Electric Intercity Bus Market: Introduction
- Intercity bus, or intercity coach, is a public transportation for long distances, connecting two important cities or nearby rural areas with a major metropolitan hub. Electric intercity buses are propelled by a combination of motor and batteries and a set of other supporting electronic and electrical components.
- The high connectivity of intercity bus in distant remote locations, high frequency, and other such benefits have fueled the demand for intercity bus services
Key Drivers of Electric Intercity Bus Market
- Rise in fertility rate, life expectancy, and slowed death rate have driven the global population. This rapid increase in population across the globe is one of the prominent factors boosting traveling activities worldwide. Therefore, more number of people of commute on regular basis for work, education, and other purposes. Moreover, the travel and tourism sector is expanding with an increasing number of locals as well as international tourists. This boosts the demand for reliable public transportation service that has deep connectivity in remote locations, has less waiting times, and is cost-effective. Electric intercity buses cater to all the aforementioned requirements and hence, governments and private transportation companies are increasingly investing in these buses. Furthermore, commercial vehicle manufacturers are launching new models of electric intercity buses in order to cater to this growing demand. For instance, Motor Coach Industries launched battery-electric luxury coach in the market in North America in May 2021. Thus, a rise in the demand for reliable transportation services amidst the rising population expanding tourism sector is propelling the global electric intercity bus market.
- Increasing urbanization across the globe is also one of the prominent factors increasing travel among the population. According to statistics published by the United Nations in 2018, approximately 55% of world’s population resided in urban areas, which is projected to increase to more than 68% by 2050. This rise in urban population is fueling the number of on-road vehicles and has led to traffic congestions and high emissions. Consequently, more number of people are preferring electric intercity bus transportation in order to avoid the hassle of driving in congested streets and reduce vehicle emissions. This growing awareness about the environment and preference of travelers for comfortable journeys is driving the electric intercity bus market across the globe.
Restrains in Electric Intercity Bus Market
- Electric vehicle technology has not attained complete maturity and hence, the range of vehicles is limited. Moreover, the charging infrastructure of electric vehicles is not developed in several countries, especially on highways and in rural areas. These factors restrain the global electric intercity bus market.
Impact of COVID-19 Pandemic on Electric Intercity Bus Market
- The recent outbreak of COVID-19 pandemic disrupted automotive supply chains hampered the sale of vehicles across the globe. This pandemic has also created a sentiment of hygiene and health awareness amongst people due to which people are preferring private vehicles over public transportation to avoid crowds and risk getting infected with coronavirus. This drop in vehicle production and sales coupled with change in travel patterns amidst COVID-19 pandemic is hampering the growth of global electric intercity bus market.
Asia Pacific to Hold Significant Share of Global Electric Intercity Bus Market
- Asia Pacific contributes to a significant share of the global electric intercity bus market due to a well-established and expanding automotive industry in this region. Countries such as China, Japan, India, and South Korea are leading automobile manufacturers who account for more than 35% of the total global automobile production. Furthermore, the high population in Asia Pacific coupled with poor connectivity of railways and airways is driving the demand for intercity bus transportation and subsequently, propelling the electric intercity bus market in the region.
Key Players Operating in Electric Intercity Bus Market
The global electric intercity bus market is highly concentrated due to the presence of top manufacturers. A few of the key players operating in the electric intercity bus market are:
- AB Volvo
- BYD Company Ltd.
- EvoBus GmbH
- Mitra Mobility Solution
- Motor Coach Industries (MCI)
- PT MOBIL ANAK BANGSA (MAB)
- Solaris Bus & Coach sp. z o.o.
- YANGZHOU ASIASTAR BUS CO., LTD.
Global Electric Intercity Bus Market: Research Scope
Global Electric Intercity Bus Market, by Bus Type
- Battery Electric Bus
- Plug-in Hybrid Bus
- Hybrid Bus
Global Electric Intercity Bus Market, by Component
- Electric Motor
- Transmission System
- Hydrogen Fuel Cell
Global Electric Intercity Bus Market, by Region
- North America
- Nordic Region
- Rest of Europe
- Asia Pacific
- Rest of Asia Pacific
- Latin America
- Rest of Latin America
- Middle East & Africa
- South Africa
- Rest of Middle East & Africa
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.
Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:
- Customer Experience Maps
- Insights and Tools based on data-driven research
- Actionable Results to meet all the business priorities
- Strategic Frameworks to boost the growth journey
The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.
The following regional segments are covered comprehensively:
- North America
- Asia Pacific
- Latin America
- The Middle East and Africa
The EIRS quadrant framework in the report sums up our wide spectrum of data-driven research and advisory for CXOs to help them make better decisions for their businesses and stay as leaders.
Below is a snapshot of these quadrants.
1. Customer Experience Map
The study offers an in-depth assessment of various customers’ journeys pertinent to the market and its segments. It offers various customer impressions about the products and service use. The analysis takes a closer look at their pain points and fears across various customer touchpoints. The consultation and business intelligence solutions will help interested stakeholders, including CXOs, define customer experience maps tailored to their needs. This will help them aim at boosting customer engagement with their brands.
2. Insights and Tools
The various insights in the study are based on elaborate cycles of primary and secondary research the analysts engage with during the course of research. The analysts and expert advisors at TMR adopt industry-wide, quantitative customer insights tools and market projection methodologies to arrive at results, which makes them reliable. The study not just offers estimations and projections, but also an uncluttered evaluation of these figures on the market dynamics. These insights merge data-driven research framework with qualitative consultations for business owners, CXOs, policy makers, and investors. The insights will also help their customers overcome their fears.
3. Actionable Results
The findings presented in this study by TMR are an indispensable guide for meeting all business priorities, including mission-critical ones. The results when implemented have shown tangible benefits to business stakeholders and industry entities to boost their performance. The results are tailored to fit the individual strategic framework. The study also illustrates some of the recent case studies on solving various problems by companies they faced in their consolidation journey.
4. Strategic Frameworks
The study equips businesses and anyone interested in the market to frame broad strategic frameworks. This has become more important than ever, given the current uncertainty due to COVID-19. The study deliberates on consultations to overcome various such past disruptions and foresees new ones to boost the preparedness. The frameworks help businesses plan their strategic alignments for recovery from such disruptive trends. Further, analysts at TMR helps you break down the complex scenario and bring resiliency in uncertain times.
The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:
1. What can be the best investment choices for venturing into new product and service lines?
2. What value propositions should businesses aim at while making new research and development funding?
3. Which regulations will be most helpful for stakeholders to boost their supply chain network?
4. Which regions might see the demand maturing in certain segments in near future?
5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?
6. Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?
7. Which government regulations might challenge the status of key regional markets?
8. How will the emerging political and economic scenario affect opportunities in key growth areas?
9. What are some of the value-grab opportunities in various segments?
10. What will be the barrier to entry for new players in the market?
Note: Although care has been taken to maintain the highest levels of accuracy in TMR’s reports, recent market/vendor-specific changes may take time to reflect in the analysis.