The growth of the global electric bus market is predicted to be largely driven by the increasing global emphasis on boosting electric mass transit systems. The government’s support for electric car adoption is moving the market forward.
The COVID-19 pandemic has stalled advancements in the global market, leaving a void in the industrial sector. This halt is likely to last only a few months or so, allowing the global electric bus market to resume its upward trajectory. In the forthcoming years, the Middle East and Africa are expected to emerge as one of the leading regions in the global market. The growing number of government efforts in the region is likely to encourage electric mass transport vehicles has significantly increased the size of the landscape.
The electric bus market is predicted to increase due to the region’s heavy concentration of OEMs, as well as the region’s ramping up of electric bus production. Due to quick advancements in China, the Asia Pacific is expected to gain prominence in the global market in the coming years.
Rising Demand to Reduce Level of Air Pollutions across the Globe to Drive Market
Increasing air pollution, falling prices of batteries, rapid urbanization, higher oil prices, and government initiatives, all led to the expansion of the global electric bus market. Nevertheless, market expansion is expected to be constrained by poor battery capacity, high cost of research, and the growing popularity of natural gas-fueled buses. A growth in demand for fuel-efficient, high-performance, and low-emission buses, as well as tight government emission requirements and regulations and reduced battery prices, are likely to drive the electric bus industry.
Furthermore, technological advancements and strong government initiatives to promote the use of e-buses provide the business a bright future. The market in Asia Pacific is predicted to grow the fastest due to high demand for electric buses in countries such as China, Japan, South Korea, and India. Furthermore, China has deployed a huge fleet of electric buses in order to reduce car emissions. Yet, expansion of the global electric bus market is hampered by high cost of production, as well as limited fuel economy and serviceability.
Automobiles, buses, and taxis, amongst many other modes of transportation, are likely to add significantly to the rising level of air pollution. As per a World Health Organization (WHO) report, air pollution causes over 100,000 deaths every year in Europe, reducing life expectancy by one year on average. Because of the dangers of air pollution, governments in both developing as well as developed countries are working to reduce the threat.
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