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Technavio: Electric Bus Market in China to Grow Nearly 30% CAGR From 2015-2019

Published: Aug 13,2015

Technavio has published a new report on the electric bus market in China, which is expected to grow at a CAGR of nearly 30% from 2015-2019.

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According to the new report by Technavio, the increasing need to reduce vehicle emissions is one of the major factors driving the global electric bus market. Electric buses are driven by an electric motor powered by rechargeable battery packs, thus helps to generate energy efficiency to a considerable extent.

“As the cost of oil ascends and emissions from large diesel and gasoline engines increase, more consumers look for alternatives to lower costs and emissions,” says Faisal Ghaus, Vice President of Technavio.

The latest report by Technavio also emphasizes the growing demand for Li-ion batteries, which is another trend witnessed in the electric bus market in China.

“There is a significant demand for Li-ion batteries in wireless buses. However, a high demand is expected for Li-ion batteries in pure-electric buses, which will be a driving factor during the forecast period,” adds Ghaus.

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