On 13th February 1970, a company named MAN launched fully electric city bus after 2 years of development. These electric buses could take 99 passengers and had a range of approximately 50 kilometers. Furthermore, in the Munich Olympic Games in the year 1972, the athletes used to drive between olympic village and olympic village in 2 electric buses.
Today the electric bus market has grown manifolds and various companies have developed electric bus as an alternative of gas and diesel engines. The number of units of electric buses has got increased since then, as it reached a worldwide sale of 112,041 units in the year 2022 and it expected to reach 700,000 units by the year 2030. Various companies are working on technologies to transform electric bus market growth. The benefits of using the electric buses are written as follows-
- Renewable energy
The batteries which are utilized in the renewable in nature. This makes the electric buses a sustainable mode and usually preferred over the traditional fuel buses.
- Government Support
Since the electric buses help in curbing the carbon emission, there is a lot of government support is rendered to the manufacturers.
- Lower maintenance costs
The demand of the electric buses has grown significantly due to very les maintenance of the bus. These buses are no less than a game changer and are preferred over conventional buses.
- Noise reduction
When it comes about the public transport, the preferable option is for something which is noise free and comfortable. Since the electric buses run on the electricity, the noise created is very less and give the passenger good travel experience.
Electric Buses- The Future of Transportation
The bus industry is no exception to take steps for curbing the carbon emission. O emission buses are exciting new area of the sector. People are transitioning their buses fleet to electric buses vehicles.
The majority of the eBuses on the road are the most intensively utilized vehicles by major vehicle category. The reason that electric buses are suited for the electrification is that their duty cycles make easy transition. Buses have regular routes and buses barely stray from their established pattern.
Electric buses market analysis-
The electric buses market is expected to grow by a CAGR of 16.1% during the year 2023-2030. According to UNEP, a large amount of carbon is emitted by the city buses. Therefore, the United Nations Environment Program (UNEP) is rendering policy and technical support to approximately 20 cities. The aid is given to develop and map out low emission strategies such as fabricating e buses. The ICCT (International Clean Transportation Council) and UNEP have amalgamated to provide technical support and design clean electric buses.
There has been an increase in private and public relationships. For example, in Inida EKA Mobility has won the tender to deliver 310 units of EKA9 electric bus to 3 states.
Latest Trends of the electric bus market-
The electric bus market has remained a buzz word in the transport industry. Some of the latest development are written as follows-
- Alexander Dennis Limited and BYD UK jointly announced that their partnership and signed a contract with National Transport Authority of Ireland. They are both planning to deliver up to 200 BYD ADL Enviro200EV 0 emission battery electric buses.
- Volvo buses are now rendering usable energy commitment as a business solution. The step is taken to ensure the availability of the electric buses.
Electric Bus Market- Regional Synopsis
It has been estimated that Asia Pacific region dominated the global electric buses market and it was valued at approximately 167.1 thousand units in the year 2020. In this region, china is leading and account for having the largest market in terms of quantity.
Furthermore, Europe is also offering lucrative opportunities in the domain of the electric bus market. There are strict policies in the region for curbing carbon emission.
List of key companies-
Some of the prominent key companies for the electric bus market-
- Byd Co., Ltd
- AB Volvo
- New Flyer Industries
- Proterra Inc
- Xiamen King Long United Automotive Industry Co., Ltd
- VDL Groep bv
- Daimler AG
- Yutong
- Iveco
Wrapping up-
The electric bus market is going to flourish in the near future and holds numerous opportunities. For the person planning to invest in the electric bus market, it is prudent to know the intricacies of the market. The Research Nester has recently published a research report incorporating all the important details of the market. The report consists of the challenges which the market has. If the investor is aware about these imperative parameters such as market restraints, regional analysis, etc, he/she will be able take sound decision for the success of their business.
