Transparency Market Research has published a new report titled, “Electric Bus Market (Electrification Type, Bus Type, Component, Battery, Operation, and Region) – Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2018 – 2026”. According to the report, the global electric bus market is anticipated to surpass US$ 165 Bn by 2026, expanding at a CAGR of more than 24% during the forecast period.

The market for electric vehicle is anticipated to expand at a significant growth rate during the forecast period owing to rising stringency of emission norms and increasing pollution levels in the environment. Air pollution harms human health, particularly in those already vulnerable owing to their age or existing health problems, thus responsible authorities are taking several steps to minimize pollution levels across the globe.

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Rising demand for environment-friendly vehicles is likely to boost the market for electric buses. Lower running and maintenance cost of these vehicles is anticipated to attract private firms to adopt electric buses for transportation purpose. Furthermore, large subsidies offered by governments to encourage the adoption of electric buses is likely to be a key factor driving the electric bus market. High price of electric buses and need for charging stations are projected to hamper the electric bus market; however, significant reduction in battery price is likely to reduce the price of an electric bus during the forecast period. Moreover, longer lifespan of the electric bus with lower noise production are projected to propel the market for electric bus during the forecast period.