South Korea Electric Bus Market to Grow at Significant Rate During Forecast Period

Rising focus of government towards electrification of public transport and launch of novel technologies to drive South Korea electric bus market through 2024

According to TechSci Research report, “South Korea Electric Bus Market By Seating Capacity, By Battery Type, By Application, By Bus Length, Competition, Forecast & Opportunities, 2024”, South Korea electric bus market is expected to grow at a formidable rate during the forecast period owing to several funding schemes and policies related to electric bus and its charging stations that have been planned by the government, primarily to address the issue of rising pollution levels across the country with the introduction of the alternative fuel vehicles (AFVs). However, the market might get subdued by the factors like less range and higher procurement cost of the electric buses. Additionally, the use of electric buses exclusively in urban areas rather than long haul transport is further restricting the growth of the market.

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South Korea electric bus market is segmented based on seating type, battery type, application, bus length, region and company. Based on seating type, the market can be categorized into up to 30-seater, 31-40-seater and above 40. The up to 30-seater segment is expected to hold the largest market share during the forecast period. Length agnostic subsidy led to the preference for smaller size buses by State Road Transport Undertakings in the country. Based on bus length, the market can be segmented into 6-8m, 9-12m and above 12m. The 9-12cm length segment is anticipated to witness high traction during the forecast period owing to their precise length which is suitable for transit bus service.

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Hyundai Motor Company, Edison Motors, BYD Motors Inc., Higer Bus Co Ltd. are some of the leading players operating in South Korea electric bus market. “South Korea is expected to create huge opportunities for the electric bus market in the coming years. The number of battery-powered city buses on the streets of the South Korean capital Seoul is expected to rise to 143 by the end of 2019. Moreover, private bus companies are being promoted by the city government to ensure that they switch to electric buses is successful, thereby strengthening the use of electric bus market.” said Mr. Karan Chechi, Research Director with TechSci Research, a research based global management consulting firm.

“South Korea Electric Bus Market By Seating Capacity, By Battery Type, By Application, By Bus Length, Competition, Forecast & Opportunities, 2024”, has evaluated the future growth potential of South Korea electric bus market and provides statistics & information on market size, structure and future market growth. The report intends to provide cutting-edge market intelligence and help decision makers take sound investment decisions. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges and opportunities in South Korea electric bus market.

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