The global market for electric buses is predicted to reach 291,000 units by 2026, this increase is due to the surge in environmental consciousness.
The global electric bus market is prognosticated to reach 291,000 units by 2026, exhibiting a CAGR of 5.7% during the forecast period 2019-2026 attributed to the increasing need for controlling environmental concerns emitted from automobiles worldwide.
As per the United Nations Environment Programme, a significant amount of black carbon emitted from the transportation sector is from urban buses which are further expected to increase in the coming years.
To cut down on the carbon emission, the UN Environment Programme is providing policy and technical support to about twenty cities in Latin America, Africa, and Asia for introducing electric buses for public transport. Such initiatives taken by large organisations are likely to spur demand for electric public transport, thus promoting the Electric Bus Market trends.
Fortune Business Insights™ demonstrates the information mentioned above in their recently published report titled, “Global Electric Bus Market Size, Share & Industry Analysis, By Type (Battery Electric Vehicle, Plug-in Hybrid Electric Vehicle, Fuel Cell Electric Vehicle), and Regional Forecasts, 2019-2026” According to the report, the market value stood at 182 thousand units in 2018. In addition to this, the report provides a comprehensive overview of the market.
The report also lists factors boosting, repelling, challenging, and providing an opportunity to the market in the forecast period. The report offers a qualitative and quantitative approach to the market emphasising key industry developments, interesting market insights and other Electric Bus Market trends.
With the increasing level of pollution caused by emissions out of automobiles, governments of various nations are trying to introduce renewable energy sources for running vehicles. This is one factor promoting the overall Electric Bus Market growth.
Governments are also focusing on controlling the level of pollution caused by implementing stringent regulations and propelling the use of cost-efficient public transport to control the level of pollution. This is also expected to help increase the overall Electric Bus Market size in the forecast duration.
Last modified: May 11, 2020