The global low-floor hybrid bus market was valued at almost 13 thousand units in 2015 and is expected to surpass 26 thousand units by 2020, says Technavio.
Technavio has announced its latest market research report on low-floor hybrid buses for the forecast period, 2016-2020. This market analysis, under the automotive manufacturing vertical, discusses the major drivers and key emerging trends that will influence the growth of the global low-floor hybrid bus market during the forecast period. Some of the top vendors listed in this industry analysis include Daimler, Volvo, Wuzhoulong, and Yutong.
In terms of geographical analysis, APAC will be the largest and fastest growing revenue region of the global market and is anticipated to surpass 14 thousand units by 2020. China is expected to emerge as the key revenue generating country in this region.
“One of the key focus areas for vendors in the global market for low-floor hybrid buses is the reduction of charging time. The efficiency of HEVs depend on the time rate at which energy can be pulled out or pushed back into the battery pack. This can be achieved with small size high-density battery packs. Envision Solar has invented a portable solar-powered parking space called the EV ARC. This 9/16-foot structure consists of a parking pad and a canopy of solar panels that can charge a 21.6 kilowatt-hour batter, and does not need a power grid, construction, or permits,” says Siddarth Jaiswal, a lead analyst at Technavio for research on automotive manufacturing.
Click here to request a free sample of this report
The new industry research report from Technavio analyzes some of the key drivers and trends responsible for the growth of this market and its sub-segments.
Stringent regulations
Increased awareness has prompted governments of several countries to implement strict legislations to reduce the cause of global warming by minimizing vehicle emission. For instance, in EU (Europe Union), emissions from the heavy-duty trucks, buses, and coaches account for a quarter of CO2 emissions from road transport. The EU norms set the emission target for a commercial vehicle as 175 g/Km from 2017 and are expecting to be cut down to 147 g/Km by 2020, causing a 16% reduction. The norm also states the penalties to be levied on manufacturers who do not meet the requirements. At present, the US, European countries, Japan, South Korea, India, China, and Canada are key nations that have implemented emission norms. Furthermore, countries such as Australia, Mexico, Russia, and Brazil are expected to implement regulations pertaining to emissions during the forecast period.
Improved infrastructure
Many manufacturers have partnered with charging technology providers to develop charging infrastructure, leading to increased sales of hybrid buses. In 2015, Volvo and Siemens signed an agreement under which Volvo will supply hybrid buses, and Siemens will develop the required infrastructure. Such agreements and coordinated efforts will strengthen the infrastructure facilities, increasing the sales of hybrid electric buses, profits for OEMs and technology providers, and helping governments to minimize CO₂ emission and other environmental and health concerns.
Cost benefits, reliable, and more comfortable
Hybrid buses require high initial investment compared with other technologies such as diesel, CNG, and LNG. However, they have been proven to be beneficial in terms of cost in the long run. The charging cost of the battery for a plug-in hybrid bus is much lesser compared with the fuel used in a diesel bus. This saves a significant amount of power for the owner as the payback period is less and the profits are high.
Hybrid electric buses are also proved to be more reliable than conventional diesel buses as the chances of operational inefficiency are minimal. They offer better comfort to passengers. The fixed ratio planetary reduction gear in the hybrid electric bus eliminates the need for a shifting transmission. Hence, the vibrations in these buses are minimal, unlike traditional diesel buses, making the journey more comfortable and smoother for passengers. Minimal vibrations also extend the lifetime of the vehicle and reduce maintenance expenses.
Some of the other prominent vendors identified in this report are King Long, New Flyer, Alexander Dennis Limited, Foton Motors, FAW, and GILLIG.
This research report includes an in-depth analysis, market shares, and sizes of the sub-segments and geography. It provides a comprehensive analysis of the key companies, including their market shares, business overview, and key financials. The market study also offers a detailed analysis of key drivers, challenges, and opportunities influencing this market.
A more detailed analysis is available in the Technavio report titled, ‘Global Low-floor Hybrid Bus Market 2016-2020’. Technavio also customizes reports by other regions and specific segments upon request.
Other related reports:
- Global Electric Bus Market 2016-2020
- Global Hybrid Commercial Vehicle Market 2016-2020
- Global Micro Electric Vehicle Market 2016-2020
To read more press releases- click here.
For any assistance or query, please contact our media team at:
media@technavio.com
US: +1 630 333 9501
UK: +44 208 123 1770
https://www.technavio.com/
