Bekryl’s market research report, Global Electric Bus Market Size Analysis and Industry Opportunity, finds China to account for 98.5% of global sales in 2019. China not only leads in electric bus production but also the highest sales. This has created remarkably higher market opportunity for industry players in the country. As per the estimates, China will be able to replace 92% of conventional buses with electric buses by 2028. The industry is highly fragmented with presence of large number of government supported companies. Yutong accounted for majority of the regional share.
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Some key trends from the global Electric Bus market:
Trend#1: Plant Expansion
Demand for electric bus has significantly increased in last few years. Various government is actively encouraging the deployment of e-buses with lucrative incentives. As such, companies are not only strengthening their marketing channels but also focusing on setting up production plant across continent. Plant expansion is a part of strategic importance. Pricing plays a key role in overall bus tenders. As such, local/regional production plants will greatly reduce the operational cost and ensure higher return on investment (ROI) on long term duration.
Companies are strategically focusing on plant capacity addition in order to lower supply chain gap. For instance, in 2017, BYD Company set up new electric bus manufacturing plant at Komaram, Hungary, in order to cater to growing demand in Eastern Europe. Another company Proterra set up manufacturing plant at Los Angeles, U.S. in the same year.
Trend#2: Focus on Battery Technology
Various electric bus manufactures focus on enhancing their battery technology and charging solutions through partnership and product development. These manufacturers focus on prolonging the bus run duration as well as minimizing the charging duration.
In 2017, Proterra Inc. partnered with LG Chem, a South Korea based chemical company, in order to develop battery cell optimized for the heavy duty vehicle market. Similar development is witnessed across other leading companies.
Trend#3: School Electric Bus Market to Create New Revenue Opportunities for Industry Players
While transit electric buses will continue to dominate the global sales, school electric bus will gain highest traction during the forecast period. The trend will be strong in North America, wherein school buses account for a larger share. As per the estimates, there are close to 460,000 school buses operational in U.S. The Government is focusing on phasing out conventional buses with e-buses in order to comply with sustainable growth. In 2016, U.S. government came up with grants worth US$ 7.7 Million for electric bus deployment across 88 participants. In 2018, U.S. government again came up with US$ 8.7 Million grant to either replace or retrofit the existing conventional buses. As per the 2018 EPA’s DERA Funding policies, a rebate of US$ 15,000 to US$20,000 per unit is applicable to buses with 2006 or older version.
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Bekryl estimates the school electric buses will be a disruptive driving force in U.S. Lower competition and government support will further help companies to drive high ROI. While there is immense opportunity, the deployment is expected to be partially slower and will gain high traction post 2023.
Some key global electric bus market players are Yutong, New Flyer of America, BYD Company Limited, AB Volvo, Daimler AG, Proterra, Inc., and Zhongtong Bus & Holding Co., Ltd.,. Also, other key contributors are Ashok Leyland, Ltd., Solaris Bus & Coach S.A., EBUSCO, Shenzhen Wuzhoulong Motors Co., Ltd, and Alexander Dennis Limited.
Other Report of Similar Interests:
Global Electric Scooters and Motorcycles Market: https://bekryl.com/industry-trends/electric-scooters-and-motorcycles-market-size-analysis
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