China Electric Bus Market Size
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Study Period | 2017 - 2030 |
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Market Size (2024) | USD 35.46 Billion |
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Market Size (2030) | USD 53.38 Billion |
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Largest Share by Fuel Category | BEV |
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CAGR (2024 - 2030) | 7.05 % |
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Fastest Growing by Fuel Category | FCEV |
Major Players |
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*Disclaimer: Major Players sorted in no particular order |
China Electric Bus Market Analysis
The China Electric Bus Market size is estimated at 35.46 billion USD in 2024, and is expected to reach 53.38 billion USD by 2030, growing at a CAGR of 7.05% during the forecast period (2024-2030).
35.46 Billion
Market Size in 2024 (USD)
53.38 Billion
Market Size in 2030 (USD)
13.05 %
CAGR (2017-2023)
7.05 %
CAGR (2024-2030)
Largest Segment by Fuel Category
95.80 %
value share, BEV, 2023
BEVs dominate China's electric bus market due to government subsidies, extensive urban demand, and a focus on reducing air pollution through sustainable public transport.
Fastest-growing Segment by Fuel Category
22.79 %
Projected CAGR, FCEV, 2024-2030
FCEVs are growing rapidly in China due to advancements in hydrogen technology, expanding refueling infrastructure, and strong governmental support for clean energy vehicles.
Leading Market Player
26.60 %
market share, Zhejiang Geely Holding Group Co. Ltd, 2023
Zhejiang Geely Holding Group Co. Ltd. leads the market with its innovative electric bus models, extensive manufacturing capacity, and strong government support for sustainable transportation solutions.
Second leading Market Player
13.50 %
market share, Chery Automobile Co. Ltd., 2023
Chery Automobile Co. Ltd. is a significant player due to its popular electric bus models, strong R&D capabilities, and commitment to expanding its electric vehicle offerings in the public transport sector.
Third Leading Market Player
11 %
market share, Chongqing Changan Automobile Company Limited, 2023
Chongqing Changan Automobile Company Limited ranks high in the market due to its diverse electric bus lineup, robust manufacturing infrastructure, and strategic collaborations enhancing its market position.
China aims for 80% NEV adoption in public vehicles by 2025, fueling electric bus market growth for emission cuts
- The Chinese electric bus market is expected to experience substantial growth, driven by a range of national and regional policies. These policies are designed to accelerate the adoption of new energy vehicles (NEVs), including electric buses. At the national level, China has initiated a pilot project to electrify public sector vehicles, with ambitious goals set for 2025. This project mandates that 80% of new buses, along with taxis, sanitation vehicles, postal services, and urban logistics vehicles, must be NEVs. This requirement is accompanied by an equal number of charging installations. This national policy underscores China's commitment to reducing carbon emissions in transportation and positioning electric mobility as a key pillar of its environmental strategy.
- At the regional level, several provinces and cities have introduced their own targets and measures to complement the national efforts. These regional initiatives reflect China's diverse and localized approach to achieving its broader goals of adopting electric vehicles (EVs). For example, regions like Shanxi, Shanghai, Guangxi, and Guangdong are aiming for approximately 40% of new energy and clean energy-powered transportation by 2030. Shanghai, in particular, has set a target to reach a peak in carbon emissions from urban transportation by the same year. These localized targets not only underscore the commitment of different regions to sustainable transport but also highlight the strategic significance of electric buses in China's urban mobility plans.
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China Electric Bus Market Trends
Government initiatives and strong OEM investments drive rapid drowth in electric vehicle sales in China
- The programs launched by the government to reduce gas emissions caused by vehicle fuels are encouraging consumers to shift to green vehicles. In November 2020, the government of China announced a ban on fossil fuel vehicles by 2035, clearly stating the selling of 100% new energy vehicles under the new energy program. As a result, the demand for electric cars increased. Adopting such regulations enhanced the sales of electric cars and various types of battery packs used in them in China in recent years.
- The government is introducing various schemes and incentives for customers and manufacturers to promote and enhance the demand for electric vehicles in the country. In May 2022, the government announced the reintroduction of the subsidy program to increase the sales of electric vehicles. Moreover, the government will allocate a subsidy of USD 1500 to customers opting for an electric car. Such factors have encouraged customers to invest in electric mobility, which further has increased the sales of electric cars by 2.90% in 2022 over 2021 in China.
- The growing demand for electric vehicles has forced OEMs to plan to increase development and production in the electric vehicle category. In 2021, General Motors announced its plans to raise its spending on electric and autonomous vehicles to USD 20 billion by 2025. The company is expected to launch 20 new electric models by 2023 and aims to sell more than 1 million electric cars a year in China. As a result, these factors are expected to drive the electric vehicle market in China during the 2024-2030 period.
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OTHER KEY INDUSTRY TRENDS COVERED IN THE REPORT
- China's population, influenced by factors like aging demographics and reduced birth rates, is anticipated to decline further, reaching 1,395.21 million by 2030
- A stable and optimistic growth trend is anticipated for 2024-2030, supported by technological innovations and a growing consumer base
- China's MaaS revolution is a journey of growth and projections in shared mobility
- The declining cost of lithium-ion batteries drives electric vehicle demand in China
- The demand for crude oil in China is expected to decline slightly owing to strong demand for EVs
- China's GDP per capita expected to continue rising driven by long-term economic strategies, innovation, and global positioning
- Achieving steady inflation is a strategic imperative for China's sustained economic dominance
- China's electric vehicle charging station market soared to 1,000,000 slow charging and 760,000 fast charging stations in 2022, with future projections on the rise
- New Chinese electric vehicle debuts are driving the demand for battery packs
- China's HEV sector for passenger cars is witnessing significant shifts, with BYD Auto's production surging, indicating strong market dominance and policy support
China Electric Bus Industry Overview
The China Electric Bus Market is moderately consolidated, with the top five companies occupying 59.80%. The major players in this market are Chery Automobile Co. Ltd., Chongqing Changan Automobile Company Limited, King Long United Automotive Industry Co. Ltd., Zhejiang Geely Holding Group Co. Ltd and Zhengzhou Yutong Bus Co. Ltd. (sorted alphabetically).
China Electric Bus Market Leaders
Chery Automobile Co. Ltd.
Chongqing Changan Automobile Company Limited
King Long United Automotive Industry Co. Ltd.
Zhejiang Geely Holding Group Co. Ltd
Zhengzhou Yutong Bus Co. Ltd.
Other important companies include Anhui Ankai Automobile Co. Ltd., BYD Auto Co. Ltd., CRRC Electric Vehicle Co. Ltd., FAW Toyota Motor Co. Ltd., Higer Bus Company Ltd., Nanjing Golden Dragon Bus Co. Ltd., Shanghai Sunwin Bus Corporation.Ltd., Zhongtong Bus Holding Co. Ltd..
*Disclaimer: Major Players sorted in alphabetical order.
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China Electric Bus Market News
- September 2023: Yutong announced that it held a shipping ceremony for 87 apron buses exported from China to Saudi Arabia in the Yutong New Energy Plant. It is the largest batch of apron buses exported from China.
- July 2023: Yutong Group commemorated bus delivery ceremony which took place in Astana, Kazakhstan.
- July 2023: Yutong Group forms a partnership with Langfang Transportation to jointly promote the development of New Energy logistics transportation.
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For the Vehicle Hub report, we provide an extensive collection of over 150 free charts, delivering detailed insights on regional and country-level dynamics within the vehicle industry. This encompasses in-depth analyses of vehicle registrations, usage patterns in both consumer and business segments, and evaluations of various vehicle configurations and body types. The report delves into critical industrial trends such as shifts in vehicle production and distribution centers, changes in vehicle ownership costs, and advancements in automotive technologies. Further, our report offers comprehensive market segmentation by vehicle type, body type, propulsion, and fuel categories, providing a nuanced understanding of the market landscape. It also explores the adoption rate of new technologies, the impact of regulatory changes, and the influence of economic factors on the vehicle market. We include a thorough examination of key industry players, regulatory frameworks, and market size in terms of both revenue and unit sales, leading to strategic projections and forecasts that account for emerging trends and potential shifts in the industry.
China Electric Bus Market Report - Table of Contents
1. EXECUTIVE SUMMARY & KEY FINDINGS
2. REPORT OFFERS
3. INTRODUCTION
- 3.1 Study Assumptions & Market Definition
- 3.2 Scope of the Study
- 3.3 Research Methodology
4. KEY INDUSTRY TRENDS
- 4.1 Population
- 4.2 GDP Per Capita
- 4.3 Consumer Spending For Vehicle Purchase (cvp)
- 4.4 Inflation
- 4.5 Interest Rate For Auto Loans
- 4.6 Shared Rides
- 4.7 Impact Of Electrification
- 4.8 EV Charging Station
- 4.9 Battery Pack Price
- 4.10 New Xev Models Announced
- 4.11 Fuel Price
- 4.12 Oem-wise Production Statistics
- 4.13 Regulatory Framework
- 4.14 Value Chain & Distribution Channel Analysis
5. MARKET SEGMENTATION (includes market size in Value in USD and Volume, Forecasts up to 2030 and analysis of growth prospects)
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5.1 Fuel Category
- 5.1.1 BEV
- 5.1.2 FCEV
- 5.1.3 HEV
- 5.1.4 PHEV
6. COMPETITIVE LANDSCAPE
- 6.1 Key Strategic Moves
- 6.2 Market Share Analysis
- 6.3 Company Landscape
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6.4 Company Profiles
- 6.4.1 Anhui Ankai Automobile Co. Ltd.
- 6.4.2 BYD Auto Co. Ltd.
- 6.4.3 Chery Automobile Co. Ltd.
- 6.4.4 Chongqing Changan Automobile Company Limited
- 6.4.5 CRRC Electric Vehicle Co. Ltd.
- 6.4.6 FAW Toyota Motor Co. Ltd.
- 6.4.7 Higer Bus Company Ltd.
- 6.4.8 King Long United Automotive Industry Co. Ltd.
- 6.4.9 Nanjing Golden Dragon Bus Co. Ltd.
- 6.4.10 Shanghai Sunwin Bus Corporation.Ltd.
- 6.4.11 Zhejiang Geely Holding Group Co. Ltd
- 6.4.12 Zhengzhou Yutong Bus Co. Ltd.
- 6.4.13 Zhongtong Bus Holding Co. Ltd.
- *List Not Exhaustive
7. KEY STRATEGIC QUESTIONS FOR VEHICLES CEOS
8. APPENDIX
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8.1 Global Overview
- 8.1.1 Overview
- 8.1.2 Porter’s Five Forces Framework
- 8.1.3 Global Value Chain Analysis
- 8.1.4 Market Dynamics (DROs)
- 8.2 Sources & References
- 8.3 List of Tables & Figures
- 8.4 Primary Insights
- 8.5 Data Pack
- 8.6 Glossary of Terms
List of Tables & Figures
- Figure 1:
- POPULATION TRENDS, VOLUME IN UNITS, CHINA, 2017 - 2030
- Figure 2:
- GDP PER CAPITA AT CURRENT PRICES, VALUE IN USD, CHINA, 2017 - 2030
- Figure 3:
- AVERAGE CONSUMER SPENDING PER CAPITA ON PURCHASE OF VEHICLES, VALUE IN USD, CHINA, 2017 - 2030
- Figure 4:
- INFLATION RATE AT AVERAGE CONSUMER PRICES, PERCENTAGE CHANGE, CHINA, 2017 - 2030
- Figure 5:
- USED CAR MARKET, REVENUE IN USD, CHINA, 2017 - 2030
- Figure 6:
- ELECTRIC VEHICLE MARKET PENETRATION RATE, BY VEHICLE TYPE, PERCENTAGE OF VOLUME, CHINA, 2017 - 2030
- Figure 7:
- CHARGING STATION DEPLOYMENT, BY TYPE, VOLUME IN UNITS, CHINA, 2017 - 2022
- Figure 8:
- AVERAGE LITHIUM-ION BATTERY PACK PRICE, VALUE IN USD, CHINA, 2017 - 2030
- Figure 9:
- ANNOUNCEMENT OF NEW XEV MODELS, BY VEHICLE TYPE, VOLUME IN UNITS, CHINA, 2023 - 2027
- Figure 10:
- FUEL PRICE, BY FUEL TYPE, USD/LITER, CHINA, 2017 - 2022
- Figure 11:
- OEM-WISE PRODUCTION STATISTICS, VOLUME IN UNITS, CHINA, 2017 - 2022
- Figure 12:
- CHINA ELECTRIC BUS MARKET, VOLUME IN UNITS, 2017 - 2030
- Figure 13:
- CHINA ELECTRIC BUS MARKET, VALUE IN USD, 2017 - 2030
- Figure 14:
- CHINA ELECTRIC BUS MARKET, BY FUEL CATEGORY, BY VOLUME IN UNITS, 2017 - 2030
- Figure 15:
- CHINA ELECTRIC BUS MARKET, BY FUEL CATEGORY, BY VALUE IN USD, 2017 - 2030
- Figure 16:
- CHINA ELECTRIC BUS MARKET MARKET, SHARE(%), BY FUEL CATEGORY, 2017 - 2030
- Figure 17:
- CHINA ELECTRIC BUS MARKET MARKET, SHARE(%), BY FUEL CATEGORY, 2017 - 2030
- Figure 18:
- CHINA ELECTRIC BUS MARKET, BY BEV, BY VOLUME IN UNITS, 2017 - 2030
- Figure 19:
- CHINA ELECTRIC BUS MARKET, BY BEV, BY VALUE IN USD, 2017 - 2030
- Figure 20:
- CHINA ELECTRIC BUS MARKET MARKET, SHARE(%), BY FUEL CATEGORY, 2017 - 2030
- Figure 21:
- CHINA ELECTRIC BUS MARKET, BY FCEV, BY VOLUME IN UNITS, 2017 - 2030
- Figure 22:
- CHINA ELECTRIC BUS MARKET, BY FCEV, BY VALUE IN USD, 2017 - 2030
- Figure 23:
- CHINA ELECTRIC BUS MARKET MARKET, SHARE(%), BY FUEL CATEGORY, 2017 - 2030
- Figure 24:
- CHINA ELECTRIC BUS MARKET, BY HEV, BY VOLUME IN UNITS, 2017 - 2030
- Figure 25:
- CHINA ELECTRIC BUS MARKET, BY HEV, BY VALUE IN USD, 2017 - 2030
- Figure 26:
- CHINA ELECTRIC BUS MARKET MARKET, SHARE(%), BY FUEL CATEGORY, 2017 - 2030
- Figure 27:
- CHINA ELECTRIC BUS MARKET, BY PHEV, BY VOLUME IN UNITS, 2017 - 2030
- Figure 28:
- CHINA ELECTRIC BUS MARKET, BY PHEV, BY VALUE IN USD, 2017 - 2030
- Figure 29:
- CHINA ELECTRIC BUS MARKET MARKET, SHARE(%), BY FUEL CATEGORY, 2017 - 2030
- Figure 30:
- CHINA ELECTRIC BUS MARKET, MOST ACTIVE COMPANIES, BY NUMBER OF STRATEGIC MOVES, 2017 - 2030
- Figure 31:
- CHINA ELECTRIC BUS MARKET, MOST ADOPTED STRATEGIES, 2017 - 2030
- Figure 32:
- CHINA ELECTRIC BUS MARKET SHARE(%), BY MAJOR PLAYERS, 2021
China Electric Bus Industry Segmentation
BEV, FCEV, HEV, PHEV are covered as segments by Fuel Category.
- The Chinese electric bus market is expected to experience substantial growth, driven by a range of national and regional policies. These policies are designed to accelerate the adoption of new energy vehicles (NEVs), including electric buses. At the national level, China has initiated a pilot project to electrify public sector vehicles, with ambitious goals set for 2025. This project mandates that 80% of new buses, along with taxis, sanitation vehicles, postal services, and urban logistics vehicles, must be NEVs. This requirement is accompanied by an equal number of charging installations. This national policy underscores China's commitment to reducing carbon emissions in transportation and positioning electric mobility as a key pillar of its environmental strategy.
- At the regional level, several provinces and cities have introduced their own targets and measures to complement the national efforts. These regional initiatives reflect China's diverse and localized approach to achieving its broader goals of adopting electric vehicles (EVs). For example, regions like Shanxi, Shanghai, Guangxi, and Guangdong are aiming for approximately 40% of new energy and clean energy-powered transportation by 2030. Shanghai, in particular, has set a target to reach a peak in carbon emissions from urban transportation by the same year. These localized targets not only underscore the commitment of different regions to sustainable transport but also highlight the strategic significance of electric buses in China's urban mobility plans.
| Fuel Category | BEV |
| FCEV | |
| HEV | |
| PHEV |
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Market Definition
- Vehicle Type - The category includes Medium and Heavy Duty Buses.
- Vehicle Body Type - This include Bus category.
- Fuel Category - The category exclusively covers electric propulsion systems, including various types such as HEV (Hybrid Electric Vehicles), PHEV (Plug-in Hybrid Electric Vehicles), BEV (Battery Electric Vehicles), and FCEV (Fuel Cell Electric Vehicles).
| Keyword | Definition |
|---|---|
| Electric Vehicle (EV) | A vehicle which uses one or more electric motors for propulsion. Includes cars, buses, and trucks. This term includes all-electric vehicles or battery electric vehicles and plug-in hybrid electric vehicles. |
| BEV | A BEV relies completely on a battery and a motor for propulsion. The battery in the vehicle must be charged by plugging it into an outlet or public charging station. BEVs do not have an ICE and hence are pollution-free. They have a low cost of operation and reduced engine noise as compared to conventional fuel engines. However, they have a shorter range and higher prices than their equivalent gasoline models. |
| PEV | A plug-in electric vehicle is an electric vehicle that can be externally charged and generally includes all-electric vehicles as well as plug-in hybrids. |
| Plug-in Hybrid EV | A vehicle that can be powered either by an ICE or an electric motor. In contrast to normal hybrid EVs, they can be charged externally. |
| Internal combustion engine | An engine in which the burning of fuels occurs in a confined space called a combustion chamber. Usually run with gasoline/petrol or diesel. |
| Hybrid EV | A vehicle powered by an ICE in combination with one or more electric motors that use energy stored in batteries. These are continually recharged with power from the ICE and regenerative braking. |
| Commercial Vehicles | Commercial vehicles are motorized road vehicles designed for transporting people or goods. The category includes light commercial vehicles (LCVs) and medium and heavy-duty vehicles (M&HCV). |
| Passenger Vehicles | Passenger cars are electric motor– or engine-driven vehicles with at least four wheels. These vehicles are used for the transport of passengers and comprise no more than eight seats in addition to the driver’s seat. |
| Light Commercial Vehicles | Commercial vehicles that weigh less than 6,000 lb (Class 1) and in the range of 6,001–10,000 lb (Class 2) are covered under this category. |
| M&HDT | Commercial vehicles that weigh in the range of 10,001–14,000 lb (Class 3), 14,001–16,000 lb (Class 4), 16,001–19,500 lb (Class 5), 19,501–26,000 lb (Class 6), 26,001–33,000 lb (Class 7) and above 33,001 lb (Class 8) are covered under this category. |
| Bus | A mode of transportation that typically refers to a large vehicle designed to carry passengers over long distances. This includes transit bus, school bus, shuttle bus, and trolleybuses. |
| Diesel | It includes vehicles that use diesel as their primary fuel. A diesel engine vehicle have a compression-ignited injection system rather than the spark-ignited system used by most gasoline vehicles. In such vehicles, fuel is injected into the combustion chamber and ignited by the high temperature achieved when gas is greatly compressed. |
| Gasoline | It includes vehicles that use gas/petrol as their primary fuel. A gasoline car typically uses a spark-ignited internal combustion engine. In such vehicles, fuel is injected into either the intake manifold or the combustion chamber, where it is combined with air, and the air/fuel mixture is ignited by the spark from a spark plug. |
| LPG | It includes vehicles that use LPG as their primary fuel. Both dedicated and bi-fuel LPG vehicles are considered under the scope of the study. |
| CNG | It includes vehicles that use CNG as their primary fuel. These are vehicles that operate like gasoline-powered vehicles with spark-ignited internal combustion engines. |
| HEV | All the electric vehicles that use batteries and an internal combustion engine (ICE) as their primary source for propulsion are considered under this category. HEVs generally use a diesel-electric powertrain and are also known as hybrid diesel-electric vehicles. An HEV converts the vehicle momentum (kinetic energy) into electricity that recharges the battery when the vehicle slows down or stops. The battery of HEV cannot be charged using plug-in devices. |
| PHEV | PHEVs are powered by a battery as well as an ICE. The battery can be charged through either regenerative breaking using the ICE or by plugging into some external charging source. PHEVs have a better range than BEVs but are comparatively less eco-friendly. |
| Hatchback | These are compact-sized cars with a hatch-type door provided at the rear end. |
| Sedan | These are usually two- or four-door passenger cars, with a separate area provided at the rear end for luggage. |
| SUV | Popularly known as SUVs, these cars come with four-wheel drive, and usually have high ground clearance. These cars can also be used as off-road vehicles. |
| MPV | These are multi-purpose vehicles (also called minivans) designed to carry a larger number of passengers. They carry between five and seven people and have room for luggage too. They are usually taller than the average family saloon car, to provide greater headroom and ease of access, and they are usually front-wheel drive. |
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Research Methodology
Mordor Intelligence follows a four-step methodology in all its reports.
- Step-1: Identify Key Variables: To build a robust forecasting methodology, the variables and factors identified in Step-1 are tested against available historical market numbers. Through an iterative process, the variables required for market forecast are set and the model is built based on these variables.
- Step-2: Build a Market Model: Market-size estimations for the historical and forecast years have been provided in revenue and volume terms. Market revenue is calculated by multiplying the sales volume with their respective average selling price (ASP). While estimating ASP factors like average inflation, market demand shift, manufacturing cost, technological advancement, and varying consumer preference, among others have been taken into account.
- Step-3: Validate and Finalize: In this important step, all market numbers, variables, and analyst calls are validated through an extensive network of primary research experts from the market studied. The respondents are selected across levels and functions to generate a holistic picture of the market studied.
- Step-4: Research Outputs: Syndicated Reports, Custom Consulting Assignments, Databases & Subscription Platforms.
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