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Asia Pacific's Electric Bus Market is Expected to Grow at the Fastest Rate

The global electric bus market is supposed to grow at a CAGR of 43.1 percent, from 81k units in 2021 to 704 thousand units in 2027. The electric bus industry is growing due to increased attention on increasing electrification of mass transport options and government backing.

Because of the significant demand for electric buses in countries like China, Japan, South Korea, and India, the market in the Asia Pacific is expected to develop the fastest.

Furthermore, to reduce car emissions, China has deployed a large number of electric buses. BYD, for example, offers the world's most popular electric buses, the K8 and K9, which are 9 and 14 meters long and have a range of 155 and 190 miles, respectively.

In January 2021, Mahanagar Parivahan Mahamandal Ltd placed 350 electric buses with Electra Greentech Limited and Evey Trans Private Limited. In the future years, the Indian electric bus market will be driven by favorable legislation and steady new orders for electric buses.

Because of the rising demand for emission-free public transportation and favorable government policies for electric vehicles, the European and North American markets are expanding.

COVID-19's Impact on the Electric Bus Market

High development costs are a constraint.

Government support for public transportation electrification is an opportunity.

Battery capacity is a constraint.

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