Report : Asia Pacific Electric Bus Market Forecast to 2028 – COVID-19 Impact and Regional Analysis – by Vehicle Type (Battery Electric Bus, Hybrid electric Bus, and Plug-in Hybrid Electric Bus), Hybrid Powertrain (Series Parallel Hybrid, Parallel Hybrid, and Series Hybrid), Battery [Lithium Iron Phosphate (LFP) and Lithium Nickel Manganese Cobalt Oxide (NMC)], and End User (Public and Private)
At 20.2% CAGR, the APAC Electric Bus Market is speculated to be worth US$ 95,862.19 million by 2028, says Business Market Insights
According to Business Market Insights’ research, the APAC electric bus market was valued at US$ 26,375.34 million in 2021 and is expected to reach US$ 95,862.19 million by 2028, registering an annual growth rate of 20.2% from 2021 to 2028. Rising production of low-cost lithium ion-phosphate batteries and emergence of autonomous and semi-autonomous transportation systems are the critical factors attributed to the market expansion.
Electric buses employ a variety of batteries. Low-cost lithium ion-phosphate batteries are increasingly used in electric buses. Batteries made of lithium-ion phosphate are both cost-effective and robust. The average price of these batteries is a significant benefit for automakers. Due to its speed, safety, and excellent thermal stability, lithium-ion phosphate batteries have seen a phenomenal increase in sales in recent years. To meet the growing demand for longer drives, market participants are implementing technical improvements to improve the operational efficiency of batteries. This will increase electric bus sales. Electric bus manufacturers are always trying to improve efficiency and increase the range of their vehicles. Furthermore, the production of high-density Nickel, Manganese, and Cobalt (NMC) batteries is subject to significant intellectual property rights. Moreover, LFP batteries avoid the risk of litigation and simultaneously promote domestic battery suppliers over competitors such as LG Chem and Samsung. Thus, the rising production of low-cost lithium ion-phosphate batteries is expected to drive the demand for the electric bus market during the forecast period across the region.
On the contrary, high initial and development cost hurdles the growth of APAC electric bus market.
Based on vehicle type, the APAC electric bus market is segmented into the battery-electric bus, hybrid electric bus, and plug-in hybrid electric bus. The battery-electric bus segment held 95.9% market share in 2021, amassing US$ 25,281.62 million. It is projected to garner US$ 93,301.16 million by 2028 to expand at 20.5% CAGR during 2021–2028.
Based on hybrid powertrain, the APAC electric bus market is segmented into series-parallel hybrid, parallel hybrid, and series hybrid. The parallel hybrid segment held 65.1% market share in 2021, amassing US$ 17,168.71 million. It is projected to garner US$ 61,671.61 million by 2028 to expand at 20.0% CAGR during 2021–2028.
Based on battery, the APAC electric bus market is bifurcated into lithium iron phosphate (LIP) and lithium nickel manganese cobalt oxide (NMC). The lithium iron phosphate (LIP) segment held 86.2% market share in 2021, amassing US$ 22,734.07 million. It is projected to garner US$ 83,928.80 million by 2028 to expand at 20.5% CAGR during 2021–2028.
Based on end user, the APAC electric bus market is bifurcated into public and private. The public segment held 89.2% market share in 2021, amassing US$ 23,538.08 million. It is projected to garner US$ 84,009.14 million by 2028 to expand at 19.9% CAGR during 2021–2028.
Based on country, the APAC electric bus market is segmented into China, India, Japan, South Korea, Australia, and rest of APAC. Our regional analysis states that China captured 90.4% market share in 2021. It was assessed at US$ 23,845.91 million in 2021 and is likely to hit US$ 86,937.42 million by 2028, exhibiting a CAGR of 20.3% during the forecast period.
Key players dominating the APAC electric bus market are AB Volvo; BYD Company Ltd; CAF Group (Solaris Bus & Coach); Daimler AG; King Long United Automotive Industry Co., Ltd; NFI Group; Shenzhen Wuzhoulong Motors Co., Ltd; and Van Hool NV among others.
In 2021, Volvo Buses is expanding its electromobility offering around the region. Volvo Buses now offers a solid platform for sustainable and efficient public transportation in cities around the world and reliable and profitable operations for customers, with the introduction of the new Volvo BZL Electric chassis.
In 2021, Daimler AG offered the next generation of batteries to eCitaro in 2021; in the end of 2020, eCitaro has available with solid-state batteries (lithium-polymer batteries). In 2022, a range extender for the battery bus will be available (hydrogen-based fuel cell will provide the high-voltage battery with power). In 2020, an articulated bus model variant of the eCitaro will be available.
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