A recent study published by Credence Research has revealed that the graph for the global electric bus market shows a big 22.9 percent hike from 92,200 units in 2017 for the upcoming forecast period. The electric bus market has shown to be the fastest-growing sector in the electric vehicle industry over the last few years ¬and is expected to rise as the electric vehicle market leader over the next few.
This is largely on account of stricter emission standards and environmental initiatives set by governments all over the world, due to growing environmental concerns about “the depletion of fossil fuels and environmental pollution.” While expensive, the electric bus ultimately triumphs over all others for the lower maintenance and operating cost it offers, compared to that of the CNG bus and diesel bus.
Asia-Pacific is currently leading the electric bus market, with countries such as India and Japan increasing environmental regulations. China looks to be at the forefront in the ever-growing demand of electric vehicles; this standing, however, is tentative as the Chinese government is looking to pull back government subsidies on electric buses by 2020, which will directly impact electric bus sales in the country. As of 2017, China garnered a significant market share in the global electric bus industry–a whopping 99 percent of electric buses were deployed by the country, representing a total 17 percent of China’s total bus fleet with over 385 000 electric buses on the road.