About Low-floor Hybrid Buses
To comply with regulations and laws, bus manufacturers have actively invested in new alternative propulsion technologies that are fuel efficient and emit low emissions. Among various alternative propulsion technologies, such as the use of compressed natural gas (CNG) and ethanol blend as the energy source, one technology that has gained popularity in the recent time is hybrid powertrain system. This technology integrates a conventional internal combustion engine (ICE) with a battery-electric motor system to power the bus.
Technavio’s analysts forecast the global low-floor hybrid bus market to grow at a CAGR of 15.77% during the period 2016-2020.
Covered in this report
The report covers the present scenario and the growth prospects of the global low-floor hybrid bus market for 2016-2020. To calculate the market size, the report considers the revenue generated from the sales of low-floor hybrid buses.
The market is divided into the following segments based on geography:
Technavio Announces the Publication of its Research Report – Global Low-floor Hybrid Bus Market 2016-2020
Technavio recognizes the following companies as the key players in the global low-floor hybrid bus market: Daimler, Volvo, Wuzhoulong, and Yutong
Other Prominent Vendors in the market are: King Long, New Flyer, Alexander Dennis Limited, Foton Motors, FAW, and GILLIG
Commenting on the report, an analyst from Technavio’s team said: “Ultra-capacitors used for energy storage and discharge function in the battery packs of hybrid buses are a highly attracted futuristic trend. Ultra-capacitors are energy storage devices, which unlike a battery, stores energy through an electric field, whereas a battery stores energy through a chemical reaction. As ultra-capacitors conduct electricity through an electric field, it can store higher charge quantity compared with a battery. Thus, the ultra-capacitor has higher energy density and 30%-40% reduced cost than normal Li-ion battery pack. They can fast recharge the batteries of hybrid buses, mostly suitable in urban areas where there is a stop in every few meters.”
According to the report, the Canadian government has initiated Transport Electrification Action Plan 2015-2020, under which $420 million is invested to electrify the public transports. It will support the public transport showcase projects from private sector vendors. The Japanese government provides acquisition tax exemption, tonnage tax exemption, and subsidies up to $1,100 on low-emission vehicle purchases.
Further, the report states that the high initial investment/cost of a purchase associated with hybrid bus hinders the global low-floor hybrid bus market growth. Hybrid bus costs are almost double than a conventional diesel and CNG bus. The high cost of battery packs in hybrid buses are the major reason for this increased cost of the hybrid bus.
Daimler, Volvo, Wuzhoulong, Yutong, King Long, New Flyer, Alexander Dennis Limited, Foton Motors, FAW, GILLIG.
Learn how to effectively navigate the market research process to help guide your organization on the journey to success.Download eBook