DUBLIN–(BUSINESS WIRE)–Nov 22, 2022–
The “Asia-Pacific Electric Bus Market Forecast to 2028 – Impact of COVID-19 and Regional Analysis – by Vehicle Type, Hybrid Powertrain, Battery and End User” report has been added to ResearchAndMarkets’ offering. .com.
The APAC electric bus market is expected to grow from US$26,375.34 million in 2021 to US$95,862.19 million by 2028; it is estimated to grow at a CAGR of 20.2% from 2021 to 2028.
Autonomous and semi-autonomous transportation systems have emerged through advances in instrumentation, actuation, and sensing technologies. Light detection and ranging (LiDAR), odometer, a global positioning system (GPS) and computer vision are all advancements that allow autonomous buses to perceive their surroundings.
Self-driving has gained popularity in the electric bus industry due to advanced technology (more predictable transit times) and reduced fuel, labor and maintenance costs. Original equipment manufacturers (OEMs) are embracing self-driving and creating self-driving shuttle buses.
For example, the first full-size autonomous urban electric bus has arrived in the region. Cities will soon welcome electric and autonomous buses. Meanwhile, a multinational, Huawei, has built a 4 km test track for self-driving buses. Thus, the emergence of autonomous and semi-autonomous transport systems is expected to boost the electric bus market in the region in the near future.
With new features and technologies, vendors can attract new customers and expand their footprint in emerging markets. This factor is likely to drive the APAC electric bus market. The APAC electric bus market is expected to grow at a good CAGR during the forecast period.
APAC electric bus market segmentation
The APAC electric bus market is segmented on the basis of vehicle type, hybrid powertrain, battery, end user and country. Based on vehicle type, the market is segmented into battery electric bus, hybrid electric bus, and plug-in hybrid electric bus. Battery electric bus segment dominated the market in 2021. Based on hybrid powertrain, the market is segmented into series-parallel hybrid, parallel hybrid, and series hybrid.
Parallel hybrid segment dominated the market in 2021. Based on battery, the market is divided into lithium iron phosphate (LIP) and lithium nickel manganese cobalt oxide (NMC). Lithium iron phosphate (LIP) segment dominated the market in 2021. Based on end-user, the market is divided into public and private. Public segment dominated the market in 2021. Based on country, the APAC electric bus market is segmented into China, India, Japan, South Korea, Australia, and rest of APAC. China dominated the market in 2021.
- Increase in demand for hydrogen buses
- Strict government emissions regulations
- Increased production of low-cost lithium-ion-phosphate batteries
- Growth of the autonomous and semi-autonomous transport system
- AB Volvo
- BYD Company Ltd
- CAF Group (Solaris Bus & Coach)
- Daimler S.A.
- King Long United Automotive Industry Co.,Ltd
- NFI Group
- Shenzhen Wuzhoulong Motors Co.,Ltd
- Van Hool AG
For more information about this report visit https://www.researchandmarkets.com/r/xko7o2
See the source version on businesswire.com: https://www.businesswire.com/news/home/20221122005736/en/
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KEYWORD: ASIA PACIFIC
INDUSTRY KEYWORD: AUTOMOTIVE TECHNOLOGY GENERAL AUTOMOTIVE OTHER ENERGY VEHICLES/ALTERNATIVE FUELS OTHER TRANSPORTATION PUBLIC TRANSPORTATION VEHICLE TECHNOLOGY IOT (INTERNET OF THINGS) ENERGY TRANSPORT AUTOMOTIVE MANUFACTURING OTHER TECHNOLOGY MANUFACTURING SOFTWARE BATTERIES ELECTRIC VEHICLES/ELECTRIC VEHICLES
SOURCE: Research and Markets
Copyright BusinessWire 2022.
PUBLISHED: 11/22/2022 12:35 PM / DISK: 11/22/2022 12:36 PM
Copyright BusinessWire 2022.
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