Korea and Asia Pacific Electric Bus Market

Asia Pacific e-bus contributes more than 90% volume share of the global e-bus market. Wherein, APAC Electric bus market (new registered) was valued at 76.1 thousand units in 2019 and is expected to exhibit a CAGR more than 26.5% over the forecast period. Additionally, many new manufacturers such as FOTON and Mozev have entered the market that are focusing on introducing new vehicle models and revamping existing vehicles with advanced technology to attract more customers which will boost the market in the coming years. Furthermore, the companies are developing innovative battery technologies to stay competitive in the industry. Moreover, advancements in technologies have also enabled wireless charging while driving, which is a dynamic charging technology that helps to reduce the vehicle weight, optimize the energy use, and provide cost-effective battery charging solution. Market Dynamics With an increased emphasis on OEM investments in R&D and innovation, the government is planning to continue supporting the electric bus market over the next five years. For instance, in China, the Ministry of Transport (MOT) provides subsidies and tax benefits to manufacturers of low-emission buses, including subsidies of US$ 81,600 per bus for the purchase of electric buses in 2016. China has been one of the few developing economies worldwide to take initiatives to curb vehicular pollution with the introduction of electric buses which is in turn fueling the e-bus market across China and APAC. However, limited battery capacity is hindering the market growth. The batteries of current electric vehicles have low capacity with long charging duration and limited distance covered per charge. The performance and service life of the battery directly affects the performance and the cost of the electric vehicle. Currently, the batteries used to power the electric vehicle are lead acid, nickel cadmium, nickel metal hydride, and lithium ion among others. Lithium ion batteries are gradually replacing lead acid, nickel cadmium, and nickel metal hydride batteries in electric vehicles, as it offers longer battery life. However, the capacity of lithium ion batteries is too low to power commercial vehicles, as the heavy loads require more power to create the maximum torque. Key features of the study • This report provides in-depth analysis of the Korea and Asia Pacific electric bus market size (US$ Million) and compound annual growth rate (CAGR %) for the forecast period (2021– 2028), considering 2020 as the base year • It elucidates potential revenue opportunities across different segments and explains attractive investment proposition matrices for this market • This study also provides key insights about market drivers, restraints, opportunities, new product launches or approvals, regional outlook, and competitive strategies adopted by the leading market players • It profiles leading players in the Korea and Asia Pacific Electric Bus Market based on the following parameters – company overview, financial performance, product portfolio, geographical presence, market capital, key developments, strategies, and future plans • Companies covered as a part of this study 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. • Insights from this report would allow marketers and management authorities of companies to make informed decisions regarding future product launches, product upgrades, market expansion, and marketing tactics • The Korea and Asia Pacific electric bus market report caters to various stakeholders in this industry including investors, suppliers, managed service providers, third-party service providers, distributors, new entrants, and value-added resellers • Stakeholders would have ease in decision-making through various strategy matrices used in analyzing the Korea and Asia Pacific electric bus market Market Segmentation • By Bus Type o City Bus o Tour/Intercity Bus / Luxury Buses o School Bus • By Type o Trolleybus o Battery EV Bus o PHEV/Hybrid Bus o Hydrogen Fuel Cell • By Size o Small (Upto 9m) o Medium (9 to 12m) o Large (Above 12m) • By Region o China o India o Japan o Australia o South Korea o ASEAN o Rest of Asia Pacific • Key Players Insights o ANKAI o Ashok Leyland Limited, BYD Motors Inc. o Edison Motors Co., Ltd. o FAW Group Corporation o GILLIG LLC o Higer Bus o Hyundai Motor Company o King Long o Nanjing Jinlong Bus Manufacturing Co. Ltd (Sky-well New Energy Automobile Group Co. Ltd) o Olectra Greentech Limited o Scania o Tata Motors o Volvo Group o Yutong o Zhongtong Bus Holdings Co., Ltd.