Electric Bus Market: What are the Key Growth Factors?

The concerns regarding the greenhouse gas emissions has been surging all across the globe. The increased use of vehicles has been causing air pollutions, and the levels now have risen alarmingly. Ascribed to this, governments of various countries are looking for ways to deal with the situation before it gets out of hands. This has led to the increasing adoption of electrical vehicles all over the world. 

Electric Bus Industry- P&S Intelligence

Up till now, the penetration of electric cars and electric two-wheelers has been high, however, these days the demand for electric buses is growing as well. According to a P&S Intelligence report, the global electric bus market is expected to reach 331,327 units by 2025, progressing at a 16.6% CAGR during the forecast period. Governments of various countries have become increasingly aware regarding the long-term benefits of electric buses. Moreover, countries are also focusing on cutting down their import bills of crude oil, which can be done by the adoption of electric vehicles. 

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Electric buses are of three types, namely hybrid electric bus, plug-in electric bus, and battery electric bus (BEB). Out of these, the demand for BEBs has been the highest up till now, and the situation is likely to be the same during the forecast period as well. The demand for these electric buses is growing due to the reduction in battery prices and the fact that they emit minimum levels of carbon. Lithium manganese cobalt oxide and lithium iron phosphate (LFP) are the major types of batteries that are utilized in electric buses.  

Series hybrid powertrain has a simpler configuration is smaller in size as compared to the other variants. The Asia-Pacific region created the highest demand for these vehicles in the past and is further expected to emerge as a major electric bus market during the forecast period. In the region, China is creating the highest demand for these vehicles across the globe. This trend is predicted to continue in the near future due to the concentration of companies in the country. 

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In conclusion, the surging environmental concerns and awareness regarding long term benefits of electric bus are driving the market.