Adoption of EVs by public & private transport agencies due to lower ownership costs are expected to drive the Asia-Pacific electric bus market through the forecast period.
According to TechSci Research report, “Asia-Pacific Electric Bus Market– By Country, Competition Forecast and Opportunities, 2017-2027”, Asia-Pacific electric bus market is estimated to reach 1,19,608 units by 2027. Globally, China is the leading country to incorporate electric buses rapidly in their fleet. According to the China Automotive Technology and Research Center (CATARC), the country’s neighborhood electric vehicle (NEV) industry has adopted a “3-Steps” development strategy. First, 2009 to 2012 – NEV uptake phase- initial NEV development and market uptake through the establishment of pilot demonstration zones and cities. Second, 2013 to 2015 – NEV market development phase- further development of the NEV market and increasing number of pilot cities and city clusters. Lastly, nationwide NEV mass adoption phase since 2016- improvement of technology, product safety and reliability, battery technology and continuous dropping costs of batteries; nationwide adoption of NEVs. Owing to lower ownership & operation costs, governments and private transport agencies are actively involved in adopting and replacing their old diesel or petrol/gasoline powered vehicles with electrically powered buses. Moreover, with expansion of EV charging infrastructure and lowered costs of EV battery and other components, various airports and intercity transportation facilities have started deploying electric buses across the globe. Numerous well-known companies and start-up companies are investing in electric vehicle technologies, and manufacturers are involving in launching of technologically advanced vehicle models. Moreover, various incentive schemes are being regulated to facilitate this adoption of electric buses. All these factors are anticipated to accelerate the growth of the Asia-Pacific electric bus market in the upcoming five years.
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Asia-Pacific electric bus market can be segmented based on propulsion type, by range, by battery capacity, by application, by bus length, by seating capacity, by body type, by country and by company. Based on application type, the market is further segmented across intracity, intercity and others. Since electric buses have a comparatively lower range of travel hence, most of the busses being adopted are intracity as of 2021. However, with EV technology advancing with years passing by the buses used for travelling across the city is also getting more popular. Furthermore, by propulsion type, the market is segmented across HEV, BEV and PHEV. On the basis of range, the market is bifurcated among vehicles with range up to 150 miles, 151-250 miles, and above 250 Miles, based on battery capacity, the market is segmented into Upto 100 kWh, 100 kWh – 200 kWh, 201 kWh to 300 kWh, and Above 300 kWh. Based on length, the market is classified among buses with length up to 8m, 8.1-10m, 10.1-12m & above 12m. The market is segmented across China, India, Japan, Singapore, Australia, Indonesia, South Korea, Philippines, Vietnam, Malaysia, Thailand & Rest of Asia-Pacific. As of 2021, the market is being dominated by China; however, with public as well as private transit companies are rapidly adopting electric buses in their fleet in India, the country’s electric buses demand is increasing rapidly.
In the year 2020, to prevent the spread of COVID-19, the government implemented lockdown which impacted supply chain, international trade, production and sales. According to TechSci Research’s estimates, the market suffered a decline of 18.73% in terms of volume in the year 2020. In Asia-Pacific, government’s investment contracted at the time of lockdown, overall production declined, and imports of goods and services witnessed a robust descent impacting the economy as well as people purchasing power negatively in 2020. This decline left a remarkable depreciation in the electric bus market across most countries in the region; however, it is currently reviving and is set to overcome the descent in the 2021-2022 period owing to the governments’ stimulus for economy revival and unlocking international trades and investments. On the other hand, due to succumbed growth in ICE vehicles, in various countries like India, Japan, Singapore, Indonesia, South Korea, Philippines, Malaysia, Thailand, etc. electric bus market witnessed a massive growth in the year 2021.
Key market players in the Asia-Pacific electric bus market include:
- Zhengzhou Yutong Group Co., Ltd.
- BYD Auto Co., Ltd.
- Zhejiang CRRC Electric Vehicle Co., Ltd
- Zhongtong Bus Holding Co., Ltd.
- Higer Bus Company Limited
- VDL Groep
- Solaris Bus & Coach sp. z o.o.
- Anhui Ankai Automobile Co., Ltd.
- King Long United Automotive Industry Co. Ltd.
- Beiqi Foton Motor Co., Ltd
Zhengzhou Yutong Group Co., Ltd., BYD Auto Co., Ltd., Zhejiang CRRC Electric Vehicle Co., Ltd, Zhongtong Bus Holding Co., Ltd., and Higer Bus Company Limited are the leading five players operating in the Asia-Pacific electric bus market. Other companies include VDL Groep, Solaris Bus & Coach sp. z o.o., Anhui Ankai Automobile Co., Ltd., King Long United Automotive Industry Co., Ltd, Beiqi Foton Motor Co., Ltd, etc. Apart from these flagship companies, many startup companies are also increasing their footprint in the APAC electric bus market by pushing their low-cost products blended with ease of availability. Major electric bus manufacturing companies are signing up contracts and partnerships with government and private transit or transport corporations across the globe for better market penetrations.
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“Owing to development of EV charging infrastructure and due to lower ownership cost, there is a rapid replacement of diesel buses by electric buses fleet by transport agencies. Also, increasing Asia-Pacific EV brands penetration and expansion of manufacturing capabilities are further expected to back the growth of the Asia-Pacific electric bus market in future years.”, said Mr. Karan Chechi, Research Director with TechSci Research, a research based global management consulting firm.,”
“Asia-Pacific Electric Bus Market By Propulsion Type (HEV, BEV, and PHEV), By Range (Upto 150 Miles, 151-250 Miles, and Above 250 Miles), By Battery Capacity (Upto 100 kWh 100 kWh – 200 kWh 201 kWh to 300 kWh Above 300 kWh), By Application (Intracity, Intercity & Others), By Bus Length (Up to 8m, 8.1-10m, 10.1-12m & Above 12m), By Seating Capacity (Up to 30 Seats, 31-40 Seats, & Above 40 Seats), By Body Type (Customizable & Fully Built), By Country (China, India, South Korea, Malaysia, Japan, Thailand, Philippines, Singapore, Australia, Indonesia, Vietnam and Rest of Asia-Pacific) Competition, Forecast & Opportunities, 2027”, has evaluated the future growth potential of Asia-Pacific electric bus market and provides statistics & information on market size, structure and future market growth. The report intends to provide cutting-edge market intelligence and help decision makers take sound investment decisions. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges, and opportunities in Asia-Pacific electric bus market.
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