Press release
Europe Electric Bus Market - Analysis and Forecast To 2024, VDL Bus & Coach BV, EBUSCO, Bozankaya A.S., Belkommunmash Holding, Sor Libchavy spol. s r.o., AB Volvo, Irizar Group
The European electric bus market is projected to reach 11,866 units by 2024, registering a CAGR of 32.9% during the forecast period. Government support for electric vehicles, increasing need to reduce greenhouse gas emission, and advancement in technology, propelling the growth of the market.
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Growth Drivers
European electric bus market has been driven by several key factors, predominantly government support for electric vehicles, and increasing need to reduce greenhouse gas emission.
Different governments across the Europe are taking initiatives to replace the petroleum based automotive fleet with electric powered vehicles. Different countries provide incentive and frame regulations to support the electric vehicles adoption. In European Union, governments are undertaking key initiatives to opt for green energy driven vehicles. The policies related to electric buss in EU is mainly focused on technological optimization and market development.
For instance, the European Commission supported a Europe-wide electromobility initiative, Green eMotion, worth EUR41.8 million (USD 46.9 million), in partnership with forty-two partners from industry, utilities, electric vehicle manufacturers, municipalities, universities and technology and research institutions. The project developed prototypes to connect the islands of electromobility existing at the time of the project start. An overarching ICT architecture was defined and standards, especially for ICT interfaces, were set. New business models for public charging infrastructure were analysed and ways shown for its optimised integration into the grid.
Geographic Overview
Geographically, the U.K. electric bus market accounted for largest share in. This is attributed to the increasing adoption rate of electric vehicles, government supporting schemes for the adoption of electric vehicles and for developing infrastructure related to electric vehicles include charging station.
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Competitive Insight
Some of the key players operating in the European electric bus market are Solaris Bus & Coach, VDL Bus & Coach BV, EBUSCO, Bozankaya A.S., Belkommunmash Holding, Sor Libchavy spol. s r.o., AB Volvo, Irizar Group, Scania AB, BYD company limited, and Alexander Dennis Limited.
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VynZ Research is a global market research firm offering research, analytics, and consulting services on business strategies. We have a recognized trajectory record and our research database is used by many renowned companies and institutions in the world to strategize and revolutionize business opportunities. The company focuses on providing valuable insights on various technology verticals such as Chemicals, Automotive, Transportation, Energy, Consumer Durables, Healthcare, ICT and other emerging technologies.
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