China Electric Bus Market - Growth, Trends, and Forecast (2019 - 2024)

The China Electric Bus Market is segmented by Vehicle Type (Battery Electric Bus and Plug-in Hybrid Electric Bus) and Consumer Type (Government and Fleet Operators).

Market Snapshot

China Elelctric Bus Market
Study Period:

2018-2024

Base Year:

2018

Key Players:

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Market Overview

The Chinese electric bus market is expected to register a CAGR of 12.86% during the forecast period, 2019-2024. The country has been witnessing significant growth in the demand for electric vehicles (EV), owing to the growing need for addressing future energy requirements.

  • China is the largest manufacturer and consumer of e-buses in the world. The domestic demand is being supported by national sales targets, favorable laws, supportive subsidies, and municipal air-quality targets.
  • According to available statistics, the stock of electric buses in China reached 343,500 units in 2016, and in 2017, 90% of the urban bus sales in the country were electric, totaling 97,000.
  • As per industry experts, China adds approximately 9,500 electric buses every five weeks.
  • In the coming years, the country is expected to witness growth in the adoption of electric buses, as more than 30 Chinese cities, including Guangzhou, Zhuhai, Dongguan, Foshan, and Zhongshan in the Pearl River Delta, as well as Nanjing, Hangzhou, Shaanxi, and Shandong, have made plans to achieve 100% electrified public transit by 2020. As of December 2018, Shenzhen, one of the Chinese megacities, has nearly 16,000 electric buses that are operating.
  • Furthermore, the investment cost per electric bus in China has declined significantly with a price range of USD 280,000 – USD 350,000, which is significantly lower, when compared to Europe and North America at USD 575,000 – USD 680,000 and USD 595,000 – USD 690,000, respectively.

Scope of the Report

The Chinese electric bus market is segmented by vehicle type and consumer type.

By Vehicle Type
Battery Electric Bus
Plug-in Hybrid Electric Bus
By Consumer Type
Government
Fleet Operators

Report scope can be customized per your requirements. Click here.

Key Market Trends

Increased Adoption of Electric Buses in the Country

Buses are a significant mode of public transport around the world. According to a study, 1,000 electric buses can displace 500 barrels of diesel demand each day. Additionally, as per a new report by Bloomberg New Energy Finance, China electric-bus revolution may reduce oil demand in future, with 6.4 million barrels a day displaced by electric vehicles by 2040.

The Chinese government has initiated numerous policies to promote electric vehicles, with an aim to minimize exhaust emissions. For instance, in China, the Ministry of Transport (MOT) provides subsidies and tax benefits to electric automobile manufacturers for the development of low-emission bus fleet.

China has been one of the few developing countries that have been taking initiatives to curb vehicular pollution with the introduction of electric buses. By 2019, it is expected that 25% of the state government vehicle purchases of electric buses in China may feature zero-emission technology.

Electric bus sales

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Shenzhen Leading the China Electric Bus Market

With the growing focus for replacing IC engine vehicles with battery-powered vehicles, Shenzhen is leading the country and has also become the world's first city with an entire bus fleet that runs on electricity. As per the city authorities, they received significant support from the Chinese government, along with funding. As of December 2018, all 16,000 buses in the city were electric, and it is expected that soon all 22,000 taxis are likely to be converted into electric taxis.

For achieving the complete electric fleet goal, a Shenzhen public bus operator was granted a total of CNY 500,000 (USD 72,150) worth of subsidies every year for each vehicle that it runs. Additionally, CNY 400,000 was granted from Shenzhen authorities and CNY 100,000 from the central government per vehicle to encourage the use of e-bus nationwide.

Shenzhen Bus Group estimated that it has been able to conserve 160,000 metric ton of coal per year and has reduced annual CO2 emissions by 440,000 metric ton. It also reduced the fuel consumption by 50%.

Shenzhen bus fleet

Competitive Landscape

The electric bus market in the country is dominated by major players, like BYD, Zhongtong Bus Holding Co. Ltd, Volvo, and Suzhou Eagle Electric Vehicle. Among them, BYD continues to rank top in the market studied, owing to its increasing orders for electric bus from the domestic, as well as international markets. For instance, in the domestic market, in 2018, BYD received the highest order to build 4,473 electric buses for Guangzhou city, under the tender of total 4,810 electric buses, set up by the Guangdong Machinery and Electric Equipment Tendering Center Co. Ltd and Guangzhou Guoke Bidding Agent Co. Ltd.

Major Players

  1. BYD Auto Co. Ltd
  2. Anhui Ankai Automobile
  3. King Long
  4. Volvo
  5. Zhongtong Bus Holding Co. Ltd

* Complete list of players covered available in the table of contents below

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Table of Contents

  1. 1. INTRODUCTION

    1. 1.1 Study Deliverables

    2. 1.2 Study Assumptions

    3. 1.3 Scope of the Study

  2. 2. RESEARCH METHODOLOGY

  3. 3. EXECUTIVE SUMMARY

  4. 4. MARKET DYNAMICS

    1. 4.1 Market Drivers

    2. 4.2 Market Restraints

    3. 4.3 Industry Attractiveness - Porter's Five Forces Analysis

      1. 4.3.1 Threat of New Entrants

      2. 4.3.2 Bargaining Power of Buyers/Consumers

      3. 4.3.3 Bargaining Power of Suppliers

      4. 4.3.4 Threat of Substitute Products

      5. 4.3.5 Intensity of Competitive Rivalry

  5. 5. MARKET SEGMENTATION

    1. 5.1 By Vehicle Type

      1. 5.1.1 Battery Electric Bus

      2. 5.1.2 Plug-in Hybrid Electric Bus

    2. 5.2 By Consumer Type

      1. 5.2.1 Government

      2. 5.2.2 Fleet Operators

  6. 6. ANALYSIS OF THE MARKET ACROSS PROVINCES OF CHINA (INCLUDES A BRIEF ANALYSIS ON VARIOUS TRENDS AND ACTIVITIES ACROSS DIFFERENT PROVINCES OF CHINA THAT MAY IMPACT THE GROWTH OF ELECTRIC BUSES)

  7. 7. COMPETITIVE LANDSCAPE

    1. 7.1 Vendor Market Share

    2. 7.2 Mergers and Acquisitions

    3. 7.3 Company Profiles

      1. 7.3.1 BYD Auto Co. Ltd

      2. 7.3.2 Yutong

      3. 7.3.3 Anhui Ankai Automobile

      4. 7.3.4 King Long

      5. 7.3.5 Volvo

      6. 7.3.6 Nanjing Jiayuan EV

      7. 7.3.7 Suzhou Eagle Electric Vehicle

      8. 7.3.8 Zhongtong Bus Holding Co. Ltd

    4. *List Not Exhaustive
  8. 8. MARKET OPPORTUNITIES AND FUTURE TRENDS

  9. 9. DISCLAIMER

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