The global electric bus market is predicted to grow at 16.2% CAGR during the forecast period, with it’s the fleet size anticipated to reach 281.3 thousand units by 2024. The market is driven by the promising and strict government strategies and supports, the mounting price of gasoline, mounting government plans for electrification of public transport and launch of novel technologies are the primary growth drivers for electric bus market.

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The market is driven by supportive government initiatives and mounting alarm about environmental pollution. Increase in the requirement of an efficient vehicle with zero carbon emission, strict regulations regarding vehicle emission, an upsurge in air pollution, and mounting alarm about environmental pollution are also facilitating the growth of the market. For instance, according to the World Health Organization (WHO), globally exposure to ambient air pollution leads to 4.2 million deaths every year. In addition, 91% of the world’s population lives in places where air quality exceeds the WHO guidelines limits.

Asia-Pacific accounted for the major share in the electric bus industry in 2017, globally mounting government initiatives and support. In addition, mounting population, upsurge in air pollution, reducing the cost of batteries, mounting disposable income, rapid urbanization, mounting awareness of environmental safety, the mounting price of gasoline, increase in the requirement of an efficient vehicle with zero carbon emission and large population base.

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Major players in the electric bus market are catering the demand by collaborating with small players and investing on technologically advanced product portfolio across the globe. In October 2017, Proterra introduced DuoPower drivetrain for its Catalyst zero emission buses at American Public Transit Association (APTA). Daimler AG, New Flyer Industries Inc., Zhengzhou Yutong Group, EBUSCO, King Long United Automotive Industry Co. Ltd., Shenzhen Wuzhoulong Motors, BYD Company Limited, Alexander Dennis Limited, and Proterra Inc. are the key players offering electric bus.

Source: VynZ Research