Major electric bus market players in Europe region Anhui Ankai Automobile Co., Ltd., Beiqi Foton Motor Co., Ltd., Daimler AG, Ebusco, Irizar S.C., Iveco SPA, MAN SE, NFI Group, Inc., and Proterra, Inc.
Pune, India, May 23, 2022 (GLOBE NEWSWIRE) --
As per a recent industry report put forward by Graphical Research, the Europe electric bus market is forecast to register its name in the billion-dollar fraternity down the line of seven years, by exceeding a revenue of USD 4 billion by 2027.
Soaring adoption of e-vehicles in public transport urban fleet is fostering Europe electric bus market share. Deployment of e-buses in the municipal environment will continue to gain an uptake on the back of the demand for advanced climate control systems, increased battery power, and smart driver cabin. It is pertinent to mention that e-buses are integrated with ADAS systems to help bus drivers with notifications and alerts on possible threats and hazards on the road.
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Governments in the Netherlands, the U.K., Poland and Germany are emphasizing emission reduction from gasoline and diesel vehicles. For instance, in February 2019, the EU adopted a new rule to make 25% of all Europe buses electric or hybrid by 2025.
The growing role of PHEV augurs well
The U.K., Germany and France have become happy hunting grounds for the expansion of plug-in hybrid buses. It could play a monumental role in boosting the growth of e-vehicles across the region. To illustrate, the European Commission gave a nod to the use of USD 3.5 billion for the electric vehicle battery supply chain. Besides, the EU contemplates boosting the production of e-vehicle batteries by 2025. Europe electric bus market value from PHEV segment is likely to grow at a robust CAGR up to 2027.
40-70 seater buses to bolster value proposition
With the market penetration of intercity passenger transportation becoming pronounced, 40-70 seater buses have become trendier. So much so that private entities and government authorities have upped investments in intercity e-buses. An upsurge in the demand for e-vehicles, technological advancements, and high luggage capacity will underpin the growth of 40-70 seat capacity e-buses.
Intracity electric buses continue to thrive
Given the investment in advanced batteries surging by leaps and bounds, Europe has become a happy hunting ground for intracity e-bus suppliers. Burgeoning urbanization and the popularity of electric vehicles across educational institutions have underpinned the growth potential. Intracity electric buses could contribute a significant share to Europe market by 2027. The strong outlook is largely due to rigorous government regulations on emissions and the low OPEX of e-buses.
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Growth opportunities in the U.K.
End-users are likely to count on the growth of EVs in England, Scotland and Northern Ireland as governments strive to establish high-capacity charging stations across the region. Prominently, in September 2021, the London mayor announced that all new buses ordered by Transport for London (TfL) would be electric, in line with its timeline of attaining a 100% zero-emission fleet by 2037. U.K. electric bus industry forecast is projected to be robust with governments’ support for electrification of public transportation.
Key players are poised to invest in R&D activities, innovations, partnerships and mergers & acquisitions. Daimler AG, Proterra, Inc., Beiqi Foton Motor Co., Ltd., Ebusco, Irizar S.C., Anhui Ankai Automobile Co., Ltd., and Iveco SPA are some of the prominent companies fostering the market share in Europe.
Given the challenges in the form of the capacity of lithium-ion batteries and the time needed to charge EVs, leading companies are likely to focus on the service life and performance of the batteries. Robust regulations for EVs and flourishing charging infrastructure projects will add fillip to the prospect of Europe electric bus market.
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