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Asia Pacific Electric Bus Market Forecast 2027 By Application (Intracity, Intercity), By Type (All-Electric, PHEV, FCEV), By Battery Capacity (Below 100 kWh, 100 - 300 kWh, Above 300 kWh), By Seating Capacity (Below 40 Seats, 40 - 70 Seats, Above 70 Seats), Research Report, COVID-19 Impact Statistics, Country Outlook, Price Trends, Historic Data, Growth Prospects, Competitive Industry Share
Published Date: September 2021 | Publisher: Graphical Research Report ID: GR1948 | Delivery : PDF  Request Free Sample

Asia Pacific Electric Bus Market size was over USD 26 billion in 2020 and is projected to observe around 10% growth rate between 2021 and 2027. The high population in several Asia Pacific countries has resulted in a sharp rise in the pollution levels from vehicles over recent years. There is a rise in the number of people owning cars and two-wheelers, contributing to the rise in air pollution levels. This has boosted the demand for clean mobility and alternative transportation solutions such as electric buses.
 

Asia Pacific Electric Bus Market Size, By Region

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Supportive government regulations are key factors propelling the demand for electric buses. For instance, in January 2019, the Government in Guangzhou invested over USD 1.2 billion in the installation of around 4,000 charging stations. Furthermore, the increasing popularity of electric buses owing to their technical features will drive the segment growth in the region. Governments have announced tax exemption and subsidies on electric bus purchasing to boost sales. For instance, in April 2020, China announced a subsidy for new energy vehicles purchased between 2020 – 2022. The new energy vehicles including electric, hydrogen & electric hybrid vehicles will also receive discounts on road & registration tax from the government.

The COVID-19 pandemic has adversely impacted Micro, Small, and Medium-sized Enterprises (MSMEs), which account for majority of the economic activity and employment in many Asia Pacific countries. The COVID-19 outbreak halted raw material & electronic component supply to the global market from China. The manufacturing sector in China had regained its momentum shortly after March 2020 as the country succeeded in controlling the spread of COVID-19. The shortage of raw materials and disruptions in the distribution of finished products has affected the electric bus market growth in the region.

Asia Pacific Market, By Type

FCEV buses are witnessing huge demand due to their low operating costs and easy technical maintenance compared to EVs in Asia Pacific. Newly developed hydrogen cells possess increased fuel cell capacity and improved battery performance, thereby reducing operating costs. Rising research & development activities in hydrogen fuel are set to support the demand for FCEV buses. The various benefits offered by hydrogen fuel cells, such as almost zero-emission, enhanced efficiency, and renewability, make them an ideal choice for zero-emission mobility initiatives.

Competitive Industry Landscape

Key electric bus manufacturers operating in the Asia Pacific region include Anhui Ankai Automobile Co., Ltd., Beiqi Foton Motor Co., Ltd., BYD Company Ltd., Daimler AG, Irizar S.C., King Long United Automotive Industry Co., Ltd., NFI Group, Inc., Scania AB, TATA Motors, VDL Bus & Coach B.V., AB Volvo, Xiamen Golden Dragon Bus Co., Ltd., Zhengzhou Yutong Bus Co., Ltd., Zhongtong Bus Co., Ltd., and MAN SE.
 

Frequently Asked Question(FAQ) :

The market size for electric bus in Asia Pacific was exceeded USD 26 billion in 2020 and will grow at a 10% CAGR through 2027 with robust government policies and demand for alternative transportation solutions.
Fuel cell electric buses are majorly used in Asia Pacific market owing to low operating cost and easy technical maintenance.
Rising air pollution has encouraged China to invest in electric buses as governments have announced subsidies and tax exemptions for the vehicle purchase.
BYD Company Ltd., Anhui Ankai Automobile Co., Ltd., Daimler AG, Beigi Foton Motor Co., NFI Group, Inc., TATA Motors, AB Volvo, VDL Bus & Coach B.V. and Zhengzhou Yutong Bus Co., Ltd., are some of the leading manufacturers of electric buses in APAC market.

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