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China Electric Bus Market

China Electric Bus Market by Type (Pure Electric Bus, Series Hybrid Bus, Parallel Hybrid Bus, Series Parallel Hybrid Bus), by Length (> 10m, < 8m, 8m -10m) – Market Size, Share, Development, Growth, and Demand Forecast, 2013-2025

Published: January 2018
Report Code: AT11295
Available Format:
Pages: 74

China Electric Bus Market Overview

China electric bus market size is estimated to cross 140,000 units in 2017 and is forecasted to grow at a CAGR of 13.1% during 2018-2025. The market witnessed a significant growth in the historical period, mainly driven by government subsidies. Pure Electric buses, which account for a majority of electric bus sales in the country, would continue to dominate the Chinese electric bus market due to increased government support for these buses.

 

SUBSIDY SCHEME (2017)

China Electric Bus Market

Long buses (>10m) accounted for the maximum share in the total electric bus sales in the country in 2017. Small electric buses (<8m) are expected to witness the fastest growth in demand during the forecast period. Although small electric buses will see slower growth till 2020 due to greater subsidies available for buses between 8-12m length, post 2020, when the subsidy scheme ends, the smaller electric bus market is expected to witness a significant growth with increased adoption from end-users such as schools and corporates.

China Electric Bus Market Dynamics

Growth Drivers

The government is the largest buyer of electric buses in China. Most of the decisions of purchasing electric buses are made at the central or state government level. Buses in the government sector are used for public transport, transit services, military, and other purposes. The reduction in electric vehicle subsidy in 2017 would have a limited impact on the sales of these buses, as the government sector is less price sensitive than the private sector.

The Chinese government has a strong commitment towards increasing the share of electric buses in the transportation system of the country. Moreover, in the new subsidy scheme, there is an increased emphasis on battery technology and performance which better addresses consumer utility and concerns, thus improving the quality of future electric buses in the country.

Restraints

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.

Challenges

Reduction in subsidies has increased the upfront cost of electric buses when compared to conventional buses. Moreover, OEMs and bus manufacturers which enjoyed considerable profit margins in the historical period, would now need to cut profits to maintain reasonable retail price for electric buses.

Competitive Landscape

The top four players in the Chinese electric bus market, namely Zhengzhou Yutong Group Co. Ltd., Higer Bus Company Limited, Zhongtong Bus & Holding Co. Ltd., and Dongfeng Motor Corporation, together account for the maximum electric bus sales in the country, followed by King Long United Automotive Industry Co. Ltd., BYD Company Limited, and Anhui Ankai Automobile Co. Ltd. The top players have maintained their market position over the last few years in the Chinese electric bus market. Similar to the conventional bus market, domestic players account for most of the sales in the Chinese electric bus market.

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