The Korea and Asia Pacific Electric Bus Market was valued at US$ 24.2 Million in 2020 and is expected to surpass US$ 203.7 Million by 2028, registering a CAGR of 28.8% during the forecast period (2021-2028), according to the Korea and Asia Pacific Electric Bus Market Report, by Bus Type (City Bus, Tour/Intercity Bus / Luxury Buses, and School Bus), by Type (Trolleybus, Battery EV Bus, PHEV/Hybrid Bus, and Hydrogen Fuel Cell) by Size (Small (Upto 9m), Medium (9 to 12m), and Large (Above 12m)), and by Region (Korea and Asia Pacific (China, India, Japan, South Korea, ASEAN, and Rest of Asia Pacific)), published by Coherent Market Insights.
Rising demand for electric buses for public transportation is propelling the electric bus market. Governments across various countries in Asia Pacific are taking initiatives to make their public transportation system fuel efficient and sustainable with the use of electric vehicles. Governments are planning for electrification of public transport. For instance, plug-in charging electric buses have been introduced at city bus routes of Daegu Metropolitan City in South Korea since November 2016. In addition to this, many local governments have participated in EV pilot projects. Seoul and Jeju city governments have concentrated on EV policy deployment to reduce externalities caused by the transport sector by replacing internal combustion engine (ICE) vehicles with EV buses. The promotion of electric vehicles by governments to control emission is propelling growth of the market for EV buses in Korea Asia Pacific.
Moreover, the increasing stringency of emission norms in several countries of Asia Pacific to improve air quality, reduce noise level, and increase efficiency is increasing demand for electric buses in the region.
Korea and Asia Pacific Electric Bus Market - Impact of Coronavirus (Covid-19) Pandemic
Globally, most of the countries are affected by COVID-19 pandemic. The automotive industry has been impacted significantly by COVID-19 in terms of supply as well as demand. According to Coherent Market Insights’ analysis, more than 45% of vehicle manufacturers have reported that COVID-19 has directly impacted their short-term strategic plans, and also impacted their revenue of 2020. Moreover, 63% of companies do not have enough workforce to run their business operations at full-scale.
The automotive industry has seen disruptions across vehicle production resulting in temporary shutdown of several major automobile production facilities. The disruptions across vehicle production are attributed to the lockdown imposed and international border sealed. For instance, according to Coherent Market Insights’ analysis, vehicle and automotive components export from China, ASEAN, and India to Europe and North America are stalled and India’s export market has witnessed a fall of US$ 9 billion. Furthermore, according to the same source, in China, the largest electrical bus market, around 75% of auto productions have been affected directly by the shutdown along with an impact on their suppliers.
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Key Trends and Analysis of the Korea and Asia Pacific Electric Bus Market:
- Asia Pacific held dominant position in the electric bus market in 2020 and is expected to retain its dominance throughout the forecast period. The dominance of the Asia-Pacific market is primarily driven by the increasing output of Chinese original equipment manufacturers (OEMs). China leads the global e-bus market in terms of E-bus deployments. According to Coherent Market Insights’ analysis, in year 2019, over 71.5 thousand e-buses are deployed in China which is around 14% of the total domestic buses across China.
- Among bus type, city bus accounted for a significant market share in 2020. City bus plays a prominent role in the public transport in metropolitan cities. Along with the rising need for city buses for better connectivity in the metro cities, there is also rapid increase in the greenhouse gas emissions caused due to IC engine vehicles. In order to tackle pollution, the major cities of China such as Shenzhen, Beijing, and Guanzhou are shifting their preference from traditional IC engine buses to electric buses. For instance, in November 2018, the Shenzhen City in China had a fleet of around 16,000 electric buses for public transport. This move enabled Shenzhen City Municipal Corporation to reduce the CO2 emission by about 48% in the city, according to Coherent Market Insights’ analysis in 2020.
- Major players operating in the Korea and Asia Pacific electric bus market include ANKAI, Ashok Leyland Limited, BYD Motors Inc., EDISON MOTORS Co., Ltd., FAW Group Corporation, GILLIG LLC, Higer Bus, Hyundai Motor Company, King Long, Nanjing Jinlong Bus Manufacturing Co., Ltd (Sky-well New Energy Automobile Group Co. Ltd), Olectra Greentech Limited, Scania, TATA MOTORS, Volvo Group, YUTONG, Zhongtong Bus Holdings Co., Ltd.
