Electric Bus Market to Rise at CAGR of 17.89% over 2021-31, TMR Study

2022-09-25 00:54:36 By : Mr. Kent Wong

WILMINGTON, DE / ACCESSWIRE / September 20, 2022 / Transparency Market Research Inc. - The rising popularity of electric buses as a sustainable solution for public transportation in various developing as well as developed economies drives the growth within the global electric bus market. Players in the market are focused on increasing their production capacities in order to meet the growing demands from governments across the world. According to a latest research report, the global electric bus market is anticipated to reach 448.920 thousand units at the end of 2031.

Rising trend of vehicle electrification, as well as growing investments and promotional campaigns by governments of developing economies also help in the expansion of the market. Furthermore, this trend is also supported by the increasing prices of fossil fuels. Additionally, increasing efforts of leading players to undertake research and development for advances in electric vehicle technologies is also boosting growth within the market.

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Electric Bus Market - Key Findings of the Report

Electric Bus Market - Growth Drivers

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Electric Bus Market - Key Players

Some of the key manufacturers and participants operating in the global electric bus market are Yutong, Proterra Inc., Zhongtong Bus Holding CO., Ltd., EBUSCO BV, King Long, AB Volvo, TATA Motors, BYD Company Ltd., New Flyer Industries Inc., Solaris Bus & Coach SA, Shenzhen Wuzhoulong Motors Co., Ltd., Alexander Dennis, FAW Group, Daimler AG, and Ashok Leyland, among others. Key strategies employed by the leading companies in the global electric bus market for expanding their reach are the establishment of new production facilities to meet the growing demand, and mergers and acquisitions. Certain players in the global electric bus market are also focused on designing and manufacturing environmental friendly and sustainable electric buses.

Electric Bus Market: Regional Growth Dynamics

Asia Pacific is anticipated to emerge as the largest region in the global electric bus market in coming years. This can be attributed to the presence of various developing and developed economies, presence of a number of key original equipment manufacturers and automotive manufacturers in the region, and emergence of China as a major automotive manufacturing hub. China houses several key manufacturers in the global electric bus market, such as Yutong, Ankai, BYD, and Zhontong.

Furthermore, some other notable drivers responsible for the growth of Asia Pacific electric bus market include the presence of favorable government regulations and support for using electric buses, low prices of various electronic and electric components necessary for EVs in the region, and growing charging infrastructure in the region. In addition to this, the growth in this regional market is also driven by the aim of certain smart cities in the economies to completely electrify their public transport fleets.

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Electric Bus Market, by Level of Autonomy

Electric Bus Market, by Propulsion

Electric Bus Market, by Bus Length

Electric Bus Market, by Power Output

Electric Bus Market, by Battery Type

Electric Bus Market, by Range

Electric Bus Market, by Application

Electric Bus Market, by Region

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