World News: 14:26 GMT Monday 11th February 2019. [Research and Markets via Globe Newswire via SPi World News]
Dublin, Feb. 11, 2019 (GLOBE NEWSWIRE) -- The report has been added to offering. Global electric bus market is projected to reach 331,327 units by 2025, the growth of the market is majorly driven by stringent government norms and regulations on emissions, increasing government support for electric vehicles, and declining battery prices.On the basis of vehicle type, the electric bus market is segmented into battery electric bus (BEB), plug-in hybrid electric bus (PHEB), and hybrid electric bus (HEB). The BEB category recorded the highest sales by volume in in 2017, with a market share of more than 75%. Furthermore, the category is expected to continue being the largest vehicle type in the market, owing to the declining battery prices and the minimum levels of carbon emissions it offers.Based on battery, the electric bus market is segmented into lithium iron phosphate (LFP), lithium nickel manganese cobalt oxide (NMC), and others. Among these, the LFP category held the majority of market share by volume in 2017, accounting for more than 78%. This is because LFPs are generally safer and cheaper when compared to NMCs.On the basis of the hybrid powertrain used, the electric bus market is segmented into parallel hybrid, series parallel hybrid, and series hybrid. Of these, the parallel hybrid category recorded the highest sales in the market, with a revenue contribution of more than 40% in 2017. But during the forecast period, the series hybrid category is expected to lead the market in terms of volume sales share, primarily due to its smaller size and simpler configuration as compared to other categories in this segment.By customer, the electric bus market is categorized into public and private. The public category recorded the highest sales by volume in 2017, with a market share of more than 65%. This is because the governments around the world are incorporating eco-friendly version into public transport, gradually replacing the conventional buses. Also, these buses are costly as compared to their conventional counterparts, and public sector being less cost sensitive than the private players, the adoption of these buses is higher in the public category.The air pollution caused due to the vehicles running on conventional fuels has become a major global concern, due to which, the policy makers around the globe are looking for an alternative to curb this problem. Although, in the last decade, the compressed natural gas (CNG) based bus has been used an a viable alternative to the ones that run on conventional fuel, electric bus is gaining popularity due to its zero carbon emission feature. Therefore, the electric bus market is expected to grow significantly during the forecast period.A major portion of crude oil imports by the countries around the world is used in their public transport vehicles. These countries are looking to cut down their crude oil import bills by adopting electric vehicles. In spite of the high initial cost, electric buses offer low operating cost as compared to their conventional counterparts. Public transport authorities in developing economies are focusing more on long term environmental and cost benefits. Moreover, electric buses are less noisy and require less maintenance as compared to their conventional counterparts, thus contributing to the growth of the electric bus market around the world. 4.1 Definition of Market Segments4.1.1 By Vehicle184.108.40.206 BEB220.127.116.11 HEB18.104.22.168 PHEB4.1.2 By Length22.214.171.124 More than 10 m126.96.36.199 Less than 10 m4.1.3 By Battery188.8.131.52 LFP184.108.40.206 NMC220.127.116.11 Others4.1.4 By End User18.104.22.168 Public22.214.171.124 Private4.2 Value Chain Analysis4.3 Market Dynamics4.3.1 Trends126.96.36.199 Emergence of autonomous buses188.8.131.52 Entry of regional players into the global market4.3.2 Drivers184.108.40.206 Growing concerns over GHG emissions220.127.116.11 Declining cost and improving operational efficiency of batteries18.104.22.168 Long-term cost benefits of electric buses22.214.171.124 Increasing replacement sales126.96.36.199 Impact analysis of drivers on market forecast4.3.3 Restraints188.8.131.52 High price of electric buses184.108.40.206 Growing popularity of natural gas-fueled buses220.127.116.11 Inadequate infrastructure and underdeveloped value chain ecosystem18.104.22.168 Impact analysis of restraints on market forecast4.3.4 Opportunities22.214.171.124 Growing adoption of electric buses in developing economies4.4 Porter's Five Forces Analysis5.1 By Vehicle5.2 By Length5.3 By Battery5.4 By End User5.5 By Region11.1 Competitive Positioning of Key Players11.2 Market Share Analysis of Key Players11.3 Electric Bus Funding Scenario11.4 Product Benchmarking11.5 Projects in the Pipeline11.6 Electric Bus Component Suppliers11.6.1 Electric Bus Motor Suppliers11.6.2 Electric Bus Battery Suppliers11.7 Charging Systems Used by Major Players11.8 Global Strategic Developments of Key Players11.8.1 Product Launches11.8.2 Partnerships11.8.3 Facility Expansions11.8.4 Client Wins11.8.5 Other Developments
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Related Topics: Commercial Vehicles, Electric and Hybrid Vehicles
Globe Newswire: 14:26 GMT Monday 11th February 2019
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