Published on : Jun 27, 2016
The global market for electric buses is witnessing a remarkable surge in its valuation. The rising awareness among people regarding the upkeep of environment has influenced their preference for electric buses greatly over the last few years. In addition to this, the instability of the crude oil prices and the growing functional costs of conventional transit systems are likely to boost the demand for electric buses significantly in the coming years.
Asia Pacific to Remain Dominant Regional Market for Electric Bus
The worldwide market for electric buses is spread across North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa. Asia Pacific has been leading this market since the past few years and is expected to maintain its dominance in the near future. The large population base and the emphasis on clean transportation are likely to drive the electric bus market in Asia Pacific. China, India, Japan, and South Korea are driving the Asia Pacific electric bus market.
Other regional markets for electric buses including North America, Latin America, Europe, and the Middle East and Africa are also projected to witness a significant rise in their market share over the next few years.
Players Focus on Strengthening their Presence by Introducing New Products
Ashok Leyland Ltd., AB Volvo (publ), Zhongtong Bus & Holding Co. Ltd., Alexander Dennis Ltd., Shenzhen Wuzhoulong Motors Co. Ltd., Solaris Bus & Coach S.A., Proterra Inc., BYD Co. Ltd., Daimler AG, and EBUSCO are the key participants in the global electric bus market. The introduction of new products is the key strategy among participants looking for strengthening their presence in the market.
In the recent times, Proterra Inc., a leading market player, has launched an eighteen-mile electric bus. The company has gained funding from leading venture capitalists including Kleiner Perkins Caufield & Byers and General Motors and is increasingly focusing on the advancement of the traditional transit industry.