The study suggests that low existing penetration of electric buses in the global fleet is the key reason for high growth rate of this market. The policy makers of various countries are focusing on developing public transit infrastructure with no or low pollution to tackle the air pollutant emissions, mainly in the densely-populated cities and mega-cities. This has been impelling the bus owners, including transit agencies, to make their fleet electric. This is consequently propelling the electric bus demand globally.
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Insights on market segments
Based on our analysis, the market for pure electric bus represented highest shipments of the global electric bus market in 2016. The growth in market for series hybrid bus is likely to topple down during the forecast period. Public transports are one of the pocket friendly means of travelling short to medium distances; however, they are one of the major reasons for increasing pollution. The emergence of electric bus as a solution to curb this issue is therefore being welcomed by several transit agencies globally, that support greener transportation. The global sales of above 10 meter bus is expected to grow at a higher rate as compared to those below 10 meter, during the forecast period.
Electric bus manufacturers have been enhancing their portfolio
Several companies operating in electric bus market have been expanding their market at a global level. Solaris Bus and Coach S.A. launched articulated electric bus ‘Urbino 18’ in 2014. In 2014, Proterra launched the second generation 40-foot electric transit bus. In 2015, it introduced a 35-foot Catalyst electric bus. EBUSCO launched EBUSCO 2.0, a new product within the company’s electric bus portfolio, during the same year. In 2014, Ashok Leyland launched its Optare electric bus in India, while in 2016, the company unveiled its Circuit series electric bus; however, it still awaits its commercialization. In January 2017, Tata Motors launched a pure electric and a hybrid electric bus.
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Consolidated market structure
The global electric bus market has a consolidated structure, where the top three players held a majority share in 2016. In the recent past, product launch, and orders and contracts has been the major recent activities in the global electrical bus market. BYD Company Ltd., electric vehicle manufacturer based in China, has been the forerunner in both product launches, and orders and contracts. Some of the major companies operating in the global electric bus market include Yutong Group, AB Volvo, Shenzhen Wuzhoulong, BYD, King Long, Proterra, Daimler, Solaris, Zhongtong, Ebusco, Alexander Dennis, and Ashok Leyland.
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