Market Research Report
Asia-Pacific Electric Bus Market - Growth, Trends, and Forecast (2020 - 2025)
|Published by||Mordor Intelligence Pvt Ltd||Product code||938153|
|Published||Content info||60 Pages
Delivery time: 2-3 business days
|Asia-Pacific Electric Bus Market - Growth, Trends, and Forecast (2020 - 2025)|
|Published: May 1, 2020||Content info: 60 Pages||
The Asia-Pacific Electric Bus Market is expected to exhibit a growth rate of over 11% during the forecast period (2020 - 2025).
Battery Electric Bus to Witness Growth
Transit agencies across various countries have been significantly promoting the adoption of electric buses for public transportation. Adoption rate is climbing in Asia-Pacific and Europe. According to UITP, the global share of electric buses among the entire bus sale will be 10% in 2019 and is expected to cross 20% market share in 2020.
Nearly 600 electric buses were sold in India in the year 2019 - 2020 which amounts to almost 50% growth over 2018 - 2019. Olectra-BYD received an order of 765 electric buses from all the Indian States combined for the year 2020.
In August 2019, Government of India sanctioned 5095 electric buses for 64 states for intra city commuting, 400 e-buses for intercity operations and 100 e-buses for last mile connectivity to Delhi Metro rail corporation. Olectra-BYD is planning to set up its second electric bus manufacturing plant in North India. Its aim is to provide electric buses at lowest possible rates.
China Dominates the Electric Bus Market
China's fleet of electric buses accounts for more than 98% of total electric buses running worldwide. China has a fleet of more than 425,000 electric buses. Europe just has 2250 electric buses. This high adoption can be attributed to strong municipal framework that many provinces in China has adopted.
More than 30 Chinese cities have made plans to achieve 100% electrified public transit by 2020, including Guangzhou, Zhuhai, Dongguan, Foshan, and Zhongshan in the Pearl River Delta, along with Nanjing, Hangzhou, Shaanxi, and Shandong.
As of December 2018, nearly 16,000 electric buses were operated in Shenzhen, one of the Chinese megacities. Beijing is all set to achieve its goal to put 10000 electric buses on road by 2020. Guangzhou ordered 4810 electric buses from the electric bus manufacturer BYD. Chinese manufacturers such as BYD has started joint ventures in other geographies as well. Olectra-BYD in India is committed to provide electric buses at very reasonable rates. However, the recent coronavirus outbreak resulted in production halt at major electric bus manufacturing facilities in China and other Asia-Pacific countries. This factor will hinder the market growth during the forecast period.
Some of the major players in the electric bus market include BYD, Tata Motors, Yutong, etc. Among them, BYD continues to be the top player, owing to the increasing number of orders for its electric buses from the domestic and international markets.
In January 2020, Ashok Leyland Of India collaborated with ABB to manufacture electric buses using flash charge TOSA technology.