The Asia-Pacific electric bus market is anticipated to grow at USD 48.6 billion by 2027, registering a CAGR of 9.8% during the forecast period 2021-2027. Factors attributing to the growth of the Asia-Pacific electric bus market include initiatives by the government to provide subsidies, and rising concern regarding air pollution levels.

The COVID-19 outbreak has had an adverse impact on electric buses in the Asia-Pacific region owing to a severe shortage of raw materials and other electric components. However, the market is for electric buses in the Asia-Pacific region is anticipated to bounce back during the projected period as temporary restrictions on travel and cargo have been lifted by regional governments, thus the transportation of the desired components for the manufacture of electric buses can take place.

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The rapid urbanization, rising environmental concerns, mandatory emission, and fuel economy standards, mounting initiatives by the government in the form of subsidies and rebates, rising usage of electric vehicles, and substituting heavy-duty diesel and gasoline-run buses having zero-emission will accelerate the growth of the electric bus market in the Asia-Pacific region.

China contributes to the largest share in the Asia-Pacific electric bus market as China’s fleet of electric buses accounts for more than 98% of total electric buses running globally. This is due to the fact that there is increased adoption of a strong municipal framework in Chinese provinces.

BYD is one of the top players and is increasing the number of orders for electric buses in domestic and international markets. BYD has developed an extensive range of economical EV solutions so as to save energy, reduce emissions, and enhance the quality of life in cities. It has launched commercial vehicles and covers 10 segments: buses, coaches, and taxis; logistics, construction, and sanitation vehicles; and vehicles for warehousing, port, airport, and mining operations.

In December 2021, Tata Motors has delivered 60 electric buses to Ahmedabad Janmarg Limited (AJL). The 24-seat Zero Emission Tata Ultra Urban 9/9 AC Bus is offered under FAME II Initiative by means of a Gross Cost Contract (GCC) with AJL and is operated by Ahmedabad's Bus Rapid Transit System. Tata Motors will also set up the charging infrastructure and support system needed to ensure the smooth operation of the bus.

Some of the key players operating in the Asia-Pacific electric bus market: BYD Company Ltd., Tata Motors, Zhongtong Bus Holding Co. Ltd, King Long United Automotive Co. Limited, Anhui Ankai Automobile Co. Ltd., ASHOK LEYLAND, Deccan Auto Ltd., Olectra Greentech Limited., YUTONG, and Shanghai Shenlong Bus Co., Ltd.

Source: VynZ Research