Market Overview
The Asia-Pacific electric bus market size witnessed significant growth in the past and is expected to grow at a CAGR of around 14.01% during the forecast period (2023-2030).
Electronic buses use electric motors instead of ICE engines. E-bus motors are battery-powered. Pollution-free electric buses. They're cheaper than gas/diesel buses. Demand for fuel-efficient, high-performance, low-emission buses, government vehicle emission restrictions, and lowering battery prices drive the electric bus market.
Highlights
- BEV dominates the market by propulsion type.
- Battery dominates the market by component.
- Fleet operator dominates the market by consumer segment.
- 9-14m dominates the market by the length of the bus.
- Intracity dominates the market by application.
- Less than 200 miles dominates the market by vehicle range.
- Up to 400 kWh dominates the market by battery capacity.
- Up to 250kw dominates the market by power output.
- Lithium-nickel-phosphate dominates the market by battery type.
Market Dynamics
Asia-Pacific Electric Bus Market Drivers
Rising Fuel Cost
China's market is expanding rapidly to reduce fossil fuel imports and urban air pollution. China's high oil dependence and growing gasoline prices have generated issues. The Chinese government has adopted policies to promote electric buses as a sustainable transportation option. Electric buses are promoted under the New Energy Vehicle (NEV) subsidy program. Electric bus operators and government benefit from these subsidies. According to the China Association of Automobile Manufacturers, China had 425,000 electric buses in 2020, 99% of the global market. Rising fuel prices and government encouragement pushed electric bus adoption in China.
Asia-Pacific Electric Bus Market Restraints
Charging Infrastructure Challenges
Electric bus deployment requires a comprehensive charging infrastructure network. Electric bus adoption is rising across India. Charging infrastructure is still a major obstacle to electric bus adoption. Limited charging infrastructure—especially fast-charging stations—is a major issue. Electric bus operators in India worry about range anxiety and charging accessibility because many cities lack charging outlets.
Asia-Pacific Electric Bus Market Opportunities
Technological Advancement
Technology and innovation are strong in Asia-Pacific. Advanced electric bus technology can be developed and adopted. Fast-charging electric buses. Fast- charging technologies from Hyundai Motor Company and Kia Corporation allow electric buses to be charged quickly during brief pauses or layovers. This method speeds charging and improves electric bus efficiency.
Regional Analysis
The Asia-Pacific electric bus market is analyzed in China, India, Malaysia, South Korea, Japan, Indonesia, and the Rest of Asia-Pacific. China dominated the market and is expected to grow at a CAGR of 14.24% during the forecast period.
The biggest share of the electric bus market was in the Asia-Pacific area. This is because more and more people in the area want good transportation options for the environment. China, Japan, and South Korea are just some countries that have been investing money into developing electric bus technologies. Because of this, there are now a lot of companies in the area that make electric buses. Several government programs that try to get more people to use electric buses have also helped the market in the area grow.
The high number of people living in cities in this area is driving up the demand for environmentally friendly transportation. This part is growing much faster than the rest of the world. The Indian government is pushing for electric vehicles to cut down on carbon pollution and meet the needs of people who are buying more cars. The electric bus market in this area has a strong chance to grow because the government is helping to build more charging stations nationwide.
Segmental Analysis
The Asia-Pacific electric bus market is segmented based on propulsion type, component, consumer segment, bus length, application, vehicle range, battery capacity, power input, battery type, and country.
Propulsion Type further segments the market into BEV, PHEV, and FCEV.
BEV segment dominates the market and is expected to grow at a CAGR of 14.06% during the forecast period.
Component further segments the market into Motor, Battery, Fuel Cell Stack, Battery Management System, Battery Cooling System, and E.V. Connectors.
Battery dominated the market and is expected to register a CAGR of 14.46% over the forecast period.
Consumer Segment further segments the market into Fleet Operators, Government.
The Fleet Operator segment dominates the market and is expected to grow at a CAGR of 13.69% during the forecast period.
The market is further segmented by Length Of The Bus into Less Than 9m, 9-14m, and Above 14m.
The 9-14m segment dominates the market and is expected to grow at a CAGR of 14.19% during the forecast period.
The market is further segmented by application into Intercity, Intracity.
Intracity dominated the market and is expected to register a CAGR of 14.23% over the forecast period.
The market is further segmented by Vehicle Range into Less Than 200 Miles, Above Miles.
The less than 200 miles segment dominates the market and is expected to grow at a CAGR of 14.08% during the forecast period.
Battery Capacity further segments the market into up to 400kwh and above 400kwh.
The up to 400 kWh segment dominates the market and is expected to grow at a CAGR of 13.65% during the forecast period.
The market is further segmented by Power Input into Up to 250kw, Above 250kw.
Up to 250kw dominated the market and is expected to register a CAGR of 14.04% over the forecast period.
The market is further segmented by Battery type into Lithium-Nickel-Manganese-Cobalt-Oxide, Lithium-Iron-Phosphate.
The lithium-Iron-Phosphate segment dominates the market and is expected to grow at a CAGR of 14.23% during the forecast period.
