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Asia Pacific Electric Bus Market Size, Share, Analysis: By Propulsion: Battery Electric Vehicle, Plug-in Hybrid Electric Vehicle, Fuel Cell Electric Vehicle; By Length: Less Than 9 Meters, 9-14 Meters, Above 14 Meters; By Power Output; By Battery Capacity; By Application; By Ownership; Regional Analysis; Competitive Landscape; 2024-2032
Asia Pacific Electric Bus Market Outlook
The Asia Pacific electric bus market size was approximately USD 39.25 billion in 2023. The market is assessed to grow at a CAGR of 14.6% between 2024 and 2032, reaching a value of USD 133.80 billion by 2032.
Key Takeaways
- China leads the way in electric vehicle adoption in the Asia Pacific, with 6.1 million electric vehicle sales in 2022. China also dominates global electric bus sales, accounting for over 90% of the market share.
- Asian countries like Nepal and Bhutan can use electric mobility to reduce their reliance on oil imports, conserving foreign exchange reserves spent on importing transportation fuels.
- The adoption of electric buses can prove to be a game changer in accelerating the electrification of public transport, cutting greenhouse gas emissions by up to 70% compared to CNG buses.
Shifting government policies to incorporate sustainable development in economic growth is expected to drive the Asia Pacific electric bus market growth Indonesia plans to replace 90% of its urban public transport fleet with e-buses whereas Malaysia is planning to introduce 2000 e-buses by 2030. Additionally, Singapore, where buses are the main mode of public transport, aims to replace 3000 petrol/diesel buses and phase out all such vehicles by 2040.
As per the Asia Pacific electric bus market analysis, the use of electric buses for intracity application is expected to witness significant growth over the forecast period. This is because of improving transportation network and growing environmental concerns accelerating the shift from private vehicles to public transportation. With government intervention, public transport is expected to provide a convenient alternative to people who prefer personal vehicles, especially for short distances.
Advanced technological capabilities of automobile manufacturers are enabling them to manufacture premium electric buses. Government ownership of electric buses is also expected to increase as investments towards improving infrastructural capabilities continue to increase. Cross-country partnerships are also influencing the growth rate of EV manufacturing. The development of national policies and strategies by Asia Pacific countries to support the transition to electric mobility and their implementation is expected to favour the growth of the market in the coming years.
Market Segmentation
Asia Pacific Electric Bus Market Report and Forecast 2024-2032 offers a detailed analysis of the market based on the following segments:
Market Breakup by Propulsion
- Battery Electric Vehicle
- Plug-in Hybrid Electric Vehicle
- Fuel Cell Electric Vehicle
Market Breakup by Length
- Less Than 9 Meters
- 9-14 Meters
- Above 14 Meters
Market Breakup by Power Output
- Up to 250kW
- Above 250kW
Market Breakup by Battery Capacity
- Up to 400 kWh
- Above 400 kWh
Market Breakup by Application
- Intercity
- Intracity
Market breakup by Ownership
- Private
- Government
Market Breakup by Country
- China
- Japan
- India
- ASEAN
- Australia
- Others
Competitive Landscape
The market participants are increasingly focusing on manufacturing efficient electric vehicles and building charging infrastructure to promote the use of electric buses as a means of public transportation.
- AB Volvo
- BYD Company Limited
- Anhui Ankai Automobile Co. Ltd.
- Zhengzhou Yutong Bus Co., Ltd.
- Tata Motors Limited
- Dongfeng Motor Corporation
- Olectra Greentech Limited
- Liaoning SG Automotive Group Co., Ltd.
- HINDUJA Group
- Zhongtong Bus Holding Co., Ltd.
- Others
Key Highlights of the Report
| REPORT FEATURES | DETAILS |
| Base Year | 2023 |
| Historical Period | 2018-2023 |
| Forecast Period | 2024-2032 |
| Scope of the Report |
Historical and Forecast Trends, Industry Drivers and Constraints, Historical and Forecast Market Analysis by Segment:
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| Breakup by Propulsion |
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| Breakup by Length |
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| Breakup by Power Output |
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| Breakup by Battery Capacity |
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| Breakup by Application |
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| Breakup by Ownership |
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| Breakup by Region |
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| Market Dynamics |
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| Competitive Landscape |
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| Companies Covered |
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*At Expert Market Research, we strive to always give you current and accurate information. The numbers depicted in the description are indicative and may differ from the actual numbers in the final EMR report.
1 Preface
2 Report Coverage – Key Segmentation and Scope
3 Report Description
3.1 Market Definition and Outlook
3.2 Properties and Applications
3.3 Market Analysis
3.4 Key Players
4 Key Assumptions
5 Executive Summary
5.1 Overview
5.2 Key Drivers
5.3 Key Developments
5.4 Competitive Structure
5.5 Key Industrial Trends
6 Market Snapshot
7 Opportunities and Challenges in the Market
8 Global Electric Bus Market Overview
8.1 Key Industry Highlights
8.2 Global Electric Bus Historical Market (2018-2023)
8.3 Global Electric Bus Market Forecast (2024-2032)
8.4 Global Electric Bus Market Share by Region
8.4.1 North America
8.4.2 Europe
8.4.3 Asia Pacific
8.4.4 Latin America
8.4.5 Middle East and Africa
9 Asia Pacific Electric Bus Market Overview
9.1 Key Industry Highlights
9.2 Asia Pacific Electric Bus Historical Market (2018-2023)
9.3 Asia Pacific Electric Bus Market Forecast (2024-2032)
10 Asia Pacific Electric Bus Market by Propulsion
10.1 Battery Electric Vehicle
10.1.1 Historical Trend (2018-2023)
10.1.2 Forecast Trend (2024-2032)
10.2 Plug-in Hybrid Electric Vehicle
10.2.1 Historical Trend (2018-2023)
10.2.2 Forecast Trend (2024-2032)
10.3 Fuel Cell Electric Vehicle
10.3.1 Historical Trend (2018-2023)
10.3.2 Forecast Trend (2024-2032)
11 Asia Pacific Electric Bus Market by Length
11.1 Less Than 9 Meters
11.1.1 Historical Trend (2018-2023)
11.1.2 Forecast Trend (2024-2032)
11.2 9-14 Meters
11.2.1 Historical Trend (2018-2023)
11.2.2 Forecast Trend (2024-2032)
11.3 Above 14 Meters
11.3.1 Historical Trend (2018-2023)
11.3.2 Forecast Trend (2024-2032)
12 Asia Pacific Electric Bus Market by Power Output
12.1 Up to 250kW
12.1.1 Historical Trend (2018-2023)
12.1.2 Forecast Trend (2024-2032)
12.2 Above 250kW
12.2.1 Historical Trend (2018-2023)
12.2.2 Forecast Trend (2024-2032)
13 Asia Pacific Electric Bus Market by Battery Capacity
13.1 Up to 400 kWh
13.1.1 Historical Trend (2018-2023)
13.1.2 Forecast Trend (2024-2032)
13.2 Above 400 kWh
13.2.1 Historical Trend (2018-2023)
13.2.2 Forecast Trend (2024-2032)
14 Asia Pacific Electric Bus Market by Application
14.1 Intercity
14.1.1 Historical Trend (2018-2023)
14.1.2 Forecast Trend (2024-2032)
14.2 Intracity
14.2.1 Historical Trend (2018-2023)
14.2.2 Forecast Trend (2024-2032)
15 Asia Pacific Electric Bus Market by Ownership
15.1 Private
15.1.1 Historical Trend (2018-2023)
15.1.2 Forecast Trend (2024-2032)
15.2 Government
15.2.1 Historical Trend (2018-2023)
15.2.2 Forecast Trend (2024-2032)
16 Asia Pacific Electric Bus Market by Country
16.1 China
16.1.1 Historical Trend (2018-2023)
16.1.2 Forecast Trend (2024-2032)
16.2 Japan
16.2.1 Historical Trend (2018-2023)
16.2.2 Forecast Trend (2024-2032)
16.3 India
16.3.1 Historical Trend (2018-2023)
16.3.2 Forecast Trend (2024-2032)
16.4 ASEAN
16.4.1 Historical Trend (2018-2023)
16.4.2 Forecast Trend (2024-2032)
16.5 Australia
16.5.1 Historical Trend (2018-2023)
16.5.2 Forecast Trend (2024-2032)
16.6 Others
17 Market Dynamics
17.1 SWOT Analysis
17.1.1 Strengths
17.1.2 Weaknesses
17.1.3 Opportunities
17.1.4 Threats
17.2 Porter’s Five Forces Analysis
17.2.1 Supplier’s Power
17.2.2 Buyer’s Power
17.2.3 Threat of New Entrants
17.2.4 Degree of Rivalry
17.2.5 Threat of Substitutes
17.3 Key Indicators of Demand
17.4 Key Indicators of Price
18 Competitive Landscape
18.1 Market Structure
18.2 Company Profiles
18.2.1 AB Volvo
18.2.1.1 Company Overview
18.2.1.2 Product Portfolio
18.2.1.3 Demographic Reach and Achievements
18.2.1.4 Certifications
18.2.2 BYD Company Limited
18.2.2.1 Company Overview
18.2.2.2 Product Portfolio
18.2.2.3 Demographic Reach and Achievements
18.2.2.4 Certifications
18.2.3 Anhui Ankai Automobile Co. Ltd.
18.2.3.1 Company Overview
18.2.3.2 Product Portfolio
18.2.3.3 Demographic Reach and Achievements
18.2.3.4 Certifications
18.2.4 Zhengzhou Yutong Bus Co., Ltd.
18.2.4.1 Company Overview
18.2.4.2 Product Portfolio
18.2.4.3 Demographic Reach and Achievements
18.2.4.4 Certifications
18.2.5 Tata Motors Limited
18.2.5.1 Company Overview
18.2.5.2 Product Portfolio
18.2.5.3 Demographic Reach and Achievements
18.2.5.4 Certifications
18.2.6 Dongfeng Motor Corporation
18.2.6.1 Company Overview
18.2.6.2 Product Portfolio
18.2.6.3 Demographic Reach and Achievements
18.2.6.4 Certifications
18.2.7 Olectra Greentech Limited
18.2.7.1 Company Overview
18.2.7.2 Product Portfolio
18.2.7.3 Demographic Reach and Achievements
18.2.7.4 Certifications
18.2.8 Liaoning SG Automotive Group Co., Ltd.
18.2.8.1 Company Overview
18.2.8.2 Product Portfolio
18.2.8.3 Demographic Reach and Achievements
18.2.8.4 Certifications
18.2.9 HINDUJA Group
18.2.9.1 Company Overview
18.2.9.2 Product Portfolio
18.2.9.3 Demographic Reach and Achievements
18.2.9.4 Certifications
18.2.10 Zhongtong Bus Holding Co., Ltd.
18.2.10.1 Company Overview
18.2.10.2 Product Portfolio
18.2.10.3 Demographic Reach and Achievements
18.2.10.4 Certifications
18.2.11 Others
19 Key Trends and Developments in the Market
List of Key Figures and Tables
1. Global Electric Bus Market: Key Industry Highlights, 2018 and 2032
2. Asia Pacific Electric Bus Market: Key Industry Highlights, 2018 and 2032
3. Asia Pacific Electric Bus Historical Market: Breakup by Propulsion (USD Billion), 2018-2023
4. Asia Pacific Electric Bus Market Forecast: Breakup by Propulsion (USD Billion), 2024-2032
5. Asia Pacific Electric Bus Historical Market: Breakup by Length (USD Billion), 2018-2023
6. Asia Pacific Electric Bus Market Forecast: Breakup by Length (USD Billion), 2024-2032
7. Asia Pacific Electric Bus Historical Market: Breakup by Power Output (USD Billion), 2018-2023
8. Asia Pacific Electric Bus Market Forecast: Breakup by Power Output (USD Billion), 2024-2032
9. Asia Pacific Electric Bus Historical Market: Breakup by Battery Capacity (USD Billion), 2018-2023
10. Asia Pacific Electric Bus Market Forecast: Breakup by Battery Capacity (USD Billion), 2024-2032
11. Asia Pacific Electric Bus Historical Market: Breakup by Application (USD Billion), 2018-2023
12. Asia Pacific Electric Bus Market Forecast: Breakup by Application (USD Billion), 2024-2032
13. Asia Pacific Electric Bus Historical Market: Breakup by Ownership (USD Billion), 2018-2023
14. Asia Pacific Electric Bus Market Forecast: Breakup by Ownership (USD Billion), 2024-2032
15. Asia Pacific Electric Bus Historical Market: Breakup by Country (USD Billion), 2018-2023
16. Asia Pacific Electric Bus Market Forecast: Breakup by Country (USD Billion), 2024-2032
17. Asia Pacific Electric Bus Market Structure
Key Questions Answered in the Report
In 2023, the market reached an approximate value of USD 39.25 billion.
The market is estimated to grow at a CAGR of 14.6% between 2024 and 2032.
The market is estimated to witness a healthy growth in the forecast period of 2024-2032 to reach a value of around USD 133.80 billion by 2032.
The market is being driven by the worldwide shift towards electric vehicles and increasing environmental awareness among individuals.
The key trends aiding the market expansion include the development of electric vehicle charging infrastructure and rising government initiatives to support the adoption of electric public transportation.
The major applications according to the market report are intercity and intracity.
The major types of ownership include private and government.
The major players in the market are AB Volvo, BYD Company Limited, Anhui Ankai Automobile Co. Ltd., Zhengzhou Yutong Bus Co., Ltd., Tata Motors Limited, Dongfeng Motor Corporation, Olectra Greentech Limited, Liaoning SG Automotive Group Co., Ltd., HINDUJA Group, and Zhongtong Bus Holding Co., Ltd., among others.
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