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China Electric Bus Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)

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    Report

  • 80 Pages
  • August 2022
  • Region: China
  • Mordor Intelligence
  • ID: 4772002
The Chinese electric bus market was valued at USD 28.98 billion in 2021 and is expected to reach USD 118.44 billion by 2027, registering a CAGR of about 26% during the forecast period (2022 - 2027).

The outbreak of COVID-19 and the subsequent shutdowns have affected the e-bus market in several countries. The negative impacts of the pandemic are visible in the global supply chains as several orders get delayed. Hence, the reduction in production rate at the start of the year due to the pandemic-induced disruptions affected the market in 2020. In May 2020, more than 420,000 electric buses were in China, about 99.0% of the global fleet. However, the market regained its growth by the end of 2020.

China is a key player in the global electric bus market and is anticipated to sustain its dominance during the forecast period. The keen focus on electrification of public transit with prevalent subsidies and national regulations is a major factor contributing to China's high market share in the global electric bus industry.

The growing government regulations improving electric vehicle adoption and robust expansion adopted by OEMs and suppliers in the region to accommodate rising demand from the automotive industry in China are expected to create a positive outlook for market growth during the forecast period.

During the forecast period, China may continue to witness growth in the adoption of electric buses, as more than 30 Chinese cities have made plans to achieve 100% electrified public transit by the start of 2021, including Guangzhou, Zhuhai, Dongguan, Foshan, and Zhongshan in the Pearl River Delta, along with Nanjing, Hangzhou, Shaanxi, and Shandong.

Key Market Trends


Increased Adoption of Electric Buses in the Country


China is one of the world's largest manufacturers and consumers of electric buses. The country's domestic demand has been supported by the national sales targets, favorable laws, and supportive subsidies.

China has been one of the few developing countries taking initiatives to curb vehicular pollution by introducing electric buses. During Q1 2021, BYD delivered its electric buses to Keolis Nederland BV. Initially, 246 BYD low-floor e-buses, from a total order of 259 vehicles, entered service during the second week of December on routes in Zwolle, Apeldoorn, Ede, Dedemsvaart, Vaassen, Harderwijk, and Deventer in the country’s IJssel-Vecht region. The delivery of the remaining vehicles and the start of their operation is expected to take place by mid-2021.

China is a key player in the global electric bus market and is anticipated to sustain its dominance during the forecast period. The keen focus on electrification of public transit with prevalent subsidies and national regulations is a major factor contributing to the high market share of China in the electric bus market. For instance,
  • In January 2021, -BYD announced that it had bagged a cumulative order to supply 1,002-unit pure-electric buses to Bogota, Colombia. These buses are scheduled to be delivered during 2021 and into the first half of 2022 and will be put into operation on 34 bus routes across five cities.
During the forecast period, China may continue to witness growth in the adoption of electric buses, as more than 30 Chinese cities have made plans to achieve 100% electrified public transit by the start of 2021, including Guangzhou, Zhuhai, Dongguan, Foshan, and Zhongshan in the Pearl River Delta, along with Nanjing, Hangzhou, Shaanxi, and Shandong.



Shenzhen Leading the Chinese Electric Bus Market


Shenzhen is leading the country with a growing focus on replacing IC engine vehicles with battery-powered vehicles. It 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 and funding.

To achieve the complete electric fleet goal, a Shenzhen public bus operator was granted a total of CNY 500,000 (USD 72,150) worth of yearly subsidies for each vehicle 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. Apart from that, Shenzhen Bus Group estimated that it has been able to conserve 160,000 metric tons of coal per year and has reduced annual CO2 emissions by 440,000 tons. It also reduced fuel consumption by 50%.

Shenzen, with a population of over 12 million people, has converted its fleet to electric transportation, including 16,000 electric buses and 22,000 electric taxis. In Addition, the Shenzhen Bus Company has about 6,000 buses that travel nearly one million kilometers daily.

Moreover, BYD, a Chinese electric vehicle manufacturer, announced that, in April 2022, each of its electric buses had traveled more than 640,000 kilometers, equivalent to 16 laps around the earth's equator.

BYD has delivered over 70,000 pure electric buses worldwide, including Shenzhen, Guangzhou, Beijing, and Shanghai, as well as well-known overseas cities like London, Paris, and Milan. In Shenzen, BYD has the most extensive electric bus network.



Competitive Landscape


The electric bus market in the country is consolidated by major players like BYD, Zhongtong Bus Holding Co. Ltd, eHiger, CRRC Electric, and Yutong. BYD continues to rank top in the market studied, owing to its increasing orders for electric buses from the domestic and international markets. The major players in the market have also adopted different strategies such as new product developments, collaborations, and contracts & agreements to sustain their market position. For instance,
  • Yutong launched ZK6907H of the new 7 Series. It also launched four-star models: the T7 3.5T gasoline version, the new high-end intelligent connected city bus U10, L4 self-driving bus, and hydrogen fuel cell bus F8.
  • BYD Co. Ltd announced to double its bus manufacturing capacity in India and its plans to open bookings for its multi-purpose electric vehicle (MPV) product T3 soon to foray into the emerging EV market in the country.

Additional Benefits:

  • The market estimate (ME) sheet in Excel format
  • 3 months of analyst support


This product will be delivered within 2 business days.

Table of Contents

1 INTRODUCTION
1.1 Study Assumptions
1.2 Scope of the Study
2 RESEARCH METHODOLOGY3 EXECUTIVE SUMMARY
4 MARKET DYNAMICS
4.1 Market Drivers
4.2 Market Restraints
4.3 Industry Attractiveness - Porter's Five Forces Analysis
4.3.1 Bargaining Power of Suppliers
4.3.2 Bargaining Power of Consumers
4.3.3 Threat of New Entrants
4.3.4 Threat of Substitute Products
4.3.5 Intensity of Competitive Rivalry
5 MARKET SEGMENTATION (Market Size in Value USD Billion)
5.1 Vehicle Type
5.1.1 Battery Electric Bus
5.1.2 Plug-in Hybrid Electric Bus
5.2 Consumer Type
5.2.1 Government
5.2.2 Fleet Operators
6 COMPETITIVE LANDSCAPE
6.1 Vendor Market Share
6.2 Company Profiles*
6.2.1 BYD Auto Co. Ltd
6.2.2 Yutong
6.2.3 Anhui Ankai Automobile
6.2.4 King Long
6.2.5 Volvo
Volvo
6.2.6 Nanjing Jiayuan EV
6.2.7 Suzhou Eagle Electric Vehicle
6.2.8 Zhongtong Bus Holding Co. Ltd
6.2.9 CRRC Yongji Electric Co. Ltd
6.2.10 Higer Bus Company Limited
7 MARKET OPPORTUNITIES AND FUTURE TRENDS

Companies Mentioned

A selection of companies mentioned in this report includes:

  • BYD Auto Co. Ltd
  • Yutong
  • Anhui Ankai Automobile
  • King Long
  • VolvoVolvo
  • Nanjing Jiayuan EV
  • Suzhou Eagle Electric Vehicle
  • Zhongtong Bus Holding Co. Ltd
  • CRRC Yongji Electric Co. Ltd
  • Higer Bus Company Limited

Methodology

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