| Status : Published | Published On : Nov, 2024 | Report Code : VRAT9612 | Industry : Automotive & Transportation | Available Format :
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Page : 96 |
Asia Pacific Electric Bus Market Size & Share | Growth Forecast Report 2030
Industry Insight by Vehicle Type (Battery-Electric Buses, PHEV Buses, and FCEV Buses), by Length Type (Less Than 9m, Between 9m-14m, and Above 14m), by Seating Capacity (Below 40 Seats, 40-70 Seats, and Above 70 Seats), by Application (Intracity and Intercity), by Battery Capacity (Below 100 kWh, 100-300 kWh, and Above 300 kWh), by Battery (Lithium Iron Phosphate Battery, Lithium Nickel Manganese Cobalt Oxide, and Others), by End-User (Government and Fleet Owners), and Asia-Pacific Region (China, Japan, South Korea, India, Singapore, and Rest of Asia-Pacific)
Industry Overview
The Asia-Pacific Electric Bus Market is anticipated to grow to USD 48.6 billion by 2030, registering a CAGR of 9.8% during the forecast period 2025-2030. Factors attributing to the growth of the Asia-Pacific electric bus market include initiatives by the government to provide subsidies and rising concerns regarding air pollution levels.
Furthermore, there is substantial growth in the number of people who own cars and two-wheelers, resulting in increasing demand to have cleaner mobility solutions and substitute modes of transportation.
Asia Pacific Electric Bus Market Report Coverage
|
Report Metric |
Details |
|
Historical Period |
2018 - 2023 |
|
Base Year Considered |
2024 |
|
Forecast Period |
2025 - 2030 |
|
Market Size in 2023 |
U.S.D. XX Billion |
|
Revenue Forecast in 2030 |
U.S.D. 48.6 Billion |
|
Growth Rate |
9.8% |
|
Segments Covered in the Report |
by Vehicle Type,by Length Type,by Seating Capacity,By Application, By Battery Capacityby Battery,By End-User |
|
Report Scope |
Market Trends, Drivers, and Restraints; Revenue Estimation and Forecast; Segmentation Analysis; Impact of COVID-19; Companies’ Strategic Developments; Market Share Analysis of Key Players; Company Profiling |
|
Regions Covered in the Report |
China, Japan, South Korea, India, Singapore, and Rest of Asia-Pacific |
Asia Pacific Electric Bus Industry Dynamics
Asia Pacific Electric Bus Market Trends/ Growth Drivers:
Electric buses to transform public transportation
Electric buses will transform public transportation in the forthcoming period as they help enhance air quality, reduce noise, and increase fuel efficiency, which are the key trends prevalent in the electric bus market. The rapid urbanization, rising environmental concerns, mandatory emission, and fuel economy standards, mounting initiatives by the government in the form of subsidies and rebates, rising usage of electric vehicles, and substituting heavy-duty diesel and gasoline-run buses having zero-emission will accelerate the growth of the electric bus market in the Asia-Pacific region.
Asia Pacific Electric Bus Market Challenges
The fluctuations in government policies and subsidies will have an impact on the electric bus market. Also, the increased costs connected with electric buses, high infrastructural development costs, and the setting up of charging stations are delaying the growth of electric buses in emerging economies like India.
Asia Pacific Electric Bus Market Opportunities
The rising demand for electrification of mass transport, technological development with innovative strategies in the transportation industry, and government banking will create opportunities for growth in the Asia-Pacific electric bus market.
Recent Developments by Key Players
BYD Co Ltd has signed a memorandum of understanding with Rêver Automotive Co Ltd to build electric buses and trucks based on BYD technologies.
Tata Motors collaborated with Inchcape plc, a leading global automotive distributor, as their distributor for their commercial vehicles in Thailand. Through this partnership, Tata Motors will commence the sales and service of its commercial vehicles across the country.
Asia Pacific Electric Bus Market Segmentation
VynZ Research provides an analysis of the key trends in each segment of the Asia Pacific Electric Bus Marketreport, along with forecasts at the regional and country levels from 2025-2030. Our report has categorized the market based on vehicle type, length type, seating capacity, application, battery capacityby, battery, end-user.
Insight by Vehicle Type
- Battery-Electric buses
- PHEV Buses
- FCEV Buses
Based on vehicle type, the Asia-Pacific electric bus market is divided into battery-electric buses, PHEV buses, and FCEV buses. FCEV buses are anticipated to have significant growth owing to their low operation cost and easy technical maintenance. The operational cost is less owing to the development of hydrogen cells that have improved fuel cell capacity and enhanced battery performance. Battery electric buses are also anticipated to witness growth during the forecast period as transportation companies in various countries of the APAC region are substantially encouraging the introduction of electric buses for public transportation. In 2019-2020, in India, about 600 electric buses were sold which is almost 50% growth as compared to 2018-2019. Electra BYD has received orders for 765 electric buses from all Indian states in 2020. In August 2019, the Government of India approved 5095 electric buses for 64 states for city shuttles, 400 electric buses for intercity operations, and 100 electric buses for last-mile connections to Delhi Metrorail Corporation. OlectraBYD plans to build a second electric bus manufacturing plant in northern India. The purpose is to offer an electric bus at the lowest possible price.
Insight by Length Type
Based on length type, the Asia-Pacific electric bus market is divided into less than 9m, between 9 14 m, and above 14m. Among the length types, the 9-14 m contributes to the largest share in the Asia-Pacific electric bus market due to the rising number of electric buses for passengers and is used in the public transport fleet. Countries like China which hold 99% of the market have electric buses that are 9-14m in length. Moreover, leading OEMs like BYD and Yutong also provide electric buses in 9-14 m lengths having a range of 155 miles and 190 miles.
Insight by Seating Capacity
Based on seating capacity, the Asia-Pacific electric bus market is divided into below 40 seats, 40-70 seats, and above 70 seats. Electric buses with below 40 seats dominate the market as there is increasing demand for intracity purposes.
Insight by Application
Based on application, the Asia-Pacific electric bus is divided into intracity and intercity. Owing to the short ranges of electric-powered buses, intracity travel is preferred for electric buses. Nevertheless, there are novel model launches that have led to increased performance in the vehicles and have large range capacities, intercity travel is also gaining prominence.
Insight by Battery Capacity
Based on battery capacity, the Asia-Pacific electric bus is segregated into below 100 kWh, 100-300 kWh, and above 300 kWh. The 100-300 kWh battery capacity is anticipated to have a notable growth and is adopted in electric buses for intercity travel as they are capable of covering distances of nearly 60 to 80 miles.
Insight by Battery
Based on battery, the Asia-Pacific electric bus market is subdivided into lithium iron phosphate battery, lithium nickel manganese cobalt oxide, and others. Among all batteries, the lithium iron phosphate battery dominates the market as it is economical to manufacture. For instance, in China, major cities like Shenzhen, Shanghai, and Beijing operate buses for shorter duty cycles as a result battery density is less of an issue. Moreover, in China, there is a lot of congestion and electric buses perform best during stop-start duty cycles.
Insight by End-Users
Based on end-users, the Asia-Pacific electric bus is divided into government and fleet owners. The government is expected to have a considerable share as there is active involvement in the purchase of electric buses and reducing the level of greenhouse gases.
Asia Pacific Electric Bus Market: Geographic Overview
- China
- Japan
- India
- South Korea
- Vietnam
- Thailand
- Malaysia
- Rest of Asia-Pacific
China contributes to the largest share in the Asia-Pacific electric bus market as China’s fleet of electric buses accounts for more than 98% of total electric buses running globally. This is because there is increased adoption of a strong municipal framework in Chinese provinces.
Competitive Insights of Asia Pacific Electric Bus Market
- BYD Company Ltd.
- Tata Motors
- Zhongtong Bus Holding Co. Ltd
- King Long United Automotive Co. Limited
- Anhui Ankai Automobile Co. Ltd.
- ASHOK LEYLAND
- Deccan Auto Ltd.
- Olectra Greentech Limited.
- YUTONG
- Shanghai Shenlong Bus Co., Ltd.
The industry players in the Asia-Pacific region are developing advanced technologies to certify that electric buses are highly efficient and high-performing. Moreover, the major players are adopting growth strategies such as geographical expansion, collaboration, partnership, and new product launches to sustain themselves in the market. They are enhancing their R&D activities to enhance operational efficiency and register positive growth in the Asia-Pacific electric bus market.
Zhongtong is the manufacturer of electric buses and focuses on safety, energy-saving, and new energy technologies having 100 patents and 30 state standards. It provides electric city buses, hydrogen fuel cell electric buses, and electric coaches.
BYD is one of the top players and is increasing the number of orders for electric buses in domestic and international markets. BYD has developed an extensive range of economical EV solutions to save energy, reduce emissions, and enhance the quality of life in cities. It has launched commercial vehicles and covers 10 segments: buses, coaches, and taxis; logistics, construction, and sanitation vehicles; and vehicles for warehousing, port, airport, and mining operations.
The Asia Pacific Electric Bus Market report offers a comprehensive market segmentation analysis along with an estimation for the forecast period 2025–2030.
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Source: VynZ Research
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Asia Pacific Electric Bus Market