World News: 09:21 GMT Wednesday 15th May 2019. [VynZ Research via Globe Newswire via SPi World News]
NEW YORK, May 15, 2019 (GLOBE NEWSWIRE) -- The global is predicted to grow at 16.2% CAGR during the forecast period, with the fleet size anticipated to reach 281.3 thousand units by 2024. The market is driven by the promising government strategies and supportive regulations, mounting price of gasoline, increasing government plans for electrification of public transport and launch of novel technologies.
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, upsurge in air pollution, and mounting alarm about environmental pollution are also facilitating the growth of the market.
Different governments across the globe are taking initiatives to replace the petroleum based automotive fleet with electric powered vehicles. Countries such as India and China provide incentives to boost electric vehicles adoption. Over the last few decades, the carbon emission has increased to extremely alarming level in Asia due to vehicular and industrial emission. This is a major concern at global and regional level, therefore government are looking for low or no-emission alternative for transport and industrial processes.
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 a place where air quality exceeds WHO guidelines limits.
The different types of electric bus include battery electric bus, hybrid electric bus, and plug-in hybrid electric bus. Of all vehicle type, battery electric bus accounted for the largest share and is expected to grow at the fastest rate in the market, due to decreasing battery prices and least amount of carbon emissions.
On the basis of length, the market is subdivided into less than 10m and more than 10m. Among the two categories, the less than 10m accounted for the larger share in the electric bus market due to preference of smaller buses by the public transport authority.
On the basis of battery, the market is subdivided into lithium iron phosphate battery, lithium nickel manganese cobalt oxide, and others. Among all batteries, the lithium iron phosphate battery accounted the largest share in the electric bus market, as it is cost-effective and safer. In addition, the demand for lithium nickel manganese cobalt oxide battery powered buses is expected to grow at the fastest rate in the market due to reducing price, and higher energy density.
Asia-Pacific is the largest electric bus market and is observed to witness the fastest growth in demand for these buses due to the favourable government initiatives and support. In addition, increasing population, upsurge in air pollution, reducing cost of batteries, increasing disposable income, rapid urbanization, rising awareness of environmental safety, mounting price of gasoline, increase in the requirement of efficient vehicle with zero carbon emission and large population base are feeling the growth of the Asia-Pacific electric bus market.
Major players in the 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.
The Asian electric two-wheeler market is predicted to grow at 7.0% CAGR during the forecast period with its fleet size reaching 59.3 million units by 2024. The Asian market is primarily driven by the technological advancements in battery technology, government support and initiatives for electric vehicles, increasing awareness for curbing vehicular emissions. Different products including e-scooters and e-bikes are majorly contributing to the electric two-wheeler market size in Asia. The market has witnessed significant demand for these products over the last few years with the increasing disposable income and rapid urbanization.
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The Chinese electric two-wheeler market is predicted to grow at 6.7% CAGR during the forecast period with its fleet size reaching 52.9 million units by 2024. The Chinese market is primarily driven by the increasing demand for electric scooters in the country, favorable government regulations, the presence of a large number of local players and increasing investment on battery technology development. Different products including e-scooters and e-bikes are majorly contributing to the electric two-wheeler market size in China. The market has witnessed significant demand for these products over the last few years with the increasing urbanization and increasing disposable income.
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The Indian electric three-wheeler market is predicted to grow at 45.2% CAGR during the forecast period, in terms of its fleet size. The Indian market is primarily driven by the government support and subsidies, an entrance of new entrants in the market and the need for the alternative transport system to curb vehicular emissions. Passenger vehicles largely contributed to the Indian three-wheelers market.
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Globe Newswire: 09:21 GMT Wednesday 15th May 2019
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