Vietnam Electric Bus Market to Grow with a CAGR of 23.57% through 2029
The Vietnam electric bus market is gaining momentum due to government
policies incentivizing clean energy transportation and growing investments in
electric vehicle infrastructure.
According to TechSci Research report, “Vietnam Electric Bus
Market - By Region, Competition, Forecast &
Opportunities, 2029F”, the Vietnam Electric Bus market was valued at USD 42.75 Million in 2023 and is expected to reach USD 152.22 Million by 2029 with a CAGR of 23.57% during the forecast period. The Vietnam
electric bus market is being driven by increasing consumer demand for cleaner,
quieter transportation options, as well as the rising cost of fossil fuels that
makes electric buses more economically attractive. Additionally, advancements
in energy storage solutions are enhancing the efficiency and range of electric
buses, making them a more practical choice for public transit. Lastly, urban
planning initiatives focusing on reducing traffic congestion and promoting
green mobility are helping to accelerate the adoption of electric buses in
Vietnam.
The expansion of Vietnam's electric bus market is influenced by various factors that extend beyond government funding and infrastructure enhancements. A significant driver is the growing public consciousness regarding environmental concerns and air quality, particularly in major urban centers. Cities like Ho Chi Minh City and Hanoi are facing critical air pollution challenges due to heavy traffic and a dependence on diesel vehicles. In response to the government's and citizens' calls for improved air quality, the transition to electric buses is regarded as an essential measure to mitigate urban pollution. The rising demand for sustainable and eco-friendly transportation alternatives has prompted local authorities to prioritize the integration of electric buses into public transit systems.
An important driver for the growth of Vietnam’s electric bus market is the increasing number of partnerships between local companies and Chinese electric vehicle (EV) manufacturers. Vietnam has seen a surge in collaboration with Chinese companies specializing in EV bus production, which has facilitated easier sourcing of electric buses tailored to local requirements. These partnerships enable Vietnamese companies to access advanced technology and economies of scale, reducing costs and making electric buses more accessible for local operators. The proximity of Chinese manufacturers allows for quicker delivery times and the ability to customize buses according to the specific needs of the Vietnamese market, such as accommodating local road conditions and passenger capacities. This collaboration has accelerated the adoption of electric buses, especially in major cities where public transport systems are undergoing modernization. Moreover, the import of Chinese EV buses is helping to address the high initial costs typically associated with transitioning to electric fleets, making it an attractive option for both private and public transport sectors.
Browse over XX market data Figures spread through XX Pages and an
in-depth TOC on the "Vietnam Electric Bus Market"
The Vietnam Electric Bus
Market is segmented into Propulsion Type, Range, Battery Capacity, End Use, and
Region.
The Vietnam electric bus
market is segmented based on range, primarily categorized into two segments:
less than 200 miles and more than 200 miles. Buses with a range of less than
200 miles are often used for urban public transport systems where routes are
shorter and operational efficiency is key. These electric buses are ideal for
cities with high population densities, where frequent stops and shorter
distances make them a suitable solution for reducing emissions and operational
costs. These buses generally have smaller batteries and require less time to
charge, contributing to their cost-effectiveness and practicality in
high-demand urban environments.
On the other hand, electric
buses with a range of more than 200 miles are typically deployed for intercity
or long-distance routes where the need for extended operational hours is
crucial. These buses are suited for regions where transportation networks cover
longer distances, and a higher range is necessary to avoid frequent recharging
stops. The longer-range buses generally come equipped with larger battery
capacities, allowing them to cover extensive routes without needing to recharge
multiple times during their service hours. However, their higher initial cost
and longer charging times compared to shorter-range buses can present
challenges in terms of infrastructure and financing.
Major market players
operating in the Vietnam Electric Bus market are:
- VinFast Commercial and Services Trading Limited Liability Company
- Mercedes-Benz Vietnam
- THACO AUTO Limited Liability Company
- Yutong Bus Co., Ltd.
- Beijing Foton International Trade Co., Ltd.
- Tata Motors Limited.
- Olectra Greentech Limited.
- HYUNDAI THANH CONG COMMERCIAL VEHICLE JSC
- Toyota Motor Vietnam Co., Ltd
- CHERY Automobile Co., Ltd
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“Electric buses in Vietnam are growing quickly because cities are
looking for cleaner, cheaper, and more efficient ways to get people around.
With traffic becoming a big problem and pollution affecting air quality,
electric buses are the perfect solution. The government is also supporting the
switch with policies and incentives that make it easier for bus operators to
adopt electric vehicles. As more charging stations are built and battery
technology improves, these buses are becoming a more practical choice for city
transport. It’s clear that the demand for electric buses will keep increasing
as cities invest more in cleaner, smarter transport options", said Mr.
Karan Chechi, Research Director of TechSci Research, a research-based global
management consulting firm.
"Vietnam Electric Bus Market By Propulsion Type (BEV, PHEV, FCEV), By Range (Less than 200 miles, More than 200 miles), By Battery Capacity (Upto 400 kWh, Above 400 kWh), By End Use (Public, Private), By Region, Competition, Opportunities and Forecast, 2019-2029F”, evaluates the future growth potential of the Vietnam 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 make sound investment decisions. Besides, the report
also identifies and analyzes the emerging trends along with essential drivers,
challenges, and opportunities in the Vietnam Electric Bus market.
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