New York City, New York, Jan 11, 2016: As per the latest market report published by Persistence Market Research, titled “Global Market Study on Electric Bus: Asia Pacific to Witness Highest Growth by 2020”, the global electric bus market is predicted to expand at a remarkable CAGR of 28.0% in the forecast period 2014 to 2020, to reach a sales volume of 33,854 units by 2020.
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The report states that the rise in air pollution caused by vehicles is a major concern in numerous countries. Hence, governments worldwide have focused on having transportation systems causing low or no pollution. This acts as a driver for the electric bus market.
There is increased demand for electric buses in China and it is at present the manufacturing hub for electric buses. Electric buses are being strongly demanded in China owing to their consistent supply and the huge population base of this country. At present, there are a lot of new product launches being made by various companies, which have given rise to strong competition in this industry. Government agencies and venture capitalists are supporting the transit agencies and investment companies, which is leading to growth of the market for electric buses.
On the other hand, according to the report, there are a large number of factors restraining the demand for electric buses. The high cost of electric buses acts as a major barrier to the industry. Nonetheless, transit agencies’ rising focus on reducing the operational costs and the volatile prices of crude oil are predicted to reduce the impact of the cost factor in the long run. Additionally, reduction in the global reserves of crude oil has influenced transit agencies and transport departments worldwide to raise the number of new and alternate energy vehicles.
On the basis of drive system, electric buses have been categorized into hybrid electric, plug-in hybrid, and pure electric. The global market for electric buses is expected to be led by the hybrid buses segment in the forecast period. On the other hand, the segment of pure electric buses is expanding swiftly due to rising government and public interest for emission-free transportation systems.
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Pure electric buses run on batteries; on the other hand, hybrid electric buses utilize an electric propulsion system and conventional fuel. Plug-in hybrid buses have the same functionality as that of hybrid electric buses. However, in the case of hybrid electric buses, the energy is stored only at the time the bus decelerates, while in the case of plug-in hybrid buses an external plug-in source is needed for charging purposes.
Countries in Europe, namely the UK, Germany, and France are emerging as major markets for electric as well as hybrid electric vehicles globally. Proterra, BYD Company Limited, AB Volvo, Solaris Bus & Coach S.A., Daimler AG, Ashok Leyland, Zhongtong Bus & Holding Co., Ltd, Alexander Dennis Limited (ADL), Shenzhen Wuzhoulong Motors Co., Ltd., and EBUSCO are amongst the prominent companies in the market for electric buses.