About Electric & Hybrid Electric Buses
Electric & Hybrid Electric Bus is a bus that does not have traditional ICE engine for its propulsion and is completely electric. Electric & Hybrid electric bus market is driven by an on-board electric motor that receives the power from on-board batteries or set of batteries. Also, these type of buses are considered as eco-friendly as they do not produces any pollutants are also economical when compared with traditional gasoline/diesel buses. The global Electric & Hybrid Electric Buses market is expected to witness high demand in the forecasted period due to surging in demand for fuel-efficient, high-performance, and low-emission buses. Additionally, stringent government rules & regulations toward vehicle emission as well as reduction in battery prices will help to boost the global market in the forecasted period.
Attributes | Details |
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Study Period | 2018-2030 |
Base Year | 2023 |
High Growth Market | North America |
Unit | Value (USD Million) |
CAGR | 18.53% |
The companies are exploring the market by adopting mergers & acquisitions, expansions, investments, new service launches and collaborations as their preferred strategies. The players are exploring new geographies through expansions and acquisitions to avail a competitive advantage through combined synergies.The Players having a strong hold in the market are Daimler AG Zhengzhou Yutong Group Co. Ltd. BYD Company Limited King Long United Automotive Industry Co. Ltd.. Analyst at AMA Research estimates that Chinese Players will contribute the maximum growth to Global Electric & Hybrid Electric Buses market throughout the forecasted period. Established and emerging Players should take a closer view at their existing organizations and reinvent traditional business and operating models to adapt to the future.
Daimler AG (Germany), AB Volvo (Sweden), BYD Company Ltd. (China), Xiamen King Long United Automotive Industry Co., Ltd. (China), Solaris Bus & Coach sp. z o.o. (Poland), Ebusco (The Netherland), Proterra (United States), NFI Group Inc. (Canada), Zhengzhou Yutong Group Co., Ltd.(China), Shenzhen Wuzhoulong Motors Co., Ltd (China) and Zhongtong Bus Holding Co., Ltd. (China) are some of the key players that are part of study coverage.
Segmentation Overview
AMA Research has segmented the market of Global Electric & Hybrid Electric Buses market by Type (Light Duty Electric, Hybrid Electric Bus, Heavy Duty Electric and Hybrid Electric Bus), Application (Industry, Commercial and Others) and Region.
On the basis of Type, Electric are dominating the market in the year 2023 where as Hybrid stood as second largest market share.
On the basis of application, Government segment is dominating the market in the year 2023 where as Fleet Owners segment stood as second largest market .On the basis of geography, the market of Electric & Hybrid Electric Buses has been segmented into South America (Brazil, Argentina, Rest of South America), Asia Pacific (China, Japan, India, South Korea, Taiwan, Australia, Rest of Asia-Pacific), Europe (Germany, France, Italy, United Kingdom, Netherlands, Rest of Europe), MEA (Middle East, Africa), North America (United States, Canada, Mexico). Asia Pacific region held largest market share in the year 2023. Europe, on the other hand, stood as the second largest market due to the presence of key companies in the region and high technological advancement.
Influencing Trend:
Increasing Demand due to Reduction In Battery Prices and Stringent Government Rules And Regulations Toward Vehicle Emission
Market Growth Drivers:
High Adoption of Hydrogen Fuel Cell Buses and Rise In Demand For Fuel-Efficient, High-Performance, And Low-Emission Buses
Challenges:
Building and maintaining a robust charging infrastructure for electric buses requires significant investment, especially for large fleets.
Restraints:
The Increasing Concern Related to the High Development Cost
Opportunities:
New Revenue Pockets in Developing Regions of Asia Pacific
Market Leaders and their expansionary development strategies
In January 2021, Xiamen King Long United Automotive Industry Co., Ltd. has delivered 92 units king long electric city buses in Ningde city for operation. According to King Long, 48 units of electric buses delivered to Ningde have achieved higher environmental friendliness and higher energy efficiency.
In January 2022, BYD got another order for 596 pure electric buses from Colombia, adding the 64 units delivered in September 2019, 470 units delivered in late December 2020, and 406 units won in December 2020, the total number of orders exceeds 1,500 units.
The standards and rules adopted by the EU are legally binding for the single European states and do not need further implementation into national laws. The general framework for motor vehicles is enacted by the directive 2007/46/EC. It is specified by single regulations and directives which in turn adapt the standards set by the UNECE. For instance directive 2009/40/EC is concerned with the technical supervision of vehicles and their parts. Additionally to the regulations by the UNECE, the EU has one of the world’s most restrictive GHG emission standards for commercial vehicles as part of the Euro-6 norm, which reduces the nitrogen oxides additionally by 80% compared to Euro-5. Other emission standards include the restriction of the noise level in urban areas regulated by directive 2002/49/EC.
Key Target Audience
Manufacturers, Distributors, Traders, & Suppliers, Investors, Regulatory & Government Bodies and Others
About Approach
To evaluate and validate the market size various sources including primary and secondary analysis is utilized. AMA Research follows regulatory standards such as NAICS/SIC/ICB/TRCB, to have a better understanding of the market. The market study is conducted on basis of more than 200 companies dealing in the market regional as well as global areas with the purpose to understand the companies positioning regarding the market value, volume, and their market share for regional as well as global.
Further to bring relevance specific to any niche market we set and apply a number of criteria like Geographic Footprints, Regional Segments of Revenue, Operational Centres, etc. The next step is to finalize a team (In-House + Data Agencies) who then starts collecting C & D level executives and profiles, Industry experts, Opinion leaders, etc., and work towards appointment generation.
The primary research is performed by taking the interviews of executives of various companies dealing in the market as well as using the survey reports, research institute, and latest research reports. Meanwhile, the analyst team keeps preparing a set of questionnaires, and after getting the appointee list; the target audience is then tapped and segregated with various mediums and channels that are feasible for making connections that including email communication, telephonic, skype, LinkedIn Group & InMail, Community Forums, Community Forums, open Survey, SurveyMonkey, etc.