According to the report by Expert Market Research (EMR), the Asia Pacific Electric Bus Market Size reached a value of USD 39.25 billion in 2023. Aided by the increasing demand for eco-friendly public transportation solutions and the growing government initiatives promoting the adoption of electric vehicles (EVs), the market is projected to further grow at a CAGR of 14.6% between 2024 and 2032 to reach a value of USD 133.80 billion by 2032.
Electric buses, powered by electricity instead of conventional diesel or gasoline, represent a significant advancement in public transportation. These vehicles offer numerous benefits, including reduced greenhouse gas emissions, lower operational costs, and decreased dependency on fossil fuels. As a result, electric buses are becoming an integral part of the urban transportation infrastructure in the Asia Pacific region, driven by the need to combat air pollution and enhance the sustainability of public transport systems.
The increasing demand for eco-friendly public transportation solutions is driving the Asia Pacific electric bus market growth. With the growing awareness of environmental issues and the need to reduce carbon footprints, governments and public transport authorities are increasingly adopting electric buses to replace conventional diesel-powered buses. This shift is aimed at reducing air pollution, improving urban air quality, and mitigating the adverse effects of climate change.
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The growing government initiatives promoting the adoption of electric vehicles are also a significant factor propelling the market. Governments across the Asia Pacific region are implementing various policies and incentives to encourage the adoption of electric buses. These initiatives include subsidies for the purchase of electric buses, investment in charging infrastructure, and the introduction of stringent emission regulations. Countries like China, India, and Japan are at the forefront of this movement, with extensive programs to support the deployment of electric buses, consequently driving up the Asia Pacific electric bus market share.
Moreover, the advancements in battery technology and the increasing affordability of electric buses are further contributing to market growth. The development of high-capacity, long-lasting batteries has significantly improved the performance and range of electric buses, making them a viable alternative to traditional buses. Additionally, the decreasing cost of batteries and the overall reduction in the price of electric buses are making them more accessible to public transport authorities.
As per the Asia Pacific electric bus market analysis, China holds a dominant share of the Asia Pacific electric bus market, driven by the extensive government support and the strong commitment to reducing air pollution. The country has implemented various policies to promote the adoption of electric buses, including subsidies, tax incentives, and investment in charging infrastructure. China also boasts a well-developed electric bus manufacturing sector, with leading players such as BYD and Yutong contributing significantly to market growth.
India is another prominent market for electric buses in the Asia Pacific region. The Indian government has launched several initiatives, such as the Faster Adoption and Manufacturing of Hybrid and Electric Vehicles (FAME) scheme, to encourage the deployment of electric buses. The focus on reducing urban air pollution and the increasing investments in electric vehicle infrastructure are driving the demand for electric buses in the country.
Japan and South Korea are also witnessing substantial growth in the electric bus market. Both countries have ambitious plans to transition their public transportation systems to electric vehicles. The adoption of electric buses is supported by government incentives, technological advancements, and the development of robust charging infrastructure, leading to Asia Pacific electric bus market development.
The Southeast Asia region, including countries such as Singapore, Malaysia, and Thailand, is also showing promising growth in the electric bus market. The increasing urbanisation, rising environmental concerns, and government initiatives to promote sustainable transportation are driving the adoption of electric buses in this region.
Asia Pacific Electric Bus Market Segmentation
The market can be divided based on the propulsion, length, power output, battery capacity, application, ownership, and country
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
- ASIAN
- Australia
- Others
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Competitive Landscape of Asia Pacific Electric Bus Market
The EMR report looks into the market shares, plant turnarounds, capacities, investments, and mergers and acquisitions, among other major developments, of the leading companies operating in Asia Pacific electric bus market. Some of the major players explored in the report by Expert Market Research are as follows:
- 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
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