NEW YORK--(BUSINESS WIRE)--Focus on environmental conservation, government support towards sustainable transportation, and concerns about the depleting oil reserves are anticipated to fuel the global electric bus market in the future, according to “Global Market Study on Electric Bus: Asia Pacific to Witness Highest Growth by 2020”, a new research report by Persistence Market Research (PMR). The global electric bus market is projected to expand at a CAGR of 28% during 2014-2020, reaching estimated volume sales of 33,854 units.
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Concerns about the environment and depletion of non-renewable resources have prompted governments round the world to look at sustainable modes of transportation. The positive reception of electric cars has led to calls for similar adoption in buses.
Electric buses are segmented into pure electric, hybrid electric and plug-in hybrid, based on the drive system. Among these, the demand for hybrid buses is robust, owing to their low cost. However, governments in developed countries are focusing on adding pure electric buses to their fleet.
Innovation in manufacturing technology has led to increased performance of electric buses, which in turn, has led to greater adoption by end-users. Transit agencies around the world are looking at the performance aspect of electric buses, and it is anticipated that as these buses become highly advanced, their demand will increase globally.
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China: A Lucrative Region in Global Electric Bus Market
Although developed countries account for the bulk of the demand for electric buses, China is an exception in the developing region. Focus of the government of China to reduce pollution levels in the country has augured well for the prospects of electric bus market in the region. Furthermore, China is being looked upon as a manufacturing hub for electric buses, owing to the presence of well-known vendors, such as Zhongtong and BYD.
The key companies operating in the global electric bus market include Ashok Leyland, AB Volvo, Daimler AG, EBUSCO, BYD Company Limited, Solaris Bus & Coach S.A., Proterra, Zhongtong Bus & Holding Co., Ltd, Alexander Dennis Limited (ADL), and Shenzhen Wuzhoulong Motors Co., Ltd.
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