PUBLISHER: Allied Market Research | PRODUCT CODE: 1266336
PUBLISHER: Allied Market Research | PRODUCT CODE: 1266336
Electric buses are driven by an electric motor powered by on-board batteries. As these buses run completely on the battery itself, they require re-charging once drained, unlike refueling in the case of ICE buses. E-buses are more efficient than ICE buses in power delivery, torque, and maintenance and are pollution free. Therefore, electric buses are considered the future of public transport systems.
The electric bus market is driven by factors such as an increase in demand for fuel-efficient, high-performance, & low-emission buses, stringent government rules and regulations toward vehicle emission, and reduction in battery prices. However, high manufacturing costs and low fuel economy & serviceability restrict the market growth. Moreover, technological advancements and proactive government initiatives create lucrative growth opportunities for the market.
In addition, electric buses are noise-free, have zero emission, and are an efficient mode of transportation with a lower maintenance cost, which in turn, makes them the preferred choice for fleet owners. In addition, factor such as increasing government initiatives for the promotion of electrification is expected to drive market growth during the forecast year. For instance, in July 2021, the National Transport Authority of Ireland signed a contract with Alexander Dennis Limited and BYD UK for 200 BYD ADL Enviro200EV zero-emission battery-electric buses.
The global e-bus market is segmented on the basis of propulsion type, length, range, battery capacity, power output, and region. By propulsion type, the market is segmented into battery electric vehicle, plug-in hybrid electric vehicle and fuel cell electric vehicle. Further, by length, the market is segmented into less than 9 meters, 9-14 meters, and above 14 meters. By range, the market is segmented into 150 miles, 150 To 300 miles and above 300 miles. Moreover, the market is segmented based on battery capacity into less than 50 kWh, 50-250 kWh and above 250 kWh. By power output, the market is split into up to 250kW and above 250 kW. On the basis of region, the market is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
On the basis of propulsion type, the battery electric vehicle was the highest revenue contributor to the market due to gaining immense traction in the electric bus market owing to their advantages such as changing perception toward the adoption of electric buses in developing as well as developed countries propel the demand of the segment. Also, in most battery electric vehicles, the bus is also capable to recharge its batteries through a process known as regenerative braking, which uses the vehicle's electric motor to assist in slowing the vehicle and to recover some energy that is normally converted to heat by the brakes which further provide growth opportunities for the electric bus market.
Some major companies operating in the electric bus market include: AB Volvo, Ankai Bus, BYD Company Ltd., Construcciones y Auxiliar de Ferrocarriles, S.A., Daimler AG, NFI Group Inc., Proterra, VDL GROEP BV, Yutong Group, and Zhongtong Bus Holdings Co., Ltd.