Electric and Hybrid Electric Buses Market Driver, Trends, Applications & Business Strategy Forecast 2023
“Growing concerns regarding exponential rise in air pollution, and shifting preference towards zero emission vehicles from clean energy vehicles (CNG buses) are expected to drive the growth of the market over the forecast period.�
The electric & hybrid electric buses market is subject to witness a substantial growth due to the rapid technological advancement in automotive sector and favorable initiative to promote electrical vehicles in the market. Growing concerns regarding exponential rise in air pollution, and shifting preference towards zero emission vehicles from clean energy vehicles (CNG buses) are expected to drive the growth of the market over the forecast period. Globally, electric & hybrid electric bus market is predicted to generate massive revenue over the next seven years, providing numerous opportunities for industry participants to invest in research and development of electric & hybrid electric buses. Swift decline in cost of automobile batteries and development of new energy batteries are projected to limit manufacturing cost of electric & hybrid electric buses, thus fostering market growth. Several manufactures are developing electric & hybrid electric buses as per regional demands, such as roads condition, affordability and country’s requirements. Rising investment by local government to strengthen public transportation and to curb air pollution levels, are positively affecting market demand for electric & hybrid electric buses. A hybrid electric bus combines a conventional internal combustion engine propulsion system with an electric propulsion system. These type of buses normally use a Diesel-electric powertrain and are also known as hybrid Diesel-electric buses. The introduction of hybrid electric vehicles and other green vehicles for purposes of public transport forms a part of sustainable transport schemes. Browse Full Research Report @ https://www.millioninsights.com/industry-reports/electric-hybrid-electric-bus-market