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Electric Bus Market Size 2021-2028 | Share, Growth Factors, Trends, Revenue, Competitive Landscape, Forecast by Fortune Business Insights

Electric Bus Market Key Players Studied: Bosch Connected Devices and Solutions GmbH (Gerlingen, Germany), Webfleet Solutions B.V. (Amsterdam, North Holland), MiX Telematics (Florida, united states), Trimble Inc. (California, USA), Verizon (Atlanta, Georgia, USA), Zonar Systems (Seattle, USA), Octo Group S.p.A (London, England), Inseego Corp. (San Diego, California, USA), PTC (Boston. Massachusetts, USA), Microlise Telematics Pvt. Ltd. (Nottingham, England), Omnitracs (Dallas, Texas, USA), Masternaut Limited. (London, England).

/EIN News/ -- Pune, India, Nov. 17, 2021 (GLOBE NEWSWIRE) -- The global electric bus market volume to reach 544 thousand units in 2028, 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 & Industry 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 manmade carbon dioxide emissions in 2015. 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.

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The report states that the global market volume stood at 198 thousand units in 2019 and also contains the following:

  • Tangible insights into the market trends, drivers, and restraints;
  • Actionable analysis of the various market segments;
  • Careful examination of the regional dynamics shaping the market; and
  • In-depth profiling and comprehensive evaluation of the key market players and their strategies.

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 electric 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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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.

List of Key Companies Profiled in the Electric Bus Market Report:

  • Iveco (Turin, Italy)
  • Daimler AG (Stuttgart, Germany)
  • AB Volvo (Gothenburg, Sweden)
  • BYD Co., Ltd (Shenzen, China)
  • Scania AB (Södertälje, Sweden)
  • New Flyer Industries (Winnipeg, Canada)
  • Proterra, Inc. (Burlingame, California, United States)

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Global Electric Bus Market Segmentation:

By Type:

  • Battery Electric Bus
  • Plug-in Hybrid Electric Bus,
  • Fuel Cell Electric Bus

By Geography:

  • North America (U.S. and Canada)
  • Europe (U.K., Germany, France, Italy, Spain, Scandinavia, and Rest of Europe)
  • Asia Pacific (Japan, China, India, Australia, Southeast Asia, and Rest of Asia Pacific)
  • Latin America (Brazil, Mexico, and Rest of Latin America)
  • Middle East & Africa (South Africa, GCC and Rest of Middle East & Africa

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