Key Players Covered in Electric Bus Market are BYD Co., Ltd, Proterra, Inc., AB Volvo, New Flyer Industries, Daimler AG, Scania AB, Iveco, Yutong, Ebusco, Xiamen King Long United Automotive Industry Co., Ltd., VDL Groep bv

Pune, India, Feb. 15, 2022 (GLOBE NEWSWIRE) -- The information is published by Fortune Business Insights™ in a report titled, “Electric Bus Market, 2021-2028.” According to the report, the market size was 170 thousand units in 2020. It is estimated to grow from 192 thousand units in 2021 to 544 thousand units in 2028 at a CAGR of 16.0% in 2021-2028.

Market Growth Reasons:

• Growing Demand for Hydrogen Fuel Cell Bus to Thrust Market Growth
• Increasing demand for emission-free and energy-efficient mass transit solutions
• Government support for electrification of public transport
• Battery Electric Bus Segment To Witness Significant Growth
• Increasing Production of Low-cost Lithium ion-Phosphate Batteries

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Market Growth Factors:

• Hydrogen fuel cell buses are driven by uniting an electric powertrain with fuel cell systems, managed technology, as well as batteries. These buses are measured as next-generation green transport as they have an enhanced and extended lifetime in comparison with a standard e-bus.
• The hydrogen fuel cell bus has a rapid refueling speed and direction flexibility. This shall augment the electric bus market growth during the forecast period.
• Various governments across the globe have introduced initiatives to make their urban public transport system more sustainable and fuel efficient with the use of electric buses.
• The electric bus market is driven by factors such as increase in demand for fuel-efficient, high-performance, and low-emission buses, stringent government rules & regulations toward vehicle emission, and reduction in battery prices. However, high manufacturing cost, and low fuel economy & serviceability restrict the market growth.

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Market Segment:

Fuel cell and hybrid electric bus segments accounted for a relatively minor share of the global market in 2020; however, if we exclude China from the global market.

Based on propulsion type, the electric bus market has been classified into battery electric, fuel cell electric, and hybrid electric segments. In terms of volume, the battery electric bus segment accounted for a major share of the global electric bus market in 2020.

On the basis of type, the market is divided into fuel cell electric vehicles, plug-in hybrid electric vehicles, and battery-electric vehicles. The battery-electric vehicles segment dominated the market with a share of 91.4% in 2020.

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Regional Analysis:

Asia Pacific held the maximum electric bus market share and was worth 167 thousand units in 2020. China is dominating the regional market and also globally on account of owning the largest market in terms of quantity.

Competitive Landscape

Crucial Players Focus on Launching State-of-the-art Buses to Satisfy Demand of People

The market comprises several noticeable e-bus manufacturers that are presently determined to uphold their pioneering positions. Most of them are concentrating on launching novel buses to suffice the high demand from people.

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List of Key Players Covered in Electric Bus Market Report:

• BYD Co., Ltd (Shenzen, China)
• Proterra, Inc. (Burlingame, California, U.S.)
• AB Volvo (Gothenburg, Sweden)
• New Flyer Industries (Winnipeg, Canada)
• Daimler AG (Stuttgart, Germany)
• Scania AB (Södertälje, Sweden)
• Iveco (Turin, Italy)
• Yutong (Zhengzhou, China)
• Ebusco (Deurne, Netherlands)
• Xiamen King Long United Automotive Industry Co., Ltd. (Fujian, China)
• VDL Groep bv (Eindhoven, Netherlands)

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