BUS MARKET - SIZE, SHARE, COVID-19 IMPACT & FORECASTS UP TO 2028

 The CAGR for the global bus market is predicted to be 6.42%. A significant amount of any vehicle's operating costs are related to the price of fuel. The total cost of ownership and other up-front costs are reduced when an electric bus is used for public transportation. The overall cost of operational expenses is increased by the growing price of petrol. By 2030, it's expected that electric buses would cost the same as diesel ones. Electric buses can save between 81 and 83 percent on maintenance and operating costs when compared to diesel-powered buses.

A normal diesel transit vehicle costs USD 500,000, whereas an electric bus costs USD 750.000. Electric buses are a cost-effective substitute in spite of their higher starting expenses. Because they require less maintenance and fuel and have higher cost predictability due to the relative stability of electricity prices compared to fossil fuel prices, they offer lower operating costs that add up to substantial savings over the course of their lifetime. The financial viability of electric buses increases with favourable laws. 

Fuel constitutes a major part of the operating cost of any vehicle. Using an electric bus for public transport reduces fuel costs, along with other upfront costs and the total cost of ownership. By 2030, the prices for electric buses are expected to decrease to the price level of diesel fuel buses. Electric buses help reduce 81-83% of the maintenance and operating costs compared to a diesel-engine bus.

Major Players:  Anhui Ankai Automobile Co. Ltd, BYD Company Limited, King Long United Automotive Industry Co. Ltd., Zhengzhou Yutong Group Co. Ltd. and Zhongtong Bus Holding Co. Ltd.

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