Electric Bus Market to Grow at Robust Rate During the Forecast Period
AB Volvo, Anhui Ankai Automobile Co., Ltd., Beiqi Foton Motor Co., Ltd., BMW AG, BYD Company Ltd., Daimler AG, Ford Motor Company, General Motors, Honda Motor Co., Ltd., Hyundai Motor Company, Irizar S.C., Iveco SpA, MAN SE, Mitsubishi Motors Corporation, NFI Group Inc., Nissan Motor Corporation, SCANIA AB, Tata Motors, Tesla, Inc., Toyota Motor Corporation, Volkswagen AG, VDL Bus & Coach B.V., and Zhengzhou Yutong Bus Co., Ltd.
With the continuous penetration of heavy-duty and medium automobiles and the ongoing electrification of the transportation facilities, the electric bus industry is likely to experience a paradigm shift in the forthcoming years.
The electric bus sales trajectory has been on a rise for the last few years on account of rapid addition to the fleets of large organizations like airports, schools, public transit, etc. In addition, these buses provide several operational, community, and utility benefits, including increased fuel savings, cost efficiency, reliability, safety, sustainability, smoother ride experience, and similar downtime to other technologies.
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The growing environmental concerns related to carbon emissions and reducing the dependency on fossil fuels have encouraged governments across emerging economies to create a carbon-free infrastructure. In addition, automobile manufacturers across the globe are indulging in research and development projects to develop eco-friendly mobility solutions. Other factors strengthening the electric bus market outlook are the massive population growth and increasing migration of people from rural to urban areas, escalating the demand for robust urban infrastructure and public transit vehicles. Besides, the latest technological advancements in battery technology and rapid adoption of alternative fuel-based engines could positively influence the e-bus industry landscape.
As per recent research by Global Market Insights Inc., the global electric bus market size may cross as much as USD 75 billion by 2028.
Mentioned ahead are some notable factors redefining the e-bus industry outlook.
Increasing demand for all-electric buses
The emissions, pollution, and particulates caused due to fuel exhaustion in conventional buses harm human health, especially in children with faster breathing rates and underdeveloped lungs. Since buses are used as transit vehicles in schools, several governments have issued mandates and taken necessary initiatives to mitigate climate change and air pollution.
For instance, under its Diesel Emissions Reduction Act 2021, the U.S. EPA designed a rebate program to encourage bus owners to replace their old diesel engines with newer ones. The rebate amount will vary from $20,000- $65,000 per bus based on the replacement. The replacements may operate on gasoline, diesel, battery, or other alternative fuels like natural gas or propane.
Such initiatives backed by the remarkable attributes of all-electric buses will fuel the e-bus industry trends in the coming years.
Growing adoption of Intracity e-buses
The global e-bus market has been gaining significant traction from the intracity electric buses due to increasing requirements for proper transportation, private vehicles, and sustainable mobility solutions.
These buses fulfill the daily transit requirements across schools, airports, offices, colleges, and other organizations while significantly reducing dependence on fossil fuels, GHG emissions, and air and noise pollution.
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Driven by these benefits, the city of Fort Collins, Colorado, as part of its EV readiness roadmap and transport electrification, announced the addition of two battery-electric buses to its fleet in April 2022.
The latest fleet addition took place under the city's climate action strategy to provide emission-free public transit.
Robust infrastructure expansion across the Asia Pacific
The electric bus market share in the Asia Pacific region may increase substantially in the forthcoming years, backed by the expanding urban infrastructure, constantly rising fuel prices, and growing health and environmental concerns.
The Taipei government added nearly 68 e-buses equipped with Advanced Driver-Assistance Systems (ADAS) to its fleet by April 2022, as part of its initiative to replace conventional fuel-based buses with their electric counterparts.
These initiatives are focused on improving the quality of life and providing the utmost comfort to the public during their commute and may propel the Asia Pacific electric bus industry forecast in the years ahead.
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