A new energy-charged or new energy bus is powered exclusively or mainly by new energy. Moreover, the use of the term new energy bus normally implies that new energy is used not only for powering electric equipment on the bus, but also for propulsion of the vehicle. In addition, new energy panels on buses are installed to keep battery charged for all onboard equipment. Therefore, launch of a new energy bus service often goes hand in hand with investments for large-scale installations of stationary new energy panels with photovoltaic cells. Similarly, to other new energy vehicles, many buses have photovoltaic cells in their panels, on the roof top so that energy from sun is directly converted into electric energy, which is used by the engine. Moreover, rise in awareness regarding use of renewable sources of energy propels growth of the new energy bus market.
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Major Market Players:
Volvo Buses, Yangzhou Yaxing Motor Coach Co., Toyota Motor Corporation, Daimler AG, China South Industries Group Corporation, Ashok Leyland Ltd., Isuzu Motors Ltd., BYD Auto Co. Ltd. and Johanneberg Science Park
Rise in emphasis by government authorities and extensive need to conserve the environment and reduce pollution are expected to spur demand during the forecast period. However, lack of control centers and command that leads to high traffic congestion in metropolitan areas encourages people to use other modes of public transport such as mass rapid transit like metros or subways and is anticipated to hamper growth of the new energy bus market. Furthermore, technological advancements and innovative product launches by manufacturers are expected to create lucrative opportunities for players operating in the market during the forecast period.
Governments of developing and developed economies are concerned about enhancement of transportation systems by switching to renewable fuel, which emphasizes on making transport in every region cleaner, sustainable, energy-efficient, and available to all. In addition, rise in number of joint ventures and partnerships among key manufacturers and government agencies to launch advanced public transport is further expected to support the new energy bus market during the forecast period.
Awareness about damage caused to environment, with rise in use of combustion engine has been increasing rapidly as there are major effects that can be seen in the environment. Hence, the new energy vehicle market is considered to be the future of automobile and many customers are shifting to new these vehicles as they are economical and eco-friendly. In addition, they are considered to use renewable source of energy, which further propels growth of the market.
Key benefits of the report:
- This study presents the analytical depiction of the new energy bus market along with the current trends and future estimations to determine the imminent investment pockets.
- The report presents information related to key drivers, restraints, and opportunities along with a detailed analysis of the new energy bus market share.
- The current market is quantitatively analyzed from 2020 to 2027 to highlight the new energy bus market scenario.
- Porter’s five forces analysis illustrates the potency of buyers & suppliers in the market.
- The report provides a detailed new energy bus market analysis based on competitive intensity and how the competition will take shape in the coming years.
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