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China Electric Bus Market - Size, Share, Development, Growth and Demand Forecast, 2013-2023
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China is expected to account for more than 50% of the global electric bus market by the end of 2050. Out of the top 10 companies of electric buses across the globe, eight are based in China. In 2016, the Shenzhen city in China had 4,887 pure electric buses. The local government of this city plans to electrify all its city buses by the end of 2020, which will elevate the total number of electric buses to 16,493 in the city.
Electric bus adoption offers immense advantages in terms of energy conservation, cost saving and emission reduction. CO2 emission reduction in China is making it a leader in clean tech industries and flexing its muscles in terms of international climate leadership.
Some of the major factors driving the growth of the Chinese electric bus market include economic progress of the country, rising government focus to fight global warming, and cut air pollution, along with reducing subsidies for fuel buses and growing subsidies for electric buses in the country. The increasing investment by organizations in the country is reinforced by governments, transportation agencies and venture capitalists. This is projected to drive the Chinese electric bus market in the years to come.
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China accounts for the largest electric bus market and it is the hub for electric bus manufacturers. To maintain the global leadership, the Chinese electric bus manufacturers are investing heavily in research and development.
Apart from AB Volvo, all other top players in the electric bus market, including Yutong Group, Shenzhen Wuzhoulong Motors Co. Ltd, FAW Group Corporation, and King Long United Automotive Industry Co. Ltd, generated larger part of their revenues from China, in 2016.
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