Rapid penetration of battery powered vehicles has led to the development of electric shuttles. Although the electric shuttles were initially used for sight-seeing and short distance transportation across golf courses, airports, wineries, and stadiums, national parks, and theme parks, they are gaining steady application in public communication. With increasing awareness regarding environmental issues and consumption of natural resources, adoption of electric shuttle is likely to rise significantly in the coming years. The electric shuttles bring wide range of advantages, most importantly reduction of air pollution levels. These are some of the factors influencing the development of Electric Shuttle Market.
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Relatively low cost of maintenance and less requirement of services are directly translating into growth of the electric shuttle market. Electric shuttles comprise of fewer moving parts as compared to conventional internal combustion motors that cause less operational and maintenance issues which in turn increases their demand. Rising government initiatives on replacing natural gas transit public vehicles with electric shuttles in order to address climate change and reduce air pollution is expected to fuel the growth of electric shuttle market. Continued focus of manufacturers on battery advancements and heavy investments in innovative technology will possibly open new growth opportunities of electric shuttle market.
In an effort to lower the emission levels, government across countries are imposing stringent regulations on manufacturers in various industries. According to the European Commission, cars are responsible for nearly 12% of the overall EU emission of greenhouse gas. To comply with the stringent emission regulations, automotive manufacturers are shifting their focus towards development of electric vehicles for public transport such as electric shuttles.
In a recently conducted survey, Centre for Solar Energy and Hydrogen Research Baden-Württemberg (ZSW) stated that the number of electric vehicles recorded on the roads increased to 3.2 million in 2018. According to the survey conducted, leading brands in China - BAIC, and BYD will account for the largest number of new registrations. However, the market for electric vehicles is concentrated in a few countries such as the U.S., Norway, China, Canada, Japan, Germany, Britain, Sweden, the Netherlands, and France.
To maintain pace with the recent trends in the automotive industry, leading manufacturers are focusing on incorporating innovative software and hardware, radical designs, and lightweight materials. For instance, a French transport company, Bollore Group has developed electronic shuttles that contains a battery backup system, supercapacitors, and LMP battery. The backup power system provides a distance coverage of 30 km LMP and battery enables the customers to cover 2 km on a single charge.
In addition, a subsidiary of Blue Solutions that is owned by Bellore Group, BlueSG Pte Ltd in collaboration with Nanyang Technological University has recently launched the first flash-charging electric shuttle in Singapore. The shuttle undergoes charging at the charging station when passengers alight or board from the vehicle. In addition, the electric shuttle is equipped with quick charging and emission-free features, which enables the vehicle to travel long distances.
For quick and convenient services, individuals prefer booking their seats in the public transports through online rental services while returning back home, traveling to the office, or other events. In order to improve their position in the competitive market, the leading companies are engaging in collaborations with the online rental service provides. This has translated into increasing number of passengers for the electric shuttles.
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In addition, to offer enhanced connectivity in the cities, service providers are offering commutation services to the individuals near the metro stations and bus stations. Convenience in booking the seats in the public transportation such as electric shuttles has led to an increase in the number of passengers. Passengers are logging on to various online portals to book their seats in electric shuttles in advance. Some of these rental service portals include OLA, Feedmanseating.com, and SuperShuttle.
To sustain their lead in the competitive market, major companies are concentrating on entering into collaborations and acquisitions. For instance, Toyota has partnered with various e-commerce portals such as Pizza Hut, Amazon, China’s DiDi, and Uber to create a mobility service platform for e-commerce and shared rides, and develop robot-van like pods. Through the collaboration, the companies are focusing on broadening the scope of deployment of these robotic vans for delivering services, ridesharing or rolling office, and various other mobility services.
As electric shuttles are becoming a popular mode of public communication, ruling authorities across countries are focusing on accommodating connectivity through these shuttles. For example, ruling authorities in the U.S. are encouraging leading companies to develop electric shuttles to offer effective solutions for public commutation. The ruling authorities are concentrating on creating autonomous test tracks and investing nearly US$ 2 million for the same. Prototype Prime, a hardware and software startup is also focusing on launching an "advanced vehicle accelerator" and bring more partners for the project through collaborations.
In addition, ruling authorities in Singapore is taking initiatives to encourage deployment of electric shuttles in various educational institutions such as Nanyang Technological University (NTU). The fully automated Group Rapid Transit (GRT) services will be operating autonomous shuttle services that offer connectivity between the main academic centers and halls of residences. Nearly 200 to 300 passengers will benefit from the convenience from the conveyance offered by the GRT services. Initiatives taken by the ruling authorities are encouraging the companies to shift their focus towards development of electric shuttles for public conveyance and enhanced connectivity in various cities. Through strategic collaborations and product innovations, leading companies are focusing on improving their position in the competitive market significantly.
Crucial information pertaining to the recent trends and developments identified in the global market are compiled in the report for the perusal of readers, investors, and stakeholders. Insights provided in the report gives the stakeholders and investors a broader view of the global electric shuttle market.
This analytical research study imparts an all-inclusive assessment on the market, while propounding historical intelligence, actionable insights, and industry-validated & statistically-upheld market forecast. Verified and suitable set of assumptions and methodology has been leveraged for developing this comprehensive study. Information and analysis on key market segments incorporated in the report has been delivered in weighted chapters. A thorough analysis has been offered by the report on Market Dynamics, Market Size, Market Segments, Demand & Supply Trends, Current Issues and Challenges, Companies and Competitor Landscape, Value Chain, Technology.
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Electric Shuttle Market Projections Highlight Positive Revenue Share during 2018-2027
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