Automotive Electric Bus Market Size – Overview
Rising environmental concerns and increasing government investments in fuel saving technologies & alternative fuel vehicles are driving the growth of the global electric bus market. Increasing number of global bus manufacturers are opting to manufacture electric & hybrid electric buses as substitutes to diesel fueled buses, thus pushing the market towards growth. Benefits such as thermal comfort and noise reduction offered by these will further enhance automotive electric bus market. Electric & hybrid electric buses helps to reduce the effects of solar heat build-up inside the car as well as turn into a filter for disruptive noises like car horns and construction work.
Market is expected to reach at market size of USD 82.5 billion by the end of forecast period with CAGR of 22.8% between 2017 and 2023.
Key Players
The foremost companies functioning in the Automotive Electric Bus Market Size are Iveco (Italy), Anhui Ankai Automobile Co., Ltd.(China), Daimler AG (Germany), Volvo Group (Sweden), Wright Enrichment Inc.(U.S.), Zhongtong Bus Holding Co., Ltd.(China), Shandong Yi Xing Electric Auto Co., Ltd (China), BYD Auto Co., Ltd (China), Ebus (Singapore) and Beiqi Foton Motor Co., Ltd.(China).
Segmental Analysis
The segmental overview of the Automotive Electric Bus Market Size is conducted on the basis of charging technology, vehicle type, and region. On the basis of charging technology, the Automotive Electric Bus Market Size is segmented into non-autonomous and autonomous. Based on the vehicle types, the Automotive Electric Bus Market Size is segmented into heavy-duty electric, light-duty electric, and hybrid-electric bus. Based on the regions, the Automotive Electric Bus Market Size is segmented into APAC, North America, Europe and other regions in the world.
Regional Analysis
The regional study of the Automotive Electric Bus Market Size includes regions such as APAC, North America, Europe and other regions in the world. The Asia Pacific region is in the controlling position in the Automotive Electric Bus Market Size with improved government initiatives in nations such as Japan, India, and China. China is considered as the principal market for electric buses, and the management is actively encouraging the substitution of conventional buses with electric ones. China is also increasing the vital infrastructure to back the use of electric buses. The European region is identified as one of the important regions for progress and expansion in the bus sector. The governments of several countries in the European region are making plans and steps to control pollution, which in turn is advancing the demand for hybrid and electric vehicles.
Competitive Analysis
The need to mitigate risks is expected to influence development in the market on the whole. The development of modern practices in the production and selling of the goods is motivating the market towards realizing its goals. The improvements in the production quality are creating a healthy atmosphere for the growth of the market. The increased diversification of the market players has laid down a solid foundation for the growth of the market. The strengthening of the distribution channel is expected to create further impetus of the market’s growth. The relative ease in securing investment is expected to guide the progress of the market in the approaching period. The governments around the world are also playing their role to ensure the excellent development of the market. The structuring of the global economies has further deepened the development of the market.
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