The global electric and hybrid electric buses market is anticipated to grow at a CAGR of 22.0% during the forecast period (2022-2028). A hybrid electric bus is defined as a vehicle that combines a conventional internal combustion engine propulsion system with an electric propulsion system. These types of buses normally use a diesel-electric powertrain and are also known as hybrid diesel electric buses. The market growth is majorly attributable to the rising demand for fuel-efficient, high-performance, and low-emission buses, strict government emission norms and regulations, and lower battery prices. Furthermore, technological advancements and strong government measures to promote the usage of e-buses provide the hybrid electric buses market with considerable potential prospects.
In addition to this, the provision of subsidy for such vehicle manufacturers also boosts the electric and hybrid electric buses production, thereby driving the market growth. Further, increasing utilization of number of commercial buses in various countries is also positively affecting the growth of the market. For instance, China is considered to be far ahead from other countries in utilization of electric buses. According to the Institute of Education Sciences (IES), China has more than 421,000 electric buses in different cities of China with around a rate of circulation of 9,500 buses every 5 weeks. In 2018, nearly 99% of e-buses in circulation across the globe were situated in China that decreased the demand for barrels of diesel by more than 270,000 barrels at the end of 2019.
(Get 15% Discount on Buying this Report)
Get Sample Copy of electric and hybrid electric buses market at:
https://orionmarketreports.com/request-sample/?id=101590&submit=Request+Sample%0D%0A
Market Coverage
The market number available for – 2021-2028
Base year- 2021
Forecast period- 2022-2028
Segment Covered-
By Type
Regions covered-
North America
Europe
Asia-Pacific
Rest of the World
Competitive Landscape:
AB Volvo, Daimler AG, and BYD Co., Ltd., among others.
A full report of electric and hybrid electric buses market is available at:
https://orionmarketreports.com/global-electric-and-hybrid-electric-buses-market/101590/
Key questions addressed by the report
What is the market growth rate?
Which segment and region dominate the market in the base year?
Which segment and region will project the fastest growth in the market?
How COVID-19 impacted the market?
Deviation from the pre-COVID-19 forecast
Most affected region and segment
Who is the leader in the market?
How are players addressing challenges to sustain growth?
Where is the investment opportunity?
Global Electric and Hybrid Electric Buses Market Report by Segment
By Type
Heavy Duty Electric
Light Duty Electric
Hybrid Electric Bus
About Us:
Orion Market Reports (OMR) endeavors to provide exclusive blend of qualitative and quantitative market research reports to clients across the globe. Our organization helps both multinational and domestic enterprises to bolster their business by providing in-depth market insights and most reliable future market trends. Our reports address all the major aspects of the markets providing insights and market outlook to global clients.
Media Contact:
Company Name: Orion Market Reports
Contact Person: Mr. Anurag Tiwari
Email: info@orionmarketreports.com
Contact no: +91 780-304-0404
