EV News: China Dominates the Electric Bus Market
Regarding the electric bus market share, China controls the market regionally and globally, owning more than 80% of the global market share.
The global electric bus market grew to $19.20 billion in 2022 and is expected to advance by 13.30% each year to reach $66.50 billion in 2032.
In addition to government plans to decarbonize public transport, falling electric battery prices have increased the number of cities and countries adopting electric vehicles. Batteries, which account for 40% of the cost of e-buses, are expected to become cheaper as relevant technology advances continuously. Hence, the initial cost of acquiring and developing an EV fleet will drop considerably, fueling expansion in the electric bus sector.
The Insight Partners and Apollo Research Reports agreed that Asia-Pacific (APAC) has emerged as the world’s leading region in the electric bus market. According to their analyses, APAC has added $26 billion in market value throughout 2021. Moreover, they expect the figure to increase to $96 billion in 2028, reflecting a compound annual growth rate (CAGR) of 18.90%.
China’s Unstoppable Transition to Electric Vehicles
China alone contributed $24 million to the total APAC market size in 2021. Regarding market share, China controls the market regionally and globally, owning more than 80% of the global market share.
China’s dominance is evident in the sales figures: in 2022, about 66,000 electric buses will be sold globally, comprising nearly 4.5% of total global bus sales. The results include 54,000 new electric buses sold domestically in China. This represents nearly 80.00% of global electric bus sales and 85.00% of global electric truck sales.
China’s significant contribution to the electric bus market highlights its role in the global transition to electrifying public transportation. The success of e-buses in China is largely due to the proactive approach of electric bus makers. The Chinese government has long recognized the need for a clean alternative to gasoline-powered cars, which exacerbate air pollution.
Contributing to this problem, China has prioritized electric vehicles as a way to reduce dependence on imported oil and fuel. Since 2010, China has been expanding its electric vehicle network, supported by government subsidies.
Conclusion
China has set the example for electrifying urban mobility by replacing traditional buses with electric counterparts. Beijing has continuously provided stimulus packages to EV vendors and consumers, including those in the electric scooter industry.
The e-scooter is the perfect complement to electric buses in a multimodal commuting scenario. Speaking of electric scooters, the Flash Motors Infinity X boasts a maximum range of 70 miles and a top speed of 75 mph. It is ideal for traveling to and from bus stations to your destination.
