Global Electric Bus Market 2018-2022 - 12% CAGR Projection Over the Next Four Years - Technavio
LONDON--(BUSINESS WIRE)--Nov 27, 2018--The global electric bus market is expected to post a CAGR of over 12% during the period 2018-2022, according to the latest market research report by .
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Technavio has released a new market research report on the global electric bus market for the period 2018-2022. (Photo: Business Wire)
A key factor driving the growth of the market is the reduction in battery prices. Battery prices account for a significant share of the total cost of electric bus production. The need for efficiency improvement has encouraged battery manufacturers to come up with technological advancements in electric bus batteries. For example, advancements in Li-ion batteries have not only reduced the overall weight of electric buses but also increased their lifespan when compared to buses that use conventional lead acid and valve-regulated lead-acid batteries.
This market research report on the also provides an analysis of the most important trends expected to impact the market outlook during the forecast period. Technavio classifies an emerging trend as a major factor that has the potential to significantly impact the market and contribute to its growth or decline.
In this report, Technavio highlights the technological advancements as one of the key emerging trends in the global electric bus market:
Global electric bus market: Technological advancements
As the global electric bus market is still in its early stage, several manufacturers are entering the market. Additionally, the need for technological advancements is also high which is encouraging electric bus manufacturers to focus on advancements in collaboration with technology-based companies.
“Companies such as Volvo and Nanyang Technological University in Singapore have signed a cooperation agreement for an R&D program for autonomous electric buses as a drive for creating new solutions for sustainable public transport. Li-ion batteries that could be charged with the help of solar power is another technological advancement that has been made to address the difficulty faced while charging,” says a senior analyst at Technavio for research on automotive manufacturing.
Global electric bus market: Segmentation analysis
This market research report segments the global electric bus market by bus type (pure electric buses and plug-in hybrid buses) and geographical regions (China and Rest of the world).
China dominated the market in 2017 with a market share of 99%. This region is expected to dominate the market through 2022, however, there will be a nearly 5% decrease in its market share during the forecast period.
Technavio’s sample reports are free of charge and contain multiple sections of the report such as the market size and forecast, drivers, challenges, trends, and more.
Some of the key topics covered in the report include:
Market LandscapeMarket ecosystem Market characteristics Market segmentation analysis
Market SizingMarket definition Market size and forecast
Five Forces Analysis
Geographical SegmentationRegional comparison Key leading countries
Vendor LandscapeVendors covered Vendor classification Market positioning of vendors Competitive scenario
is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.
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