The transportation industry is one of the major contributors towards the surging air pollution levels across the globe. Conventional vehicles run on diesel and petroleum that emit carbon dioxide on burning, which, in turn, has caused global warming. In addition to this, the availability of fossil fuels is decreasing rapidly, owing to which, the need for utilizing alternate sources for producing energy is increasing day by day. It is because of all these factors that the adoption of electric vehicles has increased significantly over the past few years. People becoming aware regarding the deterioration of environment and hence are opting of eco-friendly mobility options.
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Furthermore, governments of various countries are also focusing on electrifying public transport systems, owing to which, the demand for electric buses has been increasing rapidly across the world. According to a report by P&S Intelligence, the global electric bus market is expected to reach to 331,327 units by 2025, witnessing a 16.6% CAGR during the forecast period. Different types of electric buses are hybrid electric bus (HEB), battery electric bus (BEB), and plug-in electric bus (PHEB), among which, the demand for BEBs was the highest in the past.
Geographically, the Asia-Pacific (APAC) region has been the largest electric bus market up till now, and the region is further expected to create the most demand for electric buses in the near future as well. This can be attributed to the surging concerns regarding the environmental deterioration, rapidly growing automotive industry, and favorable government policies regarding the adoption of electric vehicles in the region. Within the region, China has been making the most use of electric buses, which can ascribed to the fact that a number of major players in the industry are operating in the country.
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In conclusion, the demand for electric buses is growing due to the increasing need for eco-friendly public mobility options.
GLOBAL ELECTRIC BUS MARKET
- By Vehicle – Battery Electric Bus (BEB), Plug-In Hybrid Electric Bus (PHEB), and Hybrid Electric Bus (HEB)
- By Length – More Than 10 m and Less Than 10 m
- By Battery – Lithium–Iron–Phosphate (LFP), Lithium–Nickel–Manganese–Cobalt Oxide (NMC), and Others
- By End User – Public and Private
- By Region – Asia-Pacific (APAC), Europe, North America, and Rest of the World (RoW)