Increasing adoption of advanced charging technology for electric buses and increasing urbanization in the country drives the Vietnam Electric Bus Market through 2027.
According to TechSci Research report, “Vietnam Electric Bus Market - Industry Size, Share, Trends, Competition, Opportunity, and Forecast, 2017-2027”, Vietnam electric bus market is rapidly gaining pace in all regions. The growing popularity of electric buses on the road in all regions of Vietnam is driving up demand for buses. Growing need for low-emission and fuel-efficient buses is driving up market demand for electric vehicles. Owing to Vietnam's expanding infrastructure, which is expected to support steady economic growth and rising personal disposable incomes, the infrastructure for electric buses is also growing in the country. The market for electric buses in Vietnam is also influenced by the widespread use of zero emission vehicles penetration.
There is a high demand for electric buses in transportation fleets due to growing urbanization and pollution levels, which has led to an increase in the use of electric passenger vehicles. Additionally, strict requirements for manufacturers to produce fuel-efficient and environment-friendly electric cars are encouraging the growth of the Vietnam electric bus industry. Furthermore, the need for transportation has increased as a result of growing urbanization, particularly in developing countries such as Vietnam, which is also supporting the market for electric buses within the country. Vinbus and Star Charge signed a contract in November 2020 to supply smart charging technologies for charging stations.
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Global trade is disrupted by the COVID-19 pandemic. Even though the business sector was badly damaged, Vietnamese government took rapid and efficient pandemic containment measures to lessen the damage. Furthermore, the pandemic had a significant impact on the automotive industry and the sales decreased by 60%. Moreover, this hinders investment in the market for electric vehicles. Hanoi city needs to invest more than 887 million USD to replace all diesel and gasoline-powered buses with electric alternatives in the subsequent years.
Battery packs are considered to be an important investment component that affects the market's long-term growth. Reducing battery costs are a top priority for electric bus producers because they account for 65-70% of the total cost of the bus. Vinfast invested USD 174 million in a VinES battery manufacturing facility in Ha Tinh city in December 2021. This facility has the capacity to manufacture 100,000 lithium-Ion battery packs yearly. As a result, more electric buses are anticipated in the upcoming years, which will expand the overall market.
On the basis of on seating capacity, 31-40 seater buses dominate the market and it is expected to lead in the upcoming years, followed by above 40 seater buses for long distance travel. Based on application, intracity travel is dominating the market. Based on length of the bus, 9-12 m segment is leading the market followed by above 12 m. In 2021, Northern region dominated the market for electric buses in Vietnam and it is expected that it will continue to lead the Vietnam electric bus market during the forecast period, followed by southern region and then central region.
The Vietnam Electric Bus Market can be segmented on the basis of seating type, battery type, application, bus length, and region. Based on seating capacity, the market is segmented into up to 30 seater, 31-40 seater, above 40 seater. Based on battery type, the market is bifurcated into lead acid and lithium ion. On the basis of application, the market is segmented into intercity, intracity, and airport bus. On the basis bus length, the market is segmented into 6-8 m, 9-12 m, and above 12 m.
Some of the major companies operating in the Vietnam Electric Bus Market include:
- Vingroup JSC
The key players have been developing advanced technologies and launching new products to stay competitive in the market. Other competitive strategies include mergers with tech firms, new product developments, and marketing activities to increase customer outreach.
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“The market for electric buses is being driven by an expansion of the charging infrastructure and the development of more advanced battery packs with longer range and lower cost. As more competitors enter the market and provide high range and low-cost vehicles, the use of electric buses for intracity as well as intercity travel is projected to grow during the forecast period,” said Mr. Karan Chechi, Research Director with TechSci Research, a research-based global management consulting firm.
“Vietnam Electric Bus Market By Seating Capacity (Up to 30, Seater 31-40, Seater Above 40), By Battery Type (Lead Acid, Lithium ion), By Application (Intercity, Intracity, Airport Bus), By Bus Length (6-8 m, 9-12 m, Above 12 m), By Region, Competition Forecast & Opportunities, 2018-2027” has evaluated the future growth potential of Global Electric Bus Market and provides statistics & information on market size, structure and future market growth. The report intends to provide cutting-edge market intelligence and help decision makers take sound investment decisions. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges, and opportunities in the global automotive battery management system market.
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