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
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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