China Electric Bus Market Trends, Share, Growth and Forecast Report by 2025

One of the biggest factors fuelling the rise in the demand for electric buses in China is the decreasing price of the Lithium-ion (Li-ion) battery in the country. As per the industry experts, the average price of Li-ion battery cells reduced from approximately $540/kWh to $240/kWh from 2012 to 2016. As these batteries account for almost 40% of the total electric bus manufacturing cost, their rapidly reducing prices will allow the bus companies to keep the bus prices low, which will consequently lead to the increasing deployment of electric buses in the country.

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Driven by the above-mentioned factors, 104.3 thousand electric buses were sold in China in 2017, and this number is expected to rise to 176.4 thousand units by 2025. The Chinese electric bus market is predicted to progress at a CAGR of 8.6% during the forecast period (2018–2025). The most common types of electric buses used in China are parallel hybrid, series parallel hybrid, series hybrid, and pure electric buses (BEB). Amongst these, BEBs recorded the highest sales in 2017, owing to the huge subsidies provided by the Chinese government on these buses.

The electric buses operating in China are available in less-than-8-meter length, length in the range 8–10 meters, and more-than-10-meter length variants. Out of these variants, buses having a length of less than 8 meters are expected to record the fastest growth in utilization during the forecast period. This is mainly attributed to the burgeoning demand for these buses for use in the various end-user applications in the country such as schools and corporates.

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CHINA ELECTRIC BUS MARKET SEGMENTATION

By Type

  • Battery Electric Bus (BEV)
  • Plug-in Hybrid Electric Bus (PHEV)
  • Hybrid Electric Bus (HEV)

By Hybrid Powertrain

  • Parallel Hybrid
  • Series Parallel Hybrid
  • Series Hybrid

By Length

  • >10m
  • 8m-10m
  • <8m

By Battery

  • LFP
  • NMC
  • Others

By Customer

  • Public
  • Private