Global Electric Bus Market (Size 14,963 Units in 2014) to Witness 20% CAGR during 2015 – 2020

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The global electric bus market accounted for the sales of 14,963 Units in 2014, and it is expected to grow with a CAGR of 19.6% during the period 2015 – 2020. The policy makers of various countries are focusing on public transit infrastructure with no or low pollution, to tackle the air pollution, mainly in the densely populated cities and megacities. Asia-Pacific accounted for the largest electric bus market in 2014, which was dominated by china. The Chinese electric bus market is expected to grow significantly during the forecast period, owing to the surging urbanization and development of many newly built advanced public transit systems in the smart cities of China. By 2020, China is expected to account for more than 50% of the global electric bus market.  In 2014, eight out of top 10 electric bus players accounted for more than 90% of their total revenue from the Chinese market.

Based on the technology, the electric buses are categorized as series parallel hybrid, series hybrid, parallel hybrid, and pure electric bus. The majority of electric buses running in the present time are hybrid, as they are low in cost, and offer operational flexibility in terms of alternative fuel. However, the western countries are focusing more on the pure electric buses, due their zero carbon foot prints.

The hybrid buses are more affordable, as compared to pure electric buses, and they can easily operate with conventional public transit infrastructure, without any additional requirements such as charging stations. The demand of public transit services is highest in Brazil, Russia, India, China, and South Africa (BRICS). However, the premium pricing of electric buses is limiting their acceptance in these price sensitive countries. The low level of environment awareness, along with lack of infrastructure like charging station is limiting the penetration of electric buses in the developing market.

The companies operating in electric bus market are expanding their market share at global level. BYD Company Limited has recently expanded its production base in California. The company introduced K9, a pure electric bus in 2010. Similarly, Solaris Bus and Coach S.A. launched articulated electric bus ‘Urbino 18’, in September 2014. EBUSCO launched EBUSCO 2.0, a new product under company’s electric bus portfolio in the same month during 2014. The major players operating in the electric bus market include, Zhengzhou Yutong Group Co. Ltd., AB Volvo, Shenzhen Wuzhoulong Motors Co. Ltd., FAW Group Corporation, King Long United Automotive Industry Co. Ltd., Daimler AG, Alexander Dennis Limited, EBUSCO, Ashok Leyland Ltd., Solaris Bus & Coach S.A., BYD Company Limited, and Proterra Inc.

News Courtesy: P&S Market Research

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