Dublin–(business wire)– “Asia Pacific Electric Bus Market Forecast to 2028 – Impact of COVID-19 and Regional Analysis – By Vehicle Type, Hybrid Powertrain, Battery and End User” report added of ResearchAndMarkets.com Recruitment.
The APAC electric bus market is projected to grow from USD 26,375.34 million in 2021 to USD 95,862.19 million in 2028. It is estimated to grow at a CAGR of 20.2% from 2021 to 2028.
Autonomous and semi-autonomous transportation systems have emerged due to advances in measurement, actuation, and sensing technologies. Light detection and ranging (LiDAR), odometers, global positioning systems (GPS), and computer-assisted vision are all advancements to help self-driving buses perceive their environment.
Autonomous driving is gaining popularity in the electric bus industry due to advanced technology (more predictable travel times) and reduced fuel, labor and maintenance costs. Original equipment manufacturers (OEMs) are embracing autonomous driving and creating automated bus shuttles.
For example, the first full-size self-driving urban electric bus has arrived in the region. Cities will soon be home to electric and self-driving buses. Meanwhile, multinational Huawei has built his 4km test track for self-driving buses. Therefore, the emergence of automated and semi-automated transportation systems is expected to drive the electric bus market across the region in the near future.
New features and technologies enable vendors to attract new customers and expand their footprint in emerging markets. This factor is likely to drive the electric bus market in APAC. The APAC electric bus market is expected to grow at a good CAGR during the forecast period.
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 battery electric buses, hybrid electric buses, and plug-in hybrid electric buses. The battery electric bus segment dominated the market in 2021. Based on hybrid powertrains, the market is segmented into series parallel hybrids, parallel hybrids and series hybrids.
In 2021, the parallel hybrid segment dominated the market. Based on the battery, the market bifurcates 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 users, the market is divided 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 rest of APAC. China dominated the market in 2021.
Growing demand for hydrogen-fueled buses
Stringent government emissions regulations
Proliferation of Low-Cost Lithium Phosphate Ion Batteries
Rise of automated and semi-automated transportation systems
BYD Company Limited
CAF Group (Solaris Bus & Coach)
King Long United Automobile Industry Co., Ltd.
Shenzhen Wuzhoulong Motors Co., Ltd.
Van Hoor NV
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