Electric bus or e-bus is a bus that does not have traditional ICE engine for its propulsion and is wholly electric. E-bus is propelled by an on-board electric motor that obtains the power from on-board batteries or set of batteries. Electric buses are measured as eco-friendly as they do not introduces any pollutants are also economical when associated with the traditional gasoline/diesel buses.
According to the report analysis, ‘2021-2027 Global and Regional Electric Bus Industry Status and Prospects Professional Market Research Report Standard Version’ states that in the global and regional electric bus market there are several companies which presently operating more actively for keep maintaining the governing position, leading the highest market growth, obtaining the competitive edge, registering the great value of market share, generating the highest percentage of revenue and ruling around the globe by improving the qualitative and quantitative measures of such, spreading the awareness connected to the applications and advantages of electric bus, delivering the better customer satisfaction, analysing the strategies and policies of government as well as contenders, improving the qualitative and quantitative measures of such, establishing the several research and development programs, delivering the better customer satisfaction and increasing the features and benefits of electric bus.
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Rapid urbanization, growing oil prices, augmenting the air pollution, government efforts, and lowering battery prices all underwritten to the worldwide electric bus market’s growth. However, high development costs, restricted battery capacity, and the augmenting popularity of natural gas-propelled buses are projected to restrict market expansion. Aspects propelling the electric bus market include a growth in requirement for fuel-efficient, high-performance, and low-emission buses, limit the government emission norms and regulations, and lower battery prices.
Furthermore, technical innovations and robust government measures to encourage the utilization of e-buses deliver the industry with significant potential prospects. Owing to the significant requirement for electric buses in countries such as China, Japan, South Korea, and India, the market in Asia Pacific is projected to develop the quickest. Additionally, in order to decrease the vehicle emissions, China has deployed a large number of electric buses.
The electric bus market is propelled by aspects such as increase in requirement for fuel-efficient, high-performance, and low-emission buses, stringent government rules & regulations toward vehicle emission, and deduction in battery prices. However, high manufacturing cost, and low fuel economy & serviceability limit the market growth. Moreover, technological innovations, and proactive government initiatives for implementation of e-buses generates the lucrative growth opportunities for the market.
Asia Pacific registers for the largest share of the global electric bus market owing to speedily growing economies. China is one of the leading manufactures of OEM. The growing demand for electric buses in Asia Pacific is owing to their functional efficiency and availability of electronic components at inexpensive prices. The growing adoption of vehicle electrification and speedily expanding charging infrastructure and stringent regulations on vehicle emission are some of the aspects boosting the electric bus market in Asia Pacific. Therefore, it is predicted that during the near years the market of electric bus will augment more progressively over the review duration.
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Ankur Gupta, Head Marketing & Communications