from 2021 to 2026, according to the market research report published. The major factors driving the global market are: 1. Falling Prices of Batteries: As per various industry experts, the average cost of lithium-ion battery packs for large orders fell to nearly $150 per kilowatt-hour (kWh) in 2020 from around $600/kWh in 2015.
New York, Nov. 08, 2021 (GLOBE NEWSWIRE) — Reportlinker.com announces the release of the report “Electric Bus Market” – https://www.reportlinker.com/p06180080/?utm_source=GNW
Since the battery accounts for nearly 40% of the total manufacturing cost of an electric bus, any reduction in its price will allow automotive manufacturers to reduce the cost of these vehicles, which will, in turn, propel the electric bus market sales volume.
2. Burgeoning Need for Greener Environment: The extensive usage of fossil-fuel-powered vehicles has caused rapid environmental deterioration, which is one of the major factors responsible for the rising incidence of lung diseases. Thus, in order to mitigate the escalating air pollution levels, the governments of many countries are encouraging the deployment of electric buses. For instance, the Indian government has provided $486 million in incentives for supporting the deployment of 7,090 such automobiles in the country.
The battery electric bus (BEB) category dominated the global electric bus market during the last few years, under the vehicle segment, and this trend is predicted to continue in the forthcoming years. The deployment of these vehicles has increased massively in recent years because of the provision of government subsidies and other financial incentives. In addition, major automotive companies are incorporating BEBs in their product portfolio, which is also supporting the advance of the category.
Asia-Pacific (APAC) held the largest share in the electric bus market in the past, mainly because of the large-scale deployment of these vehicles in China. This was because of the enactment of supportive policies and provision of financial incentives by the government for the replacement of traditional diesel, petrol, and natural gas buses with greener variants. Moreover, many other regional countries are aiming to electrify their public fleets in the coming years.
In the near future, North America is expected to be the fastest-growing electric bus market on account of the enactment of strict emission regulations in the region. Currently, in North America, the procurement rate of hybrid electric buses (HEBs), plug-in hybrid electric buses (PHEBs), and BEBs is higher in the U.S. Essentially, the provision of tax credits and subsidies by the federal as well as the state governments is positively impacting the sales of these automobiles in the country. Furthermore, the U.S. government has mandated emission tests and announced an exemption from toll charges, for encouraging the deployment of electric buses.
The major companies in the electric bus market are Proterra Inc., Zhongtong Bus & Holding Company Limited, Solaris Bus & Coach S.A., Beiqi Foton Motor Co. Ltd., Zhengzhou Yutong Bus Co. Ltd., BYD Company Limited, Dongfeng Motor Corporation, AB Volvo, Tata Motors Limited, Ashok Leyland Limited, and Olectra Greentech Ltd.
Read the full report: https://www.reportlinker.com/p06180080/?utm_source=GNW
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