Vietnam Electric Bus Market Is Dominated By Northern Region And It Is Expected To Lead By 2027F
Increasing adoption of advanced charging technology for electric
buses and increasing urbanization in the country drives the Vietnam Electric
Bus Market through 2027.
According
to TechSci Research report, “Vietnam Electric Bus Market-
Industry Size, Share, Trends, Competition, Opportunity, and Forecast, 2017-2027”, Vietnam electric bus market is rapidly gaining pace in
all regions. The growing popularity of electric buses on the road in all
regions of Vietnam is driving up demand for buses. Growing need for
low-emission and fuel-efficient buses is driving up market demand for electric
vehicles. Owing to Vietnam's expanding infrastructure, which is expected to
support steady economic growth and rising personal disposable incomes, the
infrastructure for electric buses is also growing in the country. The
market for electric buses in Vietnam is also influenced by the widespread use
of zero emission vehicles penetration.
There is a high demand for electric buses in
transportation fleets due to growing urbanization and pollution levels, which
has led to an increase in the use of electric passenger vehicles. Additionally,
strict requirements for manufacturers to produce fuel-efficient and environment-friendly
electric cars are encouraging the growth of the Vietnam electric bus industry. Furthermore,
the need for transportation has increased as a result of growing urbanization,
particularly in developing countries such as Vietnam, which is also
supporting the market for electric buses within the country. Vinbus and Star
Charge signed a contract in November 2020 to supply smart charging technologies for charging stations.
Browse more than XX market data Figures spread through XX Pages and an in-depth TOC on "Vietnam Electric Bus Market"
Global
trade is disrupted by the COVID-19 pandemic. Even though the business sector
was badly damaged, Vietnamese government took rapid and efficient
pandemic containment measures to lessen the damage. Furthermore, the
pandemic had a significant impact on the automotive industry and the sales
decreased by 60%. Moreover, this hinders investment in the market for electric
vehicles. Hanoi city needs to invest more than 887 million USD to replace
all diesel and gasoline-powered buses with electric alternatives in the
subsequent years.
Battery packs are considered to be an important
investment component that affects the market's long-term growth. Reducing
battery costs are a top priority for electric bus producers because they
account for 65-70% of the total cost of the bus. Vinfast invested USD 174
million in a VinES battery manufacturing facility in Ha Tinh city in December
2021. This facility has the capacity to manufacture 100,000 lithium-Ion battery packs yearly. As a result, more electric buses are
anticipated in the upcoming years, which will expand the overall market.
On the basis of on seating capacity, 31-40 seater buses dominate the
market and it is expected to lead in the upcoming years, followed by above 40
seater buses for long distance travel. Based on application, intracity travel
is dominating the market. Based on length of the bus, 9-12 m segment is leading
the market followed by above 12 m. In 2021, Northern region dominated the market for
electric buses in Vietnam and it is expected that it will continue to lead the
Vietnam electric bus market during the forecast period, followed by southern
region and then central region.
The Vietnam Electric
Bus Market can be segmented on the basis of seating type, battery type,
application, bus length, and region. Based on seating capacity, the market is segmented
into up to 30 seater, 31-40 seater, above 40 seater. Based on battery type, the
market is bifurcated into lead acid and lithium ion. On the basis of
application, the market is segmented into intercity, intracity, and airport
bus. On the basis bus length, the market is segmented into 6-8 m, 9-12 m, and above
12 m.
Some of the major companies operating in the Vietnam Electric Bus Market
include:
The key players have been developing
advanced technologies and launching new products to stay competitive in the
market. Other competitive strategies include mergers with tech firms, new
product developments, and marketing activities to increase customer outreach.
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“The
market for electric buses is being driven by an expansion of the charging
infrastructure and the development of more advanced battery packs with longer
range and lower cost. As more competitors enter the market and provide high
range and low-cost vehicles, the use of electric buses for intracity as well as
intercity travel is projected to grow during the forecast period,” said
Mr. Karan Chechi, Research Director with TechSci Research, a research-based
global management consulting firm.
“Vietnam Electric Bus Market By Seating Capacity (Up
to 30, Seater 31-40, Seater Above 40), By Battery Type (Lead Acid, Lithium
ion), By Application (Intercity, Intracity, Airport Bus), By Bus Length (6-8 m,
9-12 m, Above 12 m), By Region, Competition Forecast & Opportunities, 2018-2027” has
evaluated the future growth potential of Global 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 the global automotive battery management system market.
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