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China is world’s biggest bus engine market, followed by India and Europe. The China bus market has 25 players in total, accounting for 0.5 Million units per annum cumulatively .
The bus market in China is estimated at $10 Billion per annum. The electric bus market in China was estimated at ~78,000 units in 2020 or ~17% of the overall bus market in terms of volume, de-growing by 13% YOY.
From January to June in 2021, China sold about 16,754 units large- and medium-sized electric & fuel cell buses, down by 5.99% year on year.
India currently has 1.5 buses per 1,000 people, compared to six per 1,000 in China, 30 per 1,000 in Japan and 70 per 1,000 in South Korea.
There are four major Bus OEMs in Europe, Mercedes Benz, Volvo, Scania and MAN.
Unlike India and Europe, where bus manufacturers in-source Diesel Engines, the OEMs in China rely on external engine suppliers. In the first 4 months of 2021, 159,300 units buses were sold in the country, up by 52.1% Y-o-Y. Segment wise, the sales volume of large-, medium- and light buses stood at 11,900 units, 10,900 units and 136,500 units
Buses were the most preferred mode of public transportation across the world especially in developing countries, such as India, Brazil and Mexico. As there are growing concerns over pollution, rapid population growth, urbanization, government initiatives to connect rural areas to cities and rise in stringent emission regulations. The countries planned to include a greater number of electric buses in the existing bus fleet, thereby contributing to the overall bus market growth.
Due to the outbreak of the COVID-19 pandemic. Governments and authorities around the globe-imposed restrictions on transport and mobility at an unprecedented scale and magnitude. Physical distancing had a significant impact on mobility behaviour and preferences. Many people switched to a transport mode that reduces the risk of infection. Many cities across the world saw that private cars, walking, and biking have gained the most share since the pandemic began, while bus ridership declined. This has resulted in low demand for the bus market.
The COVID-19 pandemic impacted the growth as the country went through strict lockdown for a long period in 2020. But the enactment of stringent emission standards across the country and upcoming launches by manufacturers drove more electric vehicle sales during the forecast period along with the gradual opening of economies. There are hopes that demand is returning to the market.
The driving factors for the market are increasing like adoption of electric vehicles and buses in order to reduce the carbon footprints and improve the air quality and investments made by several global OEMs in the country because of the availability of low-cost labours and other tax benefits offered by the government is supporting the market.
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While all segments of the automotive sector have been negatively impacted due to the pandemic, the passenger commercial vehicle (CV) segment experienced a washout year in India. The new report in accordance to FY21 sales data released by the Society of Indian Automobile Manufacturers (SIAM), sales of passenger medium and heavy CVs dropped 81.7% year-on-year and those of passenger light CVs dropped 73.6%, whereas the goods counterparts of these sub-segments dropped by just 16.8% and 11.5%.
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