Forecast for Global Electric Bus Market

In order to curb pollution and carbon emission, an efficient zero tailpipe emission is required. Gasoline powered buses cause poor air quality, electric buses are a great way to curb global pollution problem. Though, electric buses are more expensive than its diesel counterparts as these vehicles are powered by lithium-ion batteries which are costly. But now days with rising global warming concern, governments across the nations have introduced several programs in the procurement of electric buses to encourage its mass adoption. With increasing awareness about the benefit of using electric buses as public mode of transport coupled with local battery manufacturing and exclusive financing models certainly helping Global Electric Bus Market to grow robustly over the forecast period. Global Electric Bus Market is expected to cross USD 400 Billion landmark by the year 2024. 

 

Electric bus needs infrastructure, safety regulations and an entirely different ecosystem. Today, countries around the world are making significant effort in developing each of these areas such as addressal of the charging infrastructure. For electric buses, it’s not possible to charge its battery one time and then run it all day long. Thus, ‘Top-Up Charging’ is required that is electric bus starts off in the morning with decent range and uses multiple short, turbo charging throughout the day, thus maintaining its daily limit of 200-250Km. The short, turbo charging station can be setup in small area of 1 meter x 1 meter and can be installed en-route and on the convenient locations. 

 

Other than ‘Top-Up Charging’ method ‘Battery Swapping’ is another way of charging where the exhausted battery is replaced by the charged ones at the charging stations. The electric bus stops at the charging stations to get the charged battery while the exhausted battery is taken out for charging. Battery Swapping requires more area than that of the short charging, turbo charging stations as Battery Swapping requires warehouse to keep the batteries and also requires automated machines to lift these heavy batteries. According to Renub Research Global Electric Vehicle Battery Market will surpass US$ 65 Billion by the end of year 2024.

 

Around the world, governments are making their efforts in bringing more and more electric buses on the road, but still the usage of electric buses are very limited. Electric buses high cost and lack of required infrastructure are among the major challenges for the electric bus market. Also, delays caused because of the en-route charging or swapping of batteries, increases operations cost of transit service provider. Thus, until the battery technology develops to such a point where a bus can comfortably runs 200-300Km on a single charge, it is believed that this technology is unlikely to be adopted broadly in the public transportation system.

 

Electric bus is the core of a modern public transit system across the world. The safe, sustainable, smart and comfortable public transportation is the solution for addressing the challenges of pollution and congestion, which most the cities face today. This safe and comfortable ride by electric bus certainly encourage people to leave their bikes and cars at home, also help in making the surrounding greener. Electric bus could certainly change the way people commute and the quality of air that they will breathe in the near future.