Rapid industrialization and urbanization in emerging economies are projected to be the key driving factors for the market growth. Moreover,Stringent government regulations regarding emission of greenhouse gases are also likely to fuel the market demand over the next nine years. Technological advancements in electric vehicle charging infrastructure are also anticipated to have a positive impact on the market growth. However, high initial investment cost associated with these systems may hinder market expansion over the forecast period.
With the growing concerns over air pollution and greenhouse gas emissions, there has been an increased focus on developing sustainable and eco-friendly transport solutions. Electric public transport systems offer a cleaner and more efficient alternative to traditional petrol/diesel-powered vehicles, thereby reducing environmental impact.
In addition, electric public transport systems offer several other benefits such as lower operating costs, reduced noise pollution, and smoother acceleration. These factors are expected to fuel the market growth over the forecast period.
Some of the advantages of the market are that it is able to provide a cleaner and more efficient form of transportation, it can help to reduce traffic congestion, and it can also be a more affordable option for consumers.
An electric public transport system is a transportation system that uses electricity to move people or goods. It can be used for a variety of applications, including rail, bus, and others.
The North AmericanThe market for electric public transport systems is expected to grow at a CAGR of 18% from 2021 to 2031. The market was valued at USD 738 million in 2021 and is expected to reach USD 3175 million by 2031.
The growth of the market is driven by factors such as the increasing need for sustainable transportation, the growing number of electric vehicle charging stations, and the declining cost of batteries.
The restraining factors of the Electric Public Transport System market are as follows:
1. High cost of electric public transport systems: The high cost of electric public transport systems is a major restraint for the growth of the market. The high cost is due to the need for infrastructure investment, such as charging stations, and the purchase of new vehicles.
2. Lack of standardization: There is a lack of standardization in the electric public transport system market, which hampers the growth of the market. Different types of systems use different technologies, which makes it difficult to develop a unified system.
3. Limited range: The limited range of electric public transport systems is another restraint for the market growth. The vehicles need to be recharged frequently, which limits their range.
However, with evolving technology and demands, the market is going to boost in the future.
The key players in the electric public transport system market are Hitachi, Ltd. (Japan), Siemens AG (Germany), Bombardier Inc. (Canada), CRRC Corporation Limited (China), ABB Ltd. (Switzerland), Alstom S.A. (France), and Schindler Group (Switzerland). These companies hold a significant share in the market due to their strong product portfolio, financial position, and geographical reach.
Controlling system segment to form major portion of the market
Among these segments, the controlling system segment is expected to grow at the highest CAGR during the forecast period owing to the increasing adoption of traction control systems in electric buses. Traction control systems help in reducing greenhouse gas emissions and improve fuel efficiency. In addition, they also offer better safety features such as anti-lock braking system (ABS), which prevents skidding during emergency braking situations.
The Rail Segment to be on top of the market
The rail segment is expected to grow at the highest CAGR during the forecast period. This growth can be attributed to the increasing investments in the construction of new metro projects and light rail transit (LRT) systems across the globe.oss the globe are one of the major factors driving the growth of this segment.
North America to dominate the market
North America is expected to be the largest market for electric public transport system during the forecast period. The region has been witnessing a shift from traditional public transport systems to electric ones, owing to the growing concern about air pollution. Moreover, stringent government regulations regarding emissions from vehicles are expected to drive the market in North America.
Covid-19 Impact & Market Status
COVID-19 has had a significant impact on the electric public transport system market. The pandemic has resulted in a decrease in the demand for public transportation, as people have been forced to stay home and work remotely. This has led to a decline in revenues for transit agencies and operators around the world. In addition, the COVID-19 pandemic has resulted in the postponement or cancellation of several major transit projects, which has further hampering the growth of the electric public transport system market.
Latest Innovations in the Global Electric Public Transport System Market: A Snapshot
-The launch of new electric bus models from leading manufacturers such as BYD, Volvo, and Proterra. These buses offer improved range and performance compared to older models, making them more practical for widespread use.
-The introduction of new electric vehicle charging standards by major automakers and governments. These standards will help ensure compatibility between different charging systems and make it easier for users to charge their vehicles.
-The development of new battery technologies that can provide longer ranges and faster charging times. This is essential for making electric vehicles more viable for long-distance travel.
-The construction of new dedicated electric vehicle infrastructure, such as fast-charging stations and battery swapping facilities. This will make it easier for drivers to keep their vehicles charged and reduce range anxiety.
Electric Public Transport System Market Scope
|Revenue forecast in 2031
|USD 3175 million
|CAGR of 18 % during 2021-2031
|Type, Application, Regions
|North America, Europe, Asia Pacific, South America, Middle East and Africa
|Key Players Profiled
|Hitachi, Ltd. (Japan), Siemens AG (Germany), Bombardier Inc. (Canada), CRRC Corporation Limited (China), ABB Ltd. (Switzerland), Alstom S.A. (France), and Schindler Group (Switzerland). These companies hold a significant share in the market due to their strong product portfolio, financial position, and geographical reach.
Key Segment of Global Electric Public Transport Market
By Type Overview (USD Million)
• Controlling System
By Application Overview (USD Million)
By Region Overview (USD Million)
• Rest of Asia Pacific
• Rest of North America
• Rest of Europe
Middle East and Africa