The APAC electric bus market is expected to grow from US$ 26,375.34 million in 2021 to US$ 95,862.19 million by 2028; it is estimated to grow at a CAGR of 20.2% from 2021 to 2028.
Autonomous and semiautonomous transportation systems have emerged due to advancements in instrumentation, actuation, and sensing technologies. Light detection and ranging (LiDAR), odometer, a global positioning system (GPS), and computer-aided vision are all advancements that let autonomous buses perceive their environment. Autonomous driving has gained popularity in the electric bus industry due to advanced technology (more predictable transit times) and lower fuel, labor, and maintenance costs. Original equipment manufacturers (OEMs) are embracing autonomous driving and creating autonomous bus shuttles. For instance, the first full-sized self-driving urban electric bus has arrived in the region. Cities will soon be home to electric and self-driving buses. Meanwhile, a multinational company, Huawei, has built a 4 km test track for self-driving buses. Thus, the emergence of autonomous and semiautonomous transportation systems is expected to drive the electric bus market across the region in the near future.
With the new features and technologies, vendors can attract new customers and expand their footprints in emerging markets. This factor is likely to drive the APAC electric bus market. The APAC electric bus market is expected to grow at a good CAGR during the forecast period.
APAC Electric Bus Market Revenue and Forecast to 2028 (US$ Million)
APAC Electric Bus Market Segmentation
The APAC electric bus market is segmented based on vehicle type, hybrid powertrain, battery, end user, and country. Based on vehicle type, the market is segmented into the battery-electric bus, hybrid electric bus, and plug-in hybrid electric bus. The battery-electric bus segment dominated the market in 2021. Based on hybrid powertrain, the market is segmented into series-parallel hybrid, parallel hybrid, and series hybrid. The parallel hybrid segment dominated the market in 2021. Based on battery, the market is bifurcated into lithium iron phosphate (LIP) and lithium nickel manganese cobalt oxide (NMC). The lithium iron phosphate (LIP) segment dominated the market in 2021. Based on end user, the market is bifurcated into public and private. The public segment dominated the market in 2021. Based on country, the APAC electric bus market is segmented into China, India, Japan, South Korea, Australia, and the Rest of APAC. China dominated the market in 2021.
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 are among the leading companies in the APAC electric bus market.