The global electric bus market volume to reach 256 thousand units by 2027, exhibiting a CAGR of 11.58% during the forecast period. Increasing interest in e-mobility solutions for urban areas will create multiple opportunities in this market, shares Fortune Business Insights™ in its report, titled “Electric Bus Market Size, Share & COVID-19 Impact Analysis, By Type (Battery Electric Vehicle, Plug-in Hybrid Electric Vehicle, and Fuel Cell Electric Vehicle), and Regional Forecasts, 2020-2027”. The transport sector is a notable contributor to air pollution worldwide. According to the Asian Development Bank (ADB), this sector accounted for 18% of all man made carbon dioxide emissions in 2015.
The report states that the global market volume stood at 198 thousand units in 2019 and also contains the following:
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COVID-induced Slump in Demand for Public Transport to Inhibit Market Growth
The electric bus market growth is premised on the growing utilization of public transport systems, especially in emerging economies. However, the COVID-19 pandemic has triggered a sudden drop in the demand for buses around the world as travelers are fearful of catching the virus in such crowded spaces. In a recent report, the World Bank has revealed that travel restrictions for non-essential purposes within cities has shrunk the demand for public transport between 25% and 50% in many cities worldwide. An article published in the newspaper Times of India reported that in San Francisco ridership in public buses and trains has dropped by a whopping 85%, while in the UK roughly 50% of commuters are less likely to use public transport after lockdowns have been lifted. Additionally, social distancing and overall decline in economic activities have crippled the manufacturing sector. As a result, production of these buses and other vehicles has considerably decreased. Cumulatively, these factors are likely to inhibit the growth of this market throughout 2020.
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Furthermore, the International Energy Agency (IEA) predicts that by 2060, emissions from transport activities will rise by 50%, especially from trucks and buses. To address this, international bodies are taking decisive efforts to advance the cause of sustainable mobility. For instance, the UN Environment Program (UNEP) partnered with the International Council on Clean Transportation (ICCT) to identify and remove barriers to build cleaner public transport systems, such as electric buses, across the globe. Such initiatives are expected to augment the growth of this market in the coming years.
Asia Pacific to Lead Market Share Backed by China’s Flourishing Market
In 2019, the market volume in Asia Pacific stood at 194 thousand units and the region is poised to dominate the electric bus market share during the forecast period. This is mainly attributable to the rapid growth and expansion of the e-mobility sector in China. For instance, China is home to 99% of the world’s electric buses. Supporting this transition have been the favorable governmental policies that have encouraged innovation and accelerated the movement towards sustainable development.
In Europe, the market will be primarily driven by the stringent implementation of emissions regulation norms and quick adoption of green mobility solutions. Similar trends are anticipated to fuel the market in North America, where the emphasis to reduce air pollution is intensifying.
Strategic Investments in R&D by Key Players to Spur Innovation
Key players in this market are steadily ramping up their investments in R&D to develop and launch innovative mobility solutions for customers. Some companies are also entering into strategic alliances with other players to broaden their sales network and expand their global market presence.
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