The Europe Electric Bus Market is projected to grow at a CAGR of 16.66% in the forecast period of 2022-27, cites MarkNtel Advisors in their recent research report. The market is driven by the stringent regulations imposed by the governments of different countries across Europe to curb the rapidly mounting emissions from automobiles, propelling the demand for environment-friendly alternatives like electric vehicles, including buses, positively influencing the industry.
Since more & more countries are showcasing a rise in the deployment of these vehicles, the presence of lucrative opportunities for the players to increase their production & distribution capacities for these buses are stimulating the industry dynamics & contributing to the overall market growth through 2027.
Besides, the development of hydrogen fuel cell-powered electric buses entwined with the investments in the production of cost-effective & technologically advanced batteries are further playing a significant role in driving the demand for e-buses & promulgating the industry, further states the research report, “Europe Electric Bus Market Analysis, 2022.”
Expansive Perks of Battery Electric Bus to drive the Market through 2027
Based on the Propulsion Type, Battery Electric Bus dominated the Europe Electric Bus Market with the largest share in the previous years & is anticipated to prevail in the same trend during the forecast period. Such dynamics attribute to the capabilities of battery-based e-buses to store electricity on-board in the high-capacity sets that utilize the benefits of those batteries to function as an electrical motor.
Besides, backed by the growing awareness among people about perks like zero-emission, quiet functioning, & better acceleration than conventional buses, among others, are hinting toward an upsurging inclination toward these e-buses. The same aspect is further instigating the manufacturers to boost their production capacities & make significant contributions to the market growth through 2027.
European Union Emission Regulations Stimulating the Market across Germany, France, UK, and more
On the geographical front, Germany, the UK, France, Poland, & The Netherlands, altogether, accounted for a substantial share of the Europe Electric Bus Market in previous years and are set to make individual contributions to the market growth, alongside the presence of lucrative opportunities for the leading players during the forecast period.
This growth attributes to the stringent need to meet the emission goals by each country set by the European Union for carbon neutralization. Such parameters are influencing the demand for Electric Vehicles, including buses, for both private and public applications. Hence, the Europe Electric Bus Market is set to register substantial growth across countries like Germany, the UK, France, Poland, & the Netherlands, among others, in the coming years.
The leading players in the Europe Electric Bus Market are Solaris Bus & Coach, IVECO Bus, Traton Group, AB Volvo, Mercedes-Benz Group AG, EBUSCO, BYD Auto Co. Ltd., Van Hool, VDL Bus & Coach, & EvoBus GmbH, among others.
Key Questions Answered in the Research Report