NEW YORK, April 11, 2018 (GLOBE NEWSWIRE) -- China electric bus market is projected to cross 176,000 units by 2025, growing at a CAGR of 8.6% between 2018-2025. The boost in demand for electric bus is driven by declining battery costs, improving operational efficiencies and rise in the replacement of old conventional buses with new electric ones.
China electric bus market is segmented on the basis of type, which includes parallel hybrid bus, pure electric bus, series parallel hybrid bus, and series hybrid bus. Pure electric bus held the largest share in the Chinese electric bus market in 2017 and is expected to hold its position during the forecast period. In terms of length, the Chinese electric bus market includes, <8m, 8m-10m and >10m. 8m-10m and >10m length buses together accounted for almost two-third of the total electric bus sales in the country in 2017.
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China has a few million buses/coaches accumulated over the last decade, out of which, around one-third of the buses are more than five years old. These old conventional buses are expected to be replaced by new electric ones during the forecast period. Large fleet of old conventional buses in the country provides considerable opportunity for the electric bus sales in the country. Moreover, additional buses would become old during the forecast period benefiting the sales of electric buses in the country and thereby driving the growth of China electric bus market.
Limited charging infrastructure is a major restraint hampering the growth of the Chinese electric bus market. The combined charging and battery swapping stations in the country are less than 500 and the government plans to increase them to 12,000 by 2020. The subsidy for installing a charging station is relatively less considering the high initial investments and long payback period for charging stations. Apart from charging stations, support from other entities such as electricity utilities, financial institutions, service providers, and leasing companies is also not adequate, which adversely affects the Chinese electric bus market.
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Zhengzhou Yutong Group Co. Ltd. was the leading player in the Chinese electric bus market in 2016, accounting for more than one-fourth of the total sales, followed by Higer Bus Company Limited and Zhongtong Bus & Holding Co. Ltd., each accounting for more than 10% of the total sales. Other key players in China electric bus market include Dongfeng Motor Corporation, King Long United Automotive Industry Co. Ltd., Anhui Ankai Automobile Co. Ltd., Liaoning Huanghai Automobile Import & Export Co. Ltd., Yangzhou Yaxing Motor Coach Co. Ltd., and BYD Company Limited.
More Reports on Electric Bus Industry by P&S Market Research
Global Electric Bus Market
The study suggests that low existing penetration of electric buses in the global fleet is the key reason for high growth rate of this market. The policy makers of various countries are focusing on developing public transit infrastructure with no or low pollution to tackle the air pollutant emissions, mainly in the densely-populated cities and mega-cities. This has been impelling the bus owners, including transit agencies, to make their fleet electric. This is consequently propelling the electric bus demand globally.
https://www.psmarketresearch.com/market-analysis/electric-bus-market
India Electric Bus Market
Increasing focus on reducing the level of local pollution, noise and fuel consumption, strengthening public transportation, and government incentives and subsidy schemes are some of the driving factors of the electric bus market in India. Besides pollution, there is another major problem associated with the vehicles that run on conventional fuels such as petrol or diesel.
https://www.psmarketresearch.com/market-analysis/india-electric-bus-market
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