Rising Demand from Consumers to Push Sales of Electric Bus Market
It is no secret that Electric Bus Market are yet to find their full-fledged service models in transit systems. Most conventional buses run on CNG and diesel powered engines, however, growing concerns over global warming and rising levels of pollution have favored the cause of electric types. Electric types are available in three different modules hybrid electric, plug-in hybrid electric and pure electric. Hybrid and plug-in hybrids have a similar working model as both use electric propulsions along with conventional fuel, while pure electrics run only on batteries and use no conventional fuel. In addition, leading automotive manufacturers are extending business units dedicated to making and developing efficient electronic vehicles. The global electric bus market is estimated to account for 33,854 units in terms of volume, and register a CAGR of xx% over the forecast period, 2018-2025.
Plugins for an Electric Bus Market
The technology used in Electric Bus Market will need more enhancements and upgrades before they could take over the reins from the conventional models. The present transit systems around the world heavily dependent on busses running on diesel and CNG engines, although, a portion of it is slowly shifting towards greener transit solutions. For instance, recently the government of Switzerland promoted the use of greener transit models and is planning to launch electronic buses to its municipal service including setting ups of charging stations for the buses.
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Key Market Players
EBUSCO, Alexander Dennis, Daimler, Ashok Leyland, Proterra, AB Volvo, and BYD Company limited are some key players that operate in the global electric bus market.
Electronic buses are usually expensive and priced quite high, which limits its adoption only to the countries holding a strong economic background. Further, electronic busses require several additional plug-ins for their efficient working such as an uninterrupted source of electricity, power charging at regular intervals and frequent maintenance check adding more to the cost.
Novelty in technology
Manufacturers are focusing on product innovation and further development as huge amounts of investments are made in R&D programs. Quick charging, extended life of the battery and longer durations of running capacity are few of major areas of technological improvement. For example, Proterra, Inc. one of the leading electronic, zero emission vehicle manufacturing company is planning to launch highly efficient all-electronic busses that would run for longer durations on a single time charge. Reduced initial cost and improved battery life coupled with recyclability and disposal plans will play a crucial role in determining the future Electric Bus Market.
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Low Adoption Rate in Developing Countries
The high cost of Electric Bus Market makes it difficult for their widespread adoption. Pollution levels are rising all across the globe, however, for developing countries, it is more challenging to deal with the problem owing to limited funding and low financial aid. In recent years, the region of Asia Pacific has recorded high levels of air pollution, especially in countries such as China and India. While China takes strong measures for controlling the excessive carbon emission in the country by introducing greener transit systems, other developing countries in the region are a still reflecting sluggish approach to the matter.
The demand for Electric Bus Market is expected to gain traction in the coming years. Innovation and advanced technological solutions are expected to support the market growth. In addition, North America and Europe are showing healthy adoption of the Electric Bus Market in the region.
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