DUBLIN--(BUSINESS WIRE)--The "Electric Bus Market Forecast to 2028 - COVID-19 Impact and Global Analysis By Vehicle Type, Hybrid Powertrain, Battery, and End User" report has been added to ResearchAndMarkets.com's offering.

The global electric bus market was valued at US$ 29,179.51 million in 2021 and is expected to reach US$ 105,808.15 million by 2028; it is estimated to register a CAGR of 20.2% from 2021-2028.

An electric bus, often known as an e-bus, is a vehicle that runs entirely on electricity rather than a standard internal combustion engine. An on-board electric motor powers the E-bus, which is powered by on-board batteries or a set of batteries. Electric buses are considered environmentally friendly as they emit no emissions and are cost-effective than typical gasoline/diesel buses.

A hybrid electric bus (HEB), also known as hybrid diesel-electric buses, uses both a combustion engine and an electric motor or propulsion system. The plug-in hybrid electric bus (PHEB) fuels the combustion engine with electricity, recharging the battery.

Factors driving the electric bus market include increasing demand for fuel-efficient, high-performance, low-emission buses, strict government emission norms and regulations, and lower battery prices. However, high production costs, as well as low fuel economy and serviceability, limit market expansion.

Further, technical improvements and strong government measures to promote the usage of e-buses provide the industry with significant potential opportunities. Electric buses are projected to become more prevalent in the coming years as gasoline is used in conventional power buses, which is a non-renewable resource.

Electric buses are the most environmentally friendly option for promoting sustainable development and are favorable to the environment. As a result, the worldwide electric bus market is predicted to rise rapidly in the following years. A standard gas-powered vehicle's internal combustion engine emits a large amount of carbon dioxide, highly harmful to the environment. Electric buses, on the other hand, employ pollution-free electric motors. Therefore, the above mentioned advantages of electric buses are boosting the market's growth.

The key companies operating in the field of electric bus market that are profiled in the report include

  • AB Volvo
  • King Long United Automotive Industry Co., Ltd
  • Shenzhen Wuzhoulong Motors Co., Ltd
  • BYD Company Ltd
  • Daimler AG
  • Ebusco
  • CAF Group (Solaris Bus & Coach)
  • Proterra Inc
  • NFI Group
  • Van Hool NV

Key Market Dynamics

Market Drivers

  • Increasing Demand for Hydrogen Fuel Bus
  • Stringent Government Emission Regulations

Market Restraints

  • High Initial and Development Cost

Market Opportunities

  • Rising Production of Low-cost Lithium ion-Phosphate Batteries

Future Trends

  • Emergence of Autonomous and Semi-Autonomous Transportation Systems

For more information about this report visit https://www.researchandmarkets.com/r/m6v95l

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