NEW YORK, June 16, 2023 /PRNewswire/ — The electric bus market size is forecast to increase by 61.03 thousand units from 2022 to 2027, at a CAGR of 9.23%, according to the recent market study by Technavio. The growth of the market will be driven by the the reduction in battery prices, technological improvements to reduce downtime, and the government initiatives promoting electric buses. Charts & data tables about market and segment sizes for a historic period (2017-2021) and forecast period (2023-2027) have been covered in this report. Download the Sample Report
Technavio has announced its latest market research report titled Global Electric Bus Market
Technavio categorizes the global electric bus market Vendor Analysis:
The market is highly competitive, and established vendors have started acquiring smaller and regional players to help them enhance their global reach. Moreover, the market will also witness the entry of several new players, which will increase the level of competition among the existing players during the forecast period. Some of the key vendors covered in the report include AB Volvo and BKM.BY, Bollore SE, BYD Co. Ltd., CNH Industrial NV, Complete Coach Works, Eletra, GreenPower Motor Co. Inc., Jiangsu Alfa Bus Co. Ltd., Linkker Oy, Mercedes Benz Group AG, NFI Group Inc., POL-MOT Holding SA, Proterra Inc., Tata Sons Pvt. Ltd., TECNOBUS Spa, VDL Bus and Coach BV, Xiamen King Long United Automotive Industry Co. Ltd., Yinlong Energy China Ltd., and Zhongtong Bus Holding Co. Ltd.
Vendor Offerings –
Volvo Group – The company offers electric buses that are equipped with full load-carrying electric bus chassis, high energy density batteries, an efficient energy-saving motor, and an integrated intelligent electronic control system.
Bollore SE – The company offers electric buses that are equipped with air-ride suspension, ABS disk brakes, and pass-through storage.
GreenPower Motor Company Inc – The company offers an electric bus that features a Monocoque chassis and has been designed from the ground up to be battery electric.
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Key Benefits for Industry Players and Stakeholders –
The report offers information on the criticality of vendor inputs, including R&D, CAPEX, and technology.
It also provides detailed analyses of the market’s competitive landscape and vendors’ product offerings.
The report also provides a qualitative and quantitative analysis of vendors to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize vendors as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize vendors as dominant, leading, strong, tentative, and weak.
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Customer Landscape – Analysis of Price Sensitivity, Adoption Lifecycle, Customer Purchase Basket, Adoption Rates, and Purchase Criteria by Technavio
One of the core components of the customer landscape is price sensitivity, an analysis of which will help companies refine marketing strategies to gain a competitive advantage.
Another key aspect is price sensitivity drivers (purchases are undifferentiated, the purchase is a key cost to buyers, and quality is not important), which range between LOW and HIGH.
Furthermore, market adoption rates for all regions have been covered.
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Market Segmentation:
The market is segmented by application (intercity and intra-city), type (pure electric bus and plug-in hybrid bus), and geography (APAC, Europe, North America, and the Rest of the World).
The market share growth in the intercity segment will be significant during the forecast period. In India, the Government of India is promoting the use of electric vehicles to replace internal combustion engine (ICE) vehicles by 2030. Furthermore, various electric bus charging system manufacturers are planning to start business operations within India due to the growth opportunities presented by the rising electric bus market in the country. The growth of this segment is primarily attributed to the increasing adoption of Electric Buses, which is driven by an increase in the global demand for the electric bus industry.
Market Dynamics:
Key DRIVERS:
Reduction in battery prices
Technological improvements to reduce downtime
Government initiatives promoting electric buses
Electric buses have a higher load capacity compared to electric passenger cars, requiring large-capacity batteries for optimal vehicle downtime. The battery size of the vehicle increases when the load capacity increases. However, the major concern of the industry is the time taken for electric buses to get charged, as it takes longer than conventional buses. Hence, there is a need for fast-charging systems to minimize time loss between recharging. The total cost of an electric bus is reduced if there is any change in the battery prices, which brings a huge difference. Therefore, the continuous decrease in battery prices is a result of battery manufacturers achieving economies of scale. This will reduce the overall price of electric buses which will drive the growth of the global electric bus market during the forecast period.
Major Trends:
Increasing popularity of wireless charging systems
Technological advancements in electric buses
Technological advancements in electric buses
The global electric bus market is expected to experience growth due to the increasing popularity of wireless charging systems. Inducting wireless technology offers the necessary higher power levels to conveniently charge electric buses which proves advantageous for electric bus operators. The improved performance has led to the introduction of wireless chargers with a 50-kW power capacity which is equivalent to commercially available quick plug-in chargers. As a result, these high-power inductive wireless charging systems are important for charging large vehicles like electric buses, and their introduction is expected to drive market growth during the forecast period.
Key Challenges:
Declining number of public transport users
Lack of adequate charging infrastructure
Reduction in subsidies in China
The declining number of public transport users is a major challenge to the global electric bus market growth. The increasing preference for personal vehicles is reducing the demand for public transportation. Due to the high cost of electric buses, transport authorities are hesitant to replace their current conventional bus fleet. This is a restriction on the growth of the electric bus market. The rapid increase in the production of passenger cars in line with the increasing demand for them is posing a major challenge to the penetration of electric buses in many regions. The demand for public transportation services is decreasing due to the growing demand for passenger cars.
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What are the key data covered in this Electric Bus Market report?
CAGR of the market during the forecast period
Detailed information on factors that will drive the growth of the electric bus market between 2023 and 2027
Precise estimation of the size of the electric bus market and its contribution to the market in focus on the parent market
Accurate predictions about upcoming trends and changes in consumer behavior
Growth of the electric bus market industry across Asia, Europe, North America, and the Rest of the World (ROW)
A thorough analysis of the market’s competitive landscape and detailed information about vendors
Comprehensive analysis of factors that will challenge the growth of electric bus market vendors
Related Reports:
The military hybrid electric vehicle (HEV) and electric vehicle (EV) market is estimated to grow at a CAGR of 14.36% between 2022 and 2027 and the size of the market is forecast to increase by USD 8.48 billion. Furthermore, this report extensively covers market segmentation by product (manned military HEV and EV and unmanned military HEV and EV), type (AC charging and DC charging), and geography (North America, APAC, Europe, South America, and the Middle East and Africa).
The micro electric vehicle (EV) market is estimated to grow at a CAGR of 8.02% between 2022 and 2027. The size of the market is forecast to increase by 1,542.22 thousand units. Furthermore, this report extensively covers market segmentation by type (golf and micro cars and quadricycle), application (commercial, personal, and public utilities), and geography (North America, APAC, Europe, South America, and the Middle East and Africa).
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Electric Bus Market Scope |
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Report Coverage |
Details |
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Base year |
2022 |
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Historic period |
2017-2021 |
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Forecast period |
2023-2027 |
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Growth momentum & CAGR |
Accelerate at a CAGR of 9.23% |
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Market growth 2023-2027 |
61.03 thousand units |
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Market structure |
Fragmented |
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YoY growth 2022-2023 (%) |
8.87 |
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Regional analysis Asia |
Asia, Europe, North America, and the Rest of the World (ROW) |
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Performing market contribution Asia |
Asia at 92% |
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Key countries |
US, Canada, China, India, Germany, and UK |
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Competitive landscape |
Leading Vendors, Market Positioning of Vendors, Competitive Strategies, and Industry Risks |
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Key companies profiled |
AB Volvo, BKM.BY, Bollore SE, BYD Co. Ltd., CNH Industrial NV, Complete Coach Works, Eletra, GreenPower Motor Co. Inc., Jiangsu Alfa Bus Co. Ltd., Linkker Oy, Mercedes Benz Group AG, NFI Group Inc., POL-MOT Holding SA, Proterra Inc., Tata Sons Pvt. Ltd., TECNOBUS Spa, VDL Bus and Coach BV, Xiamen King Long United Automotive Industry Co. Ltd., Yinlong Energy China Ltd., and Zhongtong Bus Holding Co. Ltd. |
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Market dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, and Market condition analysis for the forecast period. |
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Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
Table of contents
1 Executive Summary
1.1 Market OverviewExhibit 01: Executive Summary – Chart on Market Overview
Exhibit 02: Executive Summary – Data Table on Market Overview
Exhibit 03: Executive Summary – Chart on Global Market Characteristics
Exhibit 04: Executive Summary – Chart on Market by Geography
Exhibit 05: Executive Summary – Chart on Market Segmentation by Application
Exhibit 06: Executive Summary – Chart on Market Segmentation by Type
Exhibit 07: Executive Summary – Chart on Incremental Growth
Exhibit 08: Executive Summary – Data Table on Incremental Growth
Exhibit 09: Executive Summary – Chart on Vendor Market Positioning
2 Market Landscape
2.1 Market ecosystem
Exhibit 10: Parent market
Exhibit 11: Market Characteristics
3 Market Sizing
3.1 Market definition
Exhibit 12: Offerings of vendors included in the market definition
3.2 Market segment analysis
Exhibit 13: Market segments
3.3 Market size 2022
3.4 Market outlook: Forecast for 2022-2027
Exhibit 14: Chart on Global – Market size and forecast 2022-2027 (thousand units)
Exhibit 15: Data Table on Global – Market size and forecast 2022-2027 (thousand units)
Exhibit 16: Chart on Global Market- Year-over-year growth 2022-2027 (%)
Exhibit 17: Data Table on Global Market- Year-over-year growth 2022-2027 (%)
4 Historic Market Size
4.1 Global electric bus market 2017 – 2021
Exhibit 18: Historic Market Size – Data Table on Global electric bus market 2017 – 2021 (thousand units)
4.2 Application Segment Analysis 2017 – 2021
Exhibit 19: Historic Market Size – Application Segment 2017 – 2021 (thousand units)
4.3 Type Segment Analysis 2017 – 2021
Exhibit 20: Historic Market Size – Type Segment 2017 – 2021 (thousand units)
4.4 Geography Segment Analysis 2017 – 2021
Exhibit 21: Historic Market Size – Geography Segment 2017 – 2021 (thousand units)
4.5 Country Segment Analysis 2017 – 2021
Exhibit 22: Historic Market Size – Country Segment 2017 – 2021 (thousand units)
5 Five Forces Analysis
5.1 Five forces summary
Exhibit 23: Five forces analysis – Comparison between 2022 and 2027
5.2 Bargaining power of buyers
Exhibit 24: Chart on Bargaining power of buyers – Impact of key factors 2022 and 2027
5.3 Bargaining power of suppliers
Exhibit 25: Bargaining power of suppliers – Impact of key factors in 2022 and 2027
5.4 Threat of new entrants
Exhibit 26: Threat of new entrants – Impact of key factors in 2022 and 2027
5.5 Threat of substitutes
Exhibit 27: Threat of substitutes – Impact of key factors in 2022 and 2027
5.6 Threat of rivalry
Exhibit 28: Threat of rivalry – Impact of key factors in 2022 and 2027
5.7 Market condition
Exhibit 29: Chart on Market condition – Five forces 2022 and 2027
6 Market Segmentation by Application
6.1 Market segments
Exhibit 30: Chart on Application – Market share 2022-2027 (%)
Exhibit 31: Data Table on Application – Market share 2022-2027 (%)
6.2 Comparison by Application
Exhibit 32: Chart on Comparison by Application
Exhibit 33: Data Table on Comparison by Application
6.3 Intercity – Market size and forecast 2022-2027
Exhibit 34: Chart on Intercity – Market size and forecast 2022-2027 (thousand units)
Exhibit 35: Data Table on Intercity – Market size and forecast 2022-2027 (thousand units)
Exhibit 36: Chart on Intercity – Year-over-year growth 2022-2027 (%)
Exhibit 37: Data Table on Intercity – Year-over-year growth 2022-2027 (%)
6.4 Intra city – Market size and forecast 2022-2027
Exhibit 38: Chart on Intra city – Market size and forecast 2022-2027 (thousand units)
Exhibit 39: Data Table on Intra city – Market size and forecast 2022-2027 (thousand units)
Exhibit 40: Chart on Intra city – Year-over-year growth 2022-2027 (%)
Exhibit 41: Data Table on Intra city – Year-over-year growth 2022-2027 (%)
6.5 Market opportunity by Application
Exhibit 42: Market opportunity by Application (thousand units)
7 Market Segmentation by Type
7.1 Market segments
Exhibit 43: Chart on Type – Market share 2022-2027 (%)
Exhibit 44: Data Table on Type – Market share 2022-2027 (%)
7.2 Comparison by Type
Exhibit 45: Chart on Comparison by Type
Exhibit 46: Data Table on Comparison by Type
7.3 Pure electric bus – Market size and forecast 2022-2027
Exhibit 47: Chart on Pure electric bus – Market size and forecast 2022-2027 (thousand units)
Exhibit 48: Data Table on Pure electric bus – Market size and forecast 2022-2027 (thousand units)
Exhibit 49: Chart on Pure electric bus – Year-over-year growth 2022-2027 (%)
Exhibit 50: Data Table on Pure electric bus – Year-over-year growth 2022-2027 (%)
7.4 Plug-in hybrid bus – Market size and forecast 2022-2027
Exhibit 51: Chart on Plug-in hybrid bus – Market size and forecast 2022-2027 (thousand units)
Exhibit 52: Data Table on Plug-in hybrid bus – Market size and forecast 2022-2027 (thousand units)
Exhibit 53: Chart on Plug-in hybrid bus – Year-over-year growth 2022-2027 (%)
Exhibit 54: Data Table on Plug-in hybrid bus – Year-over-year growth 2022-2027 (%)
7.5 Market opportunity by Type
Exhibit 55: Market opportunity by Type (thousand units)
8 Customer Landscape
8.1 Customer landscape overview
Exhibit 56: Analysis of price sensitivity, lifecycle, customer purchase basket, adoption rates, and purchase criteria
9 Geographic Landscape
9.1 Geographic segmentation
Exhibit 57: Chart on Market share by geography 2022-2027 (%)
Exhibit 58: Data Table on Market share by geography 2022-2027 (%)
9.2 Geographic comparison
Exhibit 59: Chart on Geographic comparison
Exhibit 60: Data Table on Geographic comparison
9.3 APAC – Market size and forecast 2022-2027
Exhibit 61: Chart on APAC – Market size and forecast 2022-2027 (thousand units)
Exhibit 62: Data Table on APAC – Market size and forecast 2022-2027 (thousand units)
Exhibit 63: Chart on APAC – Year-over-year growth 2022-2027 (%)
Exhibit 64: Data Table on APAC – Year-over-year growth 2022-2027 (%)
9.4 Europe – Market size and forecast 2022-2027
Exhibit 65: Chart on Europe – Market size and forecast 2022-2027 (thousand units)
Exhibit 66: Data Table on Europe – Market size and forecast 2022-2027 (thousand units)
Exhibit 67: Chart on Europe – Year-over-year growth 2022-2027 (%)
Exhibit 68: Data Table on Europe – Year-over-year growth 2022-2027 (%)
9.5 North America – Market size and forecast 2022-2027
Exhibit 69: Chart on North America – Market size and forecast 2022-2027 (thousand units)
Exhibit 70: Data Table on North America – Market size and forecast 2022-2027 (thousand units)
Exhibit 71: Chart on North America – Year-over-year growth 2022-2027 (%)
Exhibit 72: Data Table on North America – Year-over-year growth 2022-2027 (%)
9.6 Rest of World (ROW) – Market size and forecast 2022-2027
Exhibit 73: Chart on Rest of World (ROW) – Market size and forecast 2022-2027 (thousand units)
Exhibit 74: Data Table on Rest of World (ROW) – Market size and forecast 2022-2027 (thousand units)
Exhibit 75: Chart on Rest of World (ROW) – Year-over-year growth 2022-2027 (%)
Exhibit 76: Data Table on Rest of World (ROW) – Year-over-year growth 2022-2027 (%)
9.7 China – Market size and forecast 2022-2027
Exhibit 77: Chart on China – Market size and forecast 2022-2027 (thousand units)
Exhibit 78: Data Table on China – Market size and forecast 2022-2027 (thousand units)
Exhibit 79: Chart on China – Year-over-year growth 2022-2027 (%)
Exhibit 80: Data Table on China – Year-over-year growth 2022-2027 (%)
9.8 India – Market size and forecast 2022-2027
Exhibit 81: Chart on India – Market size and forecast 2022-2027 (thousand units)
Exhibit 82: Data Table on India – Market size and forecast 2022-2027 (thousand units)
Exhibit 83: Chart on India – Year-over-year growth 2022-2027 (%)
Exhibit 84: Data Table on India – Year-over-year growth 2022-2027 (%)
9.9 US – Market size and forecast 2022-2027
Exhibit 85: Chart on US – Market size and forecast 2022-2027 (thousand units)
Exhibit 86: Data Table on US – Market size and forecast 2022-2027 (thousand units)
Exhibit 87: Chart on US – Year-over-year growth 2022-2027 (%)
Exhibit 88: Data Table on US – Year-over-year growth 2022-2027 (%)
9.10 Germany – Market size and forecast 2022-2027
Exhibit 89: Chart on Germany – Market size and forecast 2022-2027 (thousand units)
Exhibit 90: Data Table on Germany – Market size and forecast 2022-2027 (thousand units)
Exhibit 91: Chart on Germany – Year-over-year growth 2022-2027 (%)
Exhibit 92: Data Table on Germany – Year-over-year growth 2022-2027 (%)
9.11 UK – Market size and forecast 2022-2027
Exhibit 93: Chart on UK – Market size and forecast 2022-2027 (thousand units)
Exhibit 94: Data Table on UK – Market size and forecast 2022-2027 (thousand units)
Exhibit 95: Chart on UK – Year-over-year growth 2022-2027 (%)
Exhibit 96: Data Table on UK – Year-over-year growth 2022-2027 (%)
9.12 Canada – Market size and forecast 2022-2027
Exhibit 97: Chart on Canada – Market size and forecast 2022-2027 (thousand units)
Exhibit 98: Data Table on Canada – Market size and forecast 2022-2027 (thousand units)
Exhibit 99: Chart on Canada – Year-over-year growth 2022-2027 (%)
Exhibit 100: Data Table on Canada – Year-over-year growth 2022-2027 (%)
9.13 Market opportunity by geography
Exhibit 101: Market opportunity by geography (thousand units)
10 Drivers, Challenges, and Trends
10.1 Market drivers
10.2 Market challenges
10.3 Impact of drivers and challenges
Exhibit 102: Impact of drivers and challenges in 2022 and 2027
10.4 Market trends
11 Vendor Landscape
11.1 Overview
11.2 Vendor landscape
Exhibit 103: Overview on Criticality of inputs and Factors of differentiation
11.3 Landscape disruption
Exhibit 104: Overview on factors of disruption
11.4 Industry risks
Exhibit 105: Impact of key risks on business
12 Vendor Analysis
12.1 Vendors covered
Exhibit 106: Vendors covered
12.2 Market positioning of vendors
Exhibit 107: Matrix on vendor position and classification
12.3 AB Volvo
Exhibit 108: AB Volvo – Overview
Exhibit 109: AB Volvo – Business segments
Exhibit 110: AB Volvo – Key offerings
Exhibit 111: AB Volvo – Segment focus
12.4 BKM.BY
Exhibit 112: BKM.BY – Overview
Exhibit 113: BKM.BY – Product / Service
Exhibit 114: BKM.BY – Key offerings
12.5 Bollore SE
Exhibit 115: Bollore SE – Overview
Exhibit 116: Bollore SE – Business segments
Exhibit 117: Bollore SE – Key offerings
Exhibit 118: Bollore SE – Segment focus
12.6 BYD Co. Ltd.
Exhibit 119: BYD Co. Ltd. – Overview
Exhibit 120: BYD Co. Ltd. – Business segments
Exhibit 121: BYD Co. Ltd. – Key news
Exhibit 122: BYD Co. Ltd. – Key offerings
Exhibit 123: BYD Co. Ltd. – Segment focus
12.7 CNH Industrial NV
Exhibit 124: CNH Industrial NV – Overview
Exhibit 125: CNH Industrial NV – Business segments
Exhibit 126: CNH Industrial NV – Key news
Exhibit 127: CNH Industrial NV – Key offerings
Exhibit 128: CNH Industrial NV – Segment focus
12.8 Complete Coach Works
Exhibit 129: Complete Coach Works – Overview
Exhibit 130: Complete Coach Works – Product / Service
Exhibit 131: Complete Coach Works – Key offerings
12.9 Eletra
Exhibit 132: Eletra – Overview
Exhibit 133: Eletra – Product / Service
Exhibit 134: Eletra – Key offerings
12.10 GreenPower Motor Co. Inc.
Exhibit 135: GreenPower Motor Co. Inc. – Overview
Exhibit 136: GreenPower Motor Co. Inc. – Product / Service
Exhibit 137: GreenPower Motor Co. Inc. – Key news
Exhibit 138: GreenPower Motor Co. Inc. – Key offerings
12.11 Jiangsu Alfa Bus Co. Ltd.
Exhibit 139: Jiangsu Alfa Bus Co. Ltd. – Overview
Exhibit 140: Jiangsu Alfa Bus Co. Ltd. – Product / Service
Exhibit 141: Jiangsu Alfa Bus Co. Ltd. – Key offerings
12.12 Linkker Oy
Exhibit 142: Linkker Oy – Overview
Exhibit 143: Linkker Oy – Product / Service
Exhibit 144: Linkker Oy – Key offerings
12.13 Mercedes Benz Group AG
Exhibit 145: Mercedes Benz Group AG – Overview
Exhibit 146: Mercedes Benz Group AG – Business segments
Exhibit 147: Mercedes Benz Group AG – Key offerings
Exhibit 148: Mercedes Benz Group AG – Segment focus
12.14 Proterra Inc.
Exhibit 149: Proterra Inc. – Overview
Exhibit 150: Proterra Inc. – Product / Service
Exhibit 151: Proterra Inc. – Key news
Exhibit 152: Proterra Inc. – Key offerings
12.15 TECNOBUS Spa
Exhibit 153: TECNOBUS Spa – Overview
Exhibit 154: TECNOBUS Spa – Product / Service
Exhibit 155: TECNOBUS Spa – Key offerings
12.16 Xiamen King Long United Automotive Industry Co. Ltd.
Exhibit 156: Xiamen King Long United Automotive Industry Co. Ltd. – Overview
Exhibit 157: Xiamen King Long United Automotive Industry Co. Ltd. – Product / Service
Exhibit 158: Xiamen King Long United Automotive Industry Co. Ltd. – Key offerings
12.17 Yinlong Energy China Ltd.
Exhibit 159: Yinlong Energy China Ltd. – Overview
Exhibit 160: Yinlong Energy China Ltd. – Product / Service
Exhibit 161: Yinlong Energy China Ltd. – Key offerings
13 Appendix
13.1 Scope of the report
13.2 Inclusions and exclusions checklist
Exhibit 162: Inclusions checklist
Exhibit 163: Exclusions checklist
13.3 Currency conversion rates for US$
Exhibit 164: Currency conversion rates for US$
13.4 Research methodology
Exhibit 165: Research methodology
Exhibit 166: Validation techniques employed for market sizing
Exhibit 167: Information sources
13.5 List of abbreviations
Exhibit 168: List of abbreviations
About Us
Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions. With over 500 specialized analysts, Technavio’s report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio’s comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.
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