Asia Pacific Electric Bus Market Size
| Study Period | 2019 - 2029 |
| Market Size (2024) | USD 44.74 Billion |
| Market Size (2029) | USD 73.88 Billion |
| CAGR (2024 - 2029) | 10.55 % |
| Fastest Growing Market | Asia-Pacific |
| Largest Market | Asia-Pacific |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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Asia Pacific Electric Bus Market Analysis
The Asia-Pacific Electric Bus Market size is estimated at USD 44.74 billion in 2024, and is expected to reach USD 73.88 billion by 2029, growing at a CAGR of 10.55% during the forecast period (2024-2029).
The Asia Pacific Electric Bus market suffered a big decline during the COVID-19 pandemic due to manufacturing shutdowns, lockdowns, and trade restrictions. Furthermore, the fall in automotive production restrictions on travel in public transport, and lack of labor significantly impacted the market. As automotive manufacturers have resumed operations due to steadily rising automobile sales in countries with a limited number of COVID-19 cases, the market is likely to recover during the forecast market. Furthermore, the manufacturers are implementing contingency plans to mitigate future business uncertainties to retain continuity with clients in the critical sectors of the automobile industry.
Over the long term, increasing investments in production capacity by major industry players, as well as various policies announced by the governments of China and India to completely electrify the public transport in their respective countries by 2030 , adoption of stringent automotive emission norms like Bharat Stage 6 norms in India and announcement by major countries like China, India, Japan and South Korea to ban sales of new ICE engine vehicles by 2040 are creating demand in the electromobility industry with a surge in sales of electric buses in the region. Higher purchasing price of electric buses than diesel/CNG buses, lack of charging infrastructure and prominence of diesel buses in markets like Japan and ASEAN are likely to be the major restraints for the growth of electric buses in Asia-Pacific.
Key players in the market are entering new markets to cater to the increased demand for electric buses. For instance, in May 2022 BYD announced the launch of its electric buses in Japan and announced the target of selling 4000 electric buses in Japan by 2030. Also in August 2022 CATL and Zhengzhou Yutong Bus Co. Ltd. extended their cooperation for electric batteries till 2032.
China is the largest market for electric buses due to the presence of large number of electric bus manufacturers and the government plan to decarbonise the public transport in the country before 2030. India is the fastest growing market for electric buses in the region largely due to government initiatives like allocation of USD 10 billion to purchase 50000 electric buses to make all the public transport in the country carbon neutral by 2030. Thus electric bus sales in Asia-Pacific are anticipated to grow at a healthy CAGR due to the confluence of the above factors.
Asia Pacific Electric Bus Market Trends
This section covers the major market trends shaping the APAC Electric Bus Market according to our research experts:
Battery Electric Bus Segment to Play Prominent Role in the Market
Transit agencies across various countries have been significantly promoting the adoption of electric buses for public transportation. The adoption rate is climbing in the Asia Pacific. According to UITP, the global share of electric buses among the entire bus sale will be 10% in 2021 and is expected to cross 40% market share in 2022. Nearly 1245 electric buses were sold in India in the year 2021 which amounts to almost 107.5% growth over 2020.
The Battery Electric Bus sub-segment contributes 90% of revenue to the Asia -Pacific electric bus market by vehicle type because plug-in hybrid buses are still in a nascent stage and major manufacturers like BYD, and Tata Motors Ltd. make only battery electric buses. The market is primarily driven by large orders from municipal operators for electric buses.
For instance,
- In August 2022, the Government of India sanctioned USD 10 billion to procure 50000 electric buses by 2030 under CESL. Delhi Transport Corporation (DTC) has announced to add 8000 electric buses to its fleet by 2025.
- In August 2022 Tata Motors Ltd. also bagged an order to supply 1180 electric buses to West Bengal Transport Corporation (WBTC) under CESL.
- In July 2022 Tata Motors Ltd. won an order to supply 921 electric buses from Bengaluru Municipal Transport Corporation (BMTC).
China to Play Key Role in Development of Asia-Pacific Electric Bus Market
China is the most dominant market followed by India and South Korea. China's fleet of electric buses accounts for more than 98% of the total electric buses running. China has a fleet of more than 500,000 electric buses. This high adoption can be attributed to a strong municipal framework that many provinces in China have adopted. More than 30 Chinese cities have made plans to achieve 100% electrified public transit by 2022, including Guangzhou, Zhuhai, Dongguan, Foshan, and Zhongshan in the Pearl River Delta, along with Nanjing, Hangzhou, Shaanxi, and Shandong.
As of December 2021, nearly 16,000 electric buses were operated in Shenzhen, one of the Chinese megacities. Beijing has put 11000 electric buses on road in 2020 surpassing its initial target of 10000 electric buses. Guangzhou ordered 4810 electric buses from the electric bus manufacturer BYD.
Chinese manufacturers such as BYD have started exporting electric buses as well. In August 2022 Foton won an order to deliver 1022 electric buses to Santiago, Chile. In December 2021 Olectra Greentech Ltd. in association with BYD announced to setup India's largest electric bus manufacturing plant at Hyderabad with an annual capaciyty of 10000 units. In January 2021 BYD won a tender to supply 1002 electric buses to Bogota, Colombia. Thus Chinese electric bus manufacturers are expected to significantly ramp up their manufacturing both domestic and overseas to cater to the increased demand. This factor will expand the market growth during the forecast period.
India is also experiencing a rapid growth in elctric bus sales due to rapid spending on the procurement of electric buses in large batches to implement plocies like FAME 2 to increase the adoption of electromobility in the country. Thus, with companies securing significant new orders from municipal operators in this segment and manufacturers expanding the manufacturing capacity for battery electric buses, the market is expected to grow over the forecast period for the battery electric bus segment. For instance,
- In September 2022 Olectra Greentech Ltd. secured an order of 100 electric buses from Assam State Transport Corporation In India.
- In September 2022 Olectra Greentech Ltd. secured an order of 123 electric buses from Thane Municipal Transport Undertaking in Maharashtra , India for a value of INR 185 million.
Asia Pacific Electric Bus Industry Overview
The Asia-Pacific electric bus market is highly consolidated. The market is characterized by the presence of considerably large players who have secured long-term supply contracts with major municipal operators looking to completely electrify their public transport networks and reduce their carbon footprint. These players also engage in joint ventures, mergers and acquisitions, new product launches, and product development to expand their brand portfolios and cement their market positions.
Some of the major players in the electric bus market include BYD, Tata Motors, Yutong, Switch Mobility (Ashok Leyland), Olectra Greentech Ltd., VE Electro Mobility Ltd., etc. Indian manufacturers like Ashok Leyland Ltd. are also securing major orders for electric buses which is rapidly expanding the market. For instance,
- In August 2022, Ashok Leyland-owned Switch Mobility unveiled India's first air-conditioned electric double-decker bus for BEST in Mumbai.
- In August 2022, Ashok Leyland owned Switch Mobility delivered 75 electric city buses to Bengaluru Metropolitan Transport Corporation (BMTC) as a part of 300 bus order.
Asia Pacific Electric Bus Market Leaders
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BYD Auto Co. Ltd.
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Olectra Greentech Ltd.
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Tata Motors Ltd.
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Switch Mobility Ltd.
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Zhengzhou Yutong Bus Co. Ltd.
*Disclaimer: Major Players sorted in no particular order
Asia Pacific Electric Bus Market News
- In August 2022, Ashok Leyland's subsidiary Switch Mobility Ltd. secured an order to supply 200 air-conditioned electric double-decker buses from BEST in Mumbai. The double-decker buses are from EiV22 family and are powered by a 231 kWh battery, The buses will replace the existing fossil fuel powered double-decker buses in the BEST fleet.
- In August 2022, CAUSIS E-Mobility a part of London-based CAUSIS Group opened its office in Pune. In October 2021 the company has signed an MoU with the Government of Maharashtra to set up its second electric bus manufacturing facility in India at Pune. The company has secured an order to supply 700 electric buses to BEST in India, The company has already a manufacturing facility for electric buses in Jaipur.
- In May 2022, Olectra Greentech Ltd. secured an order to supply 2100 electric buses to BEST in Mumbai worth INR 3675 million.
- In August 2022, Switch Mobility Ltd. (Ashok Leyland Ltd.) won an order to supply 5000 electric buses to integrated Indian transport company Chalo. The memorandum of Ubderstanding has been signed for an initial period of three years and will see Chalo deploy Switch EiV12 electric buses across all Indian cities it operates in.
- In July 2022, Tata Motors Ltd. bagged a prestigious order to supply 1500 electric buses to Delhi Transport Corporation (DTC). Tata Motors Ltd. will supply, operate and maintain 12 meter long electric buses built on Starbus platform for a period of 12 years under the contract signed with DTC.
- In August 2022, Volvo Eicher joint venture VE Commercial vehicles Ltd. floated a separate subsidiary for electric buses named as VE Electro Mobility to raise capital from investores and pursue aggressive expansion in the electromobility space including electric buses.
- In January 2022 CRRC Electric, a Chinese manufacturer of electric buses delivered 30 units of C11 electric buses to Seoul, South Korea. These buses are 11 meters in length.
- In February 2022 Toyota, Isuzu and Hino (Toyota subsidiary) announced to launch their first jointly developed electric bus in Japan by 2024.
Asia Pacific Electric Bus Market Report - Table of Contents
1. INTRODUCTION
- 1.1 Study Assumptions
- 1.2 Scope of the Study
2. RESEARCH METHODOLOGY
3. EXECUTIVE SUMMARY
4. MARKET DYNAMICS
- 4.1 Market Drivers
- 4.2 Market Restraints
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4.3 Industry Attractiveness - Porter's Five Forces Analysis
- 4.3.1 Threat of New Entrants
- 4.3.2 Bargaining Power of Buyers/Consumers
- 4.3.3 Bargaining Power of Suppliers
- 4.3.4 Threat of Substitute Products
- 4.3.5 Intensity of Competitive Rivalry
5. MARKET SEGMENTATION (Market Size in USD Billion)
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5.1 By Vehicle Type
- 5.1.1 Battery Electric Bus
- 5.1.2 Plug-in Hybrid Electric Bus
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5.2 By Power Source
- 5.2.1 DC/AC Inverter
- 5.2.2 DC/DC Converter
- 5.2.3 DC/DC Boost Converter
- 5.2.4 E-Motor
- 5.2.5 AC/DC Charger
- 5.2.6 Motor Controller
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5.3 By Consumer
- 5.3.1 Government
- 5.3.2 Fleet Operators
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5.4 By Country
- 5.4.1 China
- 5.4.2 India
- 5.4.3 Japan
- 5.4.4 South Korea
- 5.4.5 Rest of Asia-Pacific
6. COMPETITIVE LANDSCAPE
- 6.1 Vendor Market Share
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6.2 Company Profiles
- 6.2.1 BYD Auto Co. Limited
- 6.2.2 Tata Motors Limited
- 6.2.3 Zhongtong Bus Holding Co. Limited
- 6.2.4 King Long United Automotive Co. Limited
- 6.2.5 Volvo Group
- 6.2.6 Anhui Ankai Automobile Industries Co. Limited
- 6.2.7 Nanjing Jiayuan EV
- 6.2.8 Ashok Leyland Limited
- 6.2.9 Scania AB
- *List Not Exhaustive
7. MARKET OPPORTUNITIES AND FUTURE TRENDS
** Subject To AvailablityAsia Pacific Electric Bus Industry Segmentation
An electric bus is a type of bus which uses electricity for its propulsion instead of any fossil fuel like diesel or CNG. The electric bus uses an electric motor that derives power from a rechargeable battery or fuel cells. The electric buses emit no emissions so they are classified as Zero Emission Vehicles (ZEVs) and are eligible for a number of government incentives and benefits aimed at promoting electric vehicles.
The Asia-Pacific electric bus market has been segmented by vehicle type, power source type, consumer, and country.
By vehicle type, the market is segmented into Battery Electric Bus and Plug-in Hybrid Bus. By power source type, the market is segmented into DC/AC Inverter, DC/DC Converter, DC/DC Boost Converter, E-Motor, AC/DC Charger, and Motor Controller.
By consumer, the market is segmented into Government and Fleet Operators. By country, the market is segmented into China, India, Japan, South Korea, and the Rest of Asia-Pacific. For each segment market sizing and forecast have been done on basis of value (USD billion).
| By Vehicle Type | Battery Electric Bus |
| Plug-in Hybrid Electric Bus | |
| By Power Source | DC/AC Inverter |
| DC/DC Converter | |
| DC/DC Boost Converter | |
| E-Motor | |
| AC/DC Charger | |
| Motor Controller | |
| By Consumer | Government |
| Fleet Operators | |
| By Country | China |
| India | |
| Japan | |
| South Korea | |
| Rest of Asia-Pacific |
Asia Pacific Electric Bus Market Research FAQs
How big is the Asia-Pacific Electric Bus Market?
The Asia-Pacific Electric Bus Market size is expected to reach USD 44.74 billion in 2024 and grow at a CAGR of 10.55% to reach USD 73.88 billion by 2029.
What is the current Asia-Pacific Electric Bus Market size?
In 2024, the Asia-Pacific Electric Bus Market size is expected to reach USD 44.74 billion.
Who are the key players in Asia-Pacific Electric Bus Market?
BYD Auto Co. Ltd., Olectra Greentech Ltd. , Tata Motors Ltd. , Switch Mobility Ltd. and Zhengzhou Yutong Bus Co. Ltd. are the major companies operating in the Asia-Pacific Electric Bus Market.
Which is the fastest growing region in Asia-Pacific Electric Bus Market?
Asia-Pacific is estimated to grow at the highest CAGR over the forecast period (2024-2029).
Which region has the biggest share in Asia-Pacific Electric Bus Market?
In 2024, the Asia-Pacific accounts for the largest market share in Asia-Pacific Electric Bus Market.
What years does this Asia-Pacific Electric Bus Market cover, and what was the market size in 2023?
In 2023, the Asia-Pacific Electric Bus Market size was estimated at USD 40.47 billion. The report covers the Asia-Pacific Electric Bus Market historical market size for years: 2019, 2020, 2021, 2022 and 2023. The report also forecasts the Asia-Pacific Electric Bus Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029.
Asia Pacific Electric Bus Industry Report
Statistics for the 2024 Asia Pacific Electric Bus market share, size and revenue growth rate, created by Mordor Intelligence™ Industry Reports. Asia Pacific Electric Bus analysis includes a market forecast outlook 2029 and historical overview. Get a sample of this industry analysis as a free report PDF download.
