>and</strong> United Kingdom are<br />
projected to witness steady growth over the coming years.<br />
Asia-Pacific region is estimated to hold a major share in the electric <strong>and</strong> hybrid electric buses market with massive<br />
growth in the forecast period. Countries such as India, China <strong>and</strong> Singapore are leading the Asia-Pacific market with<br />
strong economic growth, rising manufacturing activities, favorable government policies, <strong>and</strong> significant investment<br />
by leading industry players considering potential growth opportunities in the region.<br />
The key players in the electric & hybrid electric buses market are EBUSCO B.V., Alex<strong>and</strong>er Dennis Ltd., Daimler AG,<br />
Ashok Leyl<strong>and</strong> Ltd., Proterra, Inc., The Volvo Group, <strong>and</strong> BYD Company Ltd.<br />
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<strong>Market</strong> Segment:<br />
Geographically, this report is segmented into several key Regions, with production, consumption, revenue (M<br />
USD), market share <strong>and</strong> growth rate of <strong>Electric</strong> & <strong>Hybrid</strong> <strong>Electric</strong> <strong>Buses</strong> in these regions, from 2012 to <strong>2023</strong><br />
(forecast), covering<br />
• North America (United States, Canada <strong>and</strong> Mexico)<br />
• Europe (Germany, France, UK, Russia <strong>and</strong> Italy)<br />
• Asia-Pacific (China, Japan, Korea, India <strong>and</strong> Southeast Asia)<br />
• South America (Brazil, Argentina, Columbia)<br />
• Middle East <strong>and</strong> Africa (Saudi Arabia, UAE, Egypt, Nigeria <strong>and</strong> South Africa)
Global <strong>Electric</strong> & <strong>Hybrid</strong> <strong>Electric</strong> <strong>Buses</strong> market competition by top manufacturers, with production, price, revenue<br />
(value) <strong>and</strong> market share for each manufacturer; the top players including<br />
• Aktiebolaget Volvo<br />
• Alex<strong>and</strong>er Dennis Limited<br />
• Anhui Ankai Automobile Co., Ltd.<br />
• BYD Company Limited<br />
• Daimler AG<br />
• Ebusco B.V.<br />
• GreenPower Motor Company Inc.<br />
• Heilongjiang Longhua Automobile Co., Ltd.<br />
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• Iveco S.p.A.<br />
• New Flyer Industries Limited<br />
• Optare PLC<br />
• Proterra Inc.<br />
• Shanghai Sunwin Bus Corporation<br />
• Shenzhen Wuzhoulong Motors Co. Ltd.<br />
• Solaris Bus <strong>and</strong> Coach S.A.<br />
On the basis of product, this report displays the production, revenue, price, market share <strong>and</strong> growth rate of<br />
each type, primarily split into<br />
• Light Duty <strong>Electric</strong><br />
• <strong>Hybrid</strong> <strong>Electric</strong> Bus
• Heavy Duty <strong>Electric</strong><br />
• <strong>Hybrid</strong> <strong>Electric</strong> Bus<br />
On the basis on the end users/applications, this report focuses on the status <strong>and</strong> outlook for major<br />
applications/end users, consumption (sales), market share <strong>and</strong> growth rate of <strong>Electric</strong> & <strong>Hybrid</strong> <strong>Electric</strong> <strong>Buses</strong> for<br />
each application, including<br />
• Industry<br />
• Commercial<br />
• Others<br />
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