Published on : Sep 30, 2016
The global electric bus market has gained significant impetus in the recent past, thanks to the increasing concerns over environmental issues among consumers. Analysts project the market to remain witnessing strong growth over the next few years on the account of the volatility in prices of crude oil and the accelerating efforts of transit agencies for minimizing the operational costs. However, the high cost of these buses may hinder the growth trajectory of this market to some extent in the coming years.
Asia Pacific to Witness Strong Rise in Uptake of Electric Buses
Europe, Latin America, North America, Asia Pacific, and the Middle East and Africa are the key regional markets for electric buses. Among these, Asia Pacific is likely to exhibit a higher growth rate in the near future. China, on account of its large base of population and various government initiatives for clean transportation, will lead the Asia Pacific electric buses market in the long run.
North America and Europe are also projected to experience steady growth in the adoption of electric buses over the forthcoming years. The U.S. and Canada have emerged as the key domestic markets in the North America while the European market is likely to be driven by the increased uptake of these buses in the U.K., France, Germany, and Spain.
Global Electric Bus Market - Competitive Landscape
Of late, a number of innovative products have been launched in this market by leading enterprises, intensifying the competition within the market. Several governments and venture capitalists have also begun to support electric bus manufacturers financially, which in turn, is likely to reflect positively on the global market for electric buses.
The key players functioning in this market are BYD Co. Ltd., EBUSCO, Ashok Leyland Ltd., Solaris Bus & Coach S.A., Daimler AG, Alexander Dennis Ltd., Zhongtong Bus & Holding Co. Ltd., Shenzhen Wuzhoulong Motors Co. Ltd., Proterra Inc., and AB Volvo (publ).