Electric public transport is a public transport system with electric propulsion, which includes electric vehicles and locomotives. Electric public transport comprises electric and hybrid taxis, public transportation buses, and locomotives such as metros, subways, monorails, and trams. Electric public transport reduces emission from transportation at a rapid rate and thereby protects the environment.
Surge in demand for green vehicle and necessity to curb emissions are major factors that are expected to augment the electric public transport market during the forecast period. Electric public transport is a major trend growing toward the rising transition of the public transportation. Furthermore, incentives and tax credit offerings on electric vehicles by regulatory bodies across the globe are significant factors that are likely to boost the electric public transport market during the forecast period.
According to a report published by Zero Emission Urban Bus System Project, 19 public transport authorities and operators have a circulated e-bus strategy for 2023 covering 25 cities in Europe. By the end of 2017, there were more than 2,500 electric buses representing around 6% of the total fleet of 40,000 public buses operating in these cities. Additionally, more than 13 public transport authorities and operators in a further 18 more cities in Europe are projected to account more than 6,100 electric buses in service, representing nearly 43% of their total fleet of 14,000 public buses.
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Increase in rate of adoption of electric public transportation in China, especially by Shenzhen bus group, is another major adoption of electric public transport. This is projected to offer lucrative opportunities to manufacturers and is likely to lead to government ties regarding electric vehicle and locomotives. However, higher cost of electric vehicles and limited availability of charging stations are estimated to hamper the electric public transport market during the forecast period.
The global electric public transport market can be segmented based on transportation vehicle, propulsion, and region. Based on transportation vehicle, the electric public transport market can be bifurcated into buses, taxi, locomotives, and others. Among transportation vehicle, buses is a rapidly expanding segment. This is due to mean rise in electrification of public transport by government bodies to curb emission.
In terms of propulsion, the electric public transport market can be divided into fully electric and hybrid. The fully electric segment accounts for a prominent share of the electric public transport market, as compared to the hybrid segment. Rapid transition of public transport and surge in inclination to opt for electric vehicles are key factors that are likely to boost the fully electric segment of the electric public transport market during the forecast period.
In terms of geography, the global electric public transport market can be segregated into Asia Pacific, Europe, North America, Middle East & Africa, and Latin America. Among regions, Asia Pacific accounts for a key share of the global electric public transport market. Higher adoption of electric buses and coaches and rise in penetration of electric vehicles are major factors fuelling the number of electric buses being introduced in the region. Countries such as China, India, Japan, and South Korea are planning to replace their public transport system with electric transport system. This is a major factor that is anticipated to boost the market in the region.
Prominent players operating in the global electric public transport market include General Motors, Ford Motor Company, AB Volvo, BMW AG, BYD Company Limited, Daimler AG, BYD Company Limited., Shenzhen Wuzhoulong Motors Co., Ltd, Yutong, Solaris Bus & Coach S.A. Nippon Seiki Co., Ltd., Proterra, Ashok Leyland, Tata Motors, Foton Motor Inc., Zhongtong Bus Holding Co., Ltd., FAW Group, IVECO, Dongfeng Automobile Co., Ltd., Bombardier Inc., Siemen AG, Mitsubishi Electric Corporation, CRRC Corporation Limited, and Hitachi Ltd.
This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers’ or customers’ journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.