Global electric and hybrid bus demand is forecast to increase 8.8% per annum to 114,200 units in 2023, registering faster growth than all other bus types. The popularity of electric and hybrid models will continue to grow due to their:
- limited impact on the environment
- greater fuel efficiency than conventional buses
- lower fuel and maintenance costs
- ability to operate more quietly than combustion engine-driven models
Electric and hybrid buses will also become more competitive relative to other bus types as producers develop new models that have a greater range and offer superior performance. Additionally, increasing electric and hybrid bus manufacturing capabilities in China, India, and other developing nations will restrain product price increases going forward. These and other trends are presented in Global Buses, a new study from The Freedonia Group, a Cleveland-based industry research firm.
More information about this study is here: https://www.freedoniagroup.com/industry-study/global-buses-3733.htm
For all types of buses combined, demand is forecast to be more conservative at 4.7% annually to 606,500 units in 2023, bringing the number of buses in use to 9.6 million units. Numerous trends are expected to contribute to gains, including:
- advances in government spending on public transportation as part of efforts to expand transit services, reduce traffic congestion, and improve air quality
- continued expansion of global tourism and private transportation
- a shift from the use of conventional (diesel and gasoline) fuel to CNG/LNG, electric, and hybrid models in urban transit systems, which will prompt the early upgrade of bus fleets to achieve fuel cost savings
Global Buses (published 06/2019, 414 pages) is available for $6300 from The Freedonia Group. Please contact Corinne Gangloff at +1.440.684.9600 or [email protected] for an interview with the analyst Gleb Mytko.