The global electric bus market is basically driven by the ever-increasing emphasis of economies on promotion of electrifying mass transit solutions coupled with governments’ support. The other factors to ponder about are depleting reserves of crude oil and increase in air pollution at an alarming rate. As such, hybrid and electric vehicles are being preferred by end-users throughout the world.
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Though the initial funding is high, it eventually proves to be profitable due to low operational cost. Increase in awareness on this count is bound to fuel the market growth going forward. The global electric bus market is expected to witness a whopping CAGR post Covid-19 era.
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Key Takeaways from the electric Bus Market
- The present as well as future belong to the Asia-Pacific. This could be credited to the fact that Shenzhen holds the distinction of being the very first city to have a 100% electrified fleet of public transport. Also, majority of OEMs present herein add to the revenue generation.
- The governments across the globe are on to replacement of public transport in existence with emission-free public transport as a constructive step towards “going green”.
- As far as length of electric bus is concerned, the one with 9-14 m is expected to dominate (with the other two being above 14 m and less than 9 m) the market due to fitment of big volumes of the electric passenger buses therein.
- MEA is expected to grow at the fastest pace in the years to come due to OEMs expanding along with backing from the governments.
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