China Electric Bus Market - Segmented by Vehicle Type, Technology Type, End Consumer - Growth, Trends, and Forecast (2018 - 2023)
Electric buses in China are designed exclusively for commercial use. Xi'an, Changsha, and Shenzhen in China have already implemented the use of electric buses to a considerable extent. Shenzhen is considered to have the largest fleet of electric vehicles in the world. China has seen an incrediable increase in number of electric buses. In 2016 alone, around 80,000 electric buses were added to fleets. Transitioning to electric buses will help the country in reducing its climate problem by 60-65% by 2030, and help address growing concerns about rising air pollution. In 2015, the Chinese market for pure electric buses had approximately 89,500 sales. Whereas, in 2016, the total sales were nearly 115,800. This means that year on year the market sales decreased by 23%.
Increased Adoption of Electric Buses in Compared To Conventional Buses
Fuel constitutes the major part of the operating cost of any vehicle. With increasing fuel costs, using an electric bus for public transport is significantly cost-effective in the long run. Currently, approximately 2.5-3 million buses are operating globally. These are expected to be removed from the market in the next eight years, as per the government mandates in most of the countries. The removal of older and non-efficient vehicles implies that there would be a changeover market of approximately 300,000 buses every year in the global market.
Government initiatives across the global markets are playing a pivotal role in the growth of the electric bus market. 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. According to the International Energy Agency (IEA), China ranks third on the list of countries using pure electric cars, with more than 100,000 units sold since 2008. In this country, the state governments collaborate with various OEMs and produce electric and other renewable energy buses.
China has been one of the few developing countries worldwide 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 will feature zero-emission technology. China, being the largest market for electric buses (with a share of more than 55% of the global market), has increased its focus on low emission vehicles, and supportive initiatives from the government are anticipated to create an excellent growth opportunity for the electric bus market in the country.
Key Developments in the Market
January 2018: China's BYD provided electric buses to Egypt's Alexandria
January 2018: Hriman Motors launched e-cars with infinite battery in China
October 2017: China is already the world's largest maker of electric vehicles. In 2016, it sold 507,000, including buses and commercial vehicles, according to the China Association of Automobile Manufacturers.
Major Key Players: DAIMLER, BYD, NANJING JIAYUAN EV, IVECO, VOLVO, amongst others.
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