Electric Bus Market to Grow with a CAGR of 10.26% in Asia-Pacific through to 2029
Growing environmental concerns and
government initiatives to reduce air pollution and promote sustainable urban
transportation solutions are the factors driving the market in the forecast period 2025-2029.
According TechSci Research report, “Asia-Pacific Electric Bus Market: Industry Size, Share, Trends, Competition Forecast & Opportunities 2029”, the Asia-Pacific Electric Bus Market stood at USD 43.10 billion in 2023 and is anticipated to grow with a CAGR of 10.26% in the forecast period, 2025-2029
The Asia Pacific is still in the process of transition to sustainable transportation systems which include electric buses. Owing to the considerations of space this executive overview concentrates on the assessment of market driving forces namely, governmental campaigns, technologies and urbanization. Thus, assessing these factors, it is possible to indicate the position of the development of the electric bus market in this rather heterogenous and evolving area. The policy level support shows that governments and regulatory agencies equally have provided substantial boost to the turnover of electric bus as follows. In the light of emissions reduction and tackle on air pollution, governments across the region are coming up with policies for the use of electric cars including electric buses.
Policies include fiscal measures such as subsidies, tax credits, and grant funding, and legal instruments for mandating the electrification of public transport’s fleet of vehicles. The same as with electric cars, China, India and South Korea are among the most active countries that promote the use of electric buses with clear and concrete objectives which correlate with their environmental and energy strategies. The technological aspect is also anticipated to advance more in the future; thus, it is expected to boost the electric bus market at a faster pace. Improvements in lighting of battery, electric propulsion system and charging technology have enabled electric buses to perform better, go longer distances and are cheaper as compared to other conventional electric vehicles. This is on account of improvements on batteries, the lithium-ion types offering longer range as compared to the previous ones and can be recharged much faster.
Furthermore, better improvement of the electric drivetrain includes the arrangement of devices like regenerative brakes that improve serviceability and performance of electric buses making them more desirable for operators or passengers of transit systems. This implies that the population of the cities in the Asian-Pacific region is growing and adequate measures should be taken to fight pollution, so there is a need for the environmentally friendly solutions, especially regarding public transportation. Some of the challenges observed due to the process of growing urbanization include congested traffic and pollution of the surrounding atmosphere. Electric buses are especially useful as they assist in reducing greenhouse gases within the environment hence enabling healthier environments in urban areas. They too operate quietly and without vibrations thus enhancing passenger comfort and experience ; this has made electric buses to be a vehicle of choice in today’s public transport. Hence as most of the metropolitan centres begin to invest in infrastructure to meet out the increasing population call for improvements in the public transport system; electric buses are one of the ways of filling this gap.
Browse over market data Figures spread through XX Pages and an in-depth TOC on "Asia-Pacific Electric Bus Market”
Consumer preference for electric vehicles because of the positive impacts on the environment and health have boosted the market of electric buses in Asia-Pacific. Factors such as pollution of emissions from automobile gases, global warming and climate change are increasingly concerning the general public hence the desire to shift to cleaner transport means. Electric buses are an environment-friendly product compared to common diesel or gasoline-fueled buses thus it would be appealing to consumers and society. Furthermore, electric buses are cheaper to maintain than their traditional counterparts, and thus this makes them to be a good investment for the public transport agencies, and other operators who want to minimize on their emissions, as well as their operating costs.
Nevertheless, the Asia-Pacific electric bus market has some strengths but at the same time, it has several threats and limitations that hinder the development of electric bus markets. Major issues are the high initial cost of e-buses as compared to the diesel buses. On the long run, the total cost of owning an electric bus over the bus’s lifetime will most likely to be cheaper than a diesel bus as it will incorporate the costs of fuel and, to some extent, maintenance and repair, but the start-up costs affiliated with purchasing the electric buses can be extremely high for many operators across the developing world who may not be in a position to ensure that they obtain sufficient funding for the project. Furthermore, the issues of charging station availability, limited mileage, and battery endurance issue remains pressing, and hence, one has to make investments to fix them.
Electric buses are charged through an electric charging network hence the need for a efficient system to charge the buses is necessary. The public and private sectors in the Asia-Pacific region are building charging facilities for electric buses including fast chargers, depot chargers, an opportunity charging systems. Also, the emission-reducing plans for the electricity network through sources like solar power and wind power to name but a few are making the electric buses even more environmentally friendly. However, they face challenges of fixes while building out charging infrastructure which is a capital intensive and involves cooperation of many players.
Major companies
operating in Asia-Pacific Electric Bus Market are:
- BYD Motors, Inc
- Tata Motors Ltd
- Zhongtong Bus Holding Co., Ltd.
- Xiamen King Long United Automotive Industry Co., Ltd
- AB Volvo
- Anhui Ankai Automobile Co., Ltd
- Ashok Leyland Limited
- Scania CV AB
- YUTONG Bus Co., Ltd
- Proterra Inc.
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“The
Asia-Pacific Electric Bus Market is on the cusp of a significant transformation,
driven by a combination of factors. Rapid urbanization and growing
environmental concerns have elevated the demand for sustainable and efficient
public transportation. Governments and regulatory bodies are offering
incentives and setting ambitious electrification targets, propelling the
adoption of electric buses. Technological advancements, including improvements
in battery efficiency and charging infrastructure, have made electric buses
more practical and reliable. As public awareness of environmental issues grows,
electric buses are becoming a preferred choice, aligning with the region's push
for greener transportation. The Asia-Pacific Electric Bus Market represents a
promising and eco-conscious future for public transit.” said Mr. Karan Chechi,
Research Director with TechSci Research, a research-based management consulting
firm.
“Asia-Pacific
Electric Bus Market By Propulsion Type (HEV, BEV & PHEV), By Range (Up to
150 Miles, 151-250 Miles, and Above 250 Miles), By Battery Capacity (Up to 100
kWh, 100 kWh - 200 kWh, 201 kWh to 300 kWh & Above 300 kWh), By Application
(Intracity, Intercity & Others), By Bus Length (Up to 8m, 8.1-10m, 10.1-12m
& Above 12m), By Seating Capacity (Up to 30 Seats, 31-40 Seats & Above
40 Seats), Competition, Forecast & Opportunities, 2019-2029”,
has evaluated the future growth potential of Asia-Pacific 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 Asia-Pacific Electric Bus Market.
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