Greenhouse Gas Emission Mitigation Attempts To Encourage Electric Bus Adoption
Our World Data Carbon Dioxide (CO2) and Greenhouse Gas (GHG) Emissions database revealed that 49.36 billion tons of GHGs were emitted in 2016, globally. As per the database, the dominant source of CO2 is fossil fuel combustion. Further, the U.S. Environmental Protection Agency (EPA) stated that the transportation sector accounted for around 14% of GHGs emitted worldwide in 2014. According to the organization, a gallon of gasoline and a gallon of diesel emits 8,887 grams of CO2 and 10,180 grams of CO2, respectively, which is extremely harmful to the environment and human life.
To mitigate GHG emission, governments around the world are implementing stringent vehicular emission control norms, owing to which the electric bus market will advance at an exceptional CAGR of 14.9% during the forecast period (2021–2026). According to P&S Intelligence, the market recorded a sale of 82,604 electric buses in 2020. The market growth can also be ascribed to declining battery prices and improving the operational efficiency of batteries. Moreover, long-term cost benefits associated with electric buses also catalyze the market growth, globally.
Globally, the Asia-Pacific (APAC) region adopted the highest number of electric buses in the preceding years, primarily on account of the implementation of favorable government policies facilitating the replacement of conventional fuel-based buses with alternative fuel variants in public and private transport fleets. For instance, the Regulations on the Administration of Passenger Transport for City Buses and Trams by the Ministry of Transport, China, aims to replace all public buses in Beijing, Dalian, Shenzhen, Qingdao, Xiamen, and Ningbo with new energy vehicles.
Whereas, the North American electric bus market is expected to showcase the fastest growth during the forecast period, owing to the presence of stringent emission norms in the region. Of North American countries, the U.S. adopts a higher number of hybrid electric buses (HEBs) and plug-in hybrid electric buses (PHEBs). The dominance of the U.S. in the regional market is attributed to the tax credits, subsidies, and financial incentives provided by state and federal governments, and tax exemption offered by the federal government of the country.
Therefore, the surging need to mitigate GHG emissions and the lowering battery costs will facilitate the adoption of electric buses in public and private transport fleets in the foreseeable future.
