MENA Electric Bus Market Growth and Share, Emerging Trends, Scope, Key Manufacturers, Challenges, Future Opportunities and Forecast 2033: SPER Market Research
An electric bus is a type of public transportation vehicle that uses electricity as opposed to more conventional fossil fuels like diesel or petrol. It is propelled by an electric motor that is run on rechargeable batteries or, in certain cases, an overhead charging system. Due to its numerous environmental and financial advantages, electric buses have recently attracted a lot of attention and appeal.
A significant step towards more ecologically friendly and sustainable transportation is the introduction of electric buses. These buses have electric motors in place of combustion engines, which results in no tailpipe emissions, reducing air pollution and improving urban air quality. Since it aids in reducing harmful pollutants and lessening the effects of climate change, this has a direct positive impact on public health.
According to SPER Market Research, ‘MENA Electric Bus Market Size- By Vehicle Type, By Hybrid Powertrain, By Battery, By End User – Regional Outlook, Competitive Strategies and Segment Forecast to 2033’ state that the MENA Electric Bus Market is estimated to reach USD XX billion by 2033 and is anticipated to surge at CAGR of XX%.
The MENA (Middle East and North Africa) electric bus market is expanding rapidly as a result of numerous key development drivers. To begin with, government activities and policies are crucial. Regional governments are taking initiatives to encourage sustainable travel and reduce greenhouse gas emissions. They offer incentives, subsidies, and tax breaks to encourage the use of electric buses, creating a favourable environment for industry expansion.
The economic benefits of electric buses are driving industry growth. While electric buses have higher beginning costs than traditional buses, they promise long-term cost savings. Because of decreased fuel prices and simplified drivetrains, electric buses have lower running expenses, resulting in significant cost savings throughout the life of the vehicle.
The MENA electric bus market faces a variety of challenges, including the high initial cost of electric buses, which is a barrier to their wider adoption. Electric buses are usually more expensive to purchase than normal buses, making the initial investment challenging for transportation agencies. Although long-term cost savings can compensate for this, operators will need access to financing and financial incentives to make electric buses commercially feasible.
There are concerns with battery technology as well as range limitations. Despite significant developments in battery technology, the range of electric buses may still be an issue for long-distance travel or routes with limited recharge facilities.
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The COVID-19 outbreak has had a significant impact on the MENA (Middle East and North Africa) market for electric buses. During this period, the market experienced a number of challenges and disruptions. To begin with, major infrastructure projects and acquisitions have been postponed due to economic constraints and the reallocation of resources to vital healthcare requirements. Second, due to global supply chain disruptions that resulted in plant closures, production delays, and delivery delays, there are currently fewer electric buses and component parts available.
Furthermore, the manufacturing of high-density Nickel, Manganese, and Cobalt (NMC) batteries is governed by extensive intellectual property rights. Furthermore, LFP batteries reduce the danger of litigation while also favouring indigenous battery suppliers over competitors such as LG Chem and Samsung. Thus, increased manufacturing of low-cost lithium ion-phosphate batteries is likely to fuel demand for the electric bus market across the region over the forecast period. In addition, some of the market key players are; AB Volvo, BYD Company Ltd, CAF Group (Bus & Coach), Daimler AG, King Long United Automotive Industry Co Ltd.
MENA Bus and Coach Market Key Segments Covered
The SPER Market Research report seeks to give market dynamics, demand, and supply forecasts for the years up to 2033. This report contains statistics on product type segment growth estimates and forecasts.
By Vehicle Type: Based on the Vehicle Type, MENA Electric Bus Market is segmented as; Battery-Electric Bus, Hybrid Electric Bus, Electric Bus, Plug-in Hybrid Bus.
By Hybrid Powertrain: Based on the Hybrid Powertrain, MENA Electric Bus Market is segmented as; Series-Parallel Hybrid, Series Hybrid.
By Battery: Based on the Battery, MENA Electric Bus Market is segmented as; Lithium Iron Phosphate, Parallel Hybrid, Series Hybrid.
By End User: Based on the End User, MENA Electric Bus Market is segmented as; Public, Private.
By Region: This report also provides the data for key regional segments of Bahrain, Iraq, Jordan, Kuwait, Lebanon, Morocco, Oman, Rest of Middle East and North America
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Sara Lopes, Business Consultant – USA
SPER Market Research