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 2020 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.
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.
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.