Strength of Bus Industry in China is Projected to Exceed More Than 690,000 Units by 2017: Radiant Insights
Radiant Insights has announced the addition of “Global and Chinese Bus Industry, 2015 Market Research Report” Market Research report to their database
San Francisco, United States – May 30, 2016 /MarketersMedia/ —
The Chinese bus industry is projected for great gains over the forecast period (2014-2020). The total bus strength of buses in China is projected to exceed more than 690,000 units by 2017. Major products within the bus industry are light buses and heavy buses. Light buses had a 17% rise from 2012, with above 300,000 buses released in the same year.
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The Chinese bus industry has invested in extensive R&D to create buses that are suited to its population. On an experimental note, the bus industry launched the ‘Straddling Bus’, a unique bus model which allows cars to pass underneath it. The Straddling Bus could carry 1400 passengers and frees up two road lanes of driving.
Electric buses are creating market opportunities for the bus industry due to the population and congested roads. Electric buses can be charged a power line and produces 35% less emission than a non-autonomous bus. Since China is accountable for 70% of lithium ion batteries, it can easily incorporate the demand for electric buses. The Chinese government has announced subsidies for electric and plug-in vehicles.
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Local rules and restrictions which are constantly fluctuating could hamper growth of the Chinese bus industry. The industry exports its buses to Europe, Asia, and Africa. The industry needs foreign technology and understands the foreign customer base to keep afloat in the market. The bus industry is accountable for supplying most number of school buses to foreign countries.
Prominent Chinese bus manufacturers include Yutong, AK Bus, Chongqing Hengtong Bus Co., Ltd., Brilliance Jinbei Automobile, Xiamen King Long United Automotive Industry Co., Ltd., and Ankai. Yutong, one of the major bus manufacturers in China, has decided to expand in Europe by starting its first production plant in Bulgaria. Brilliance Jinbei had garnered 31.5% demand of the Chinese bus industry. It reached a sales volume of 103,800 units in 2013.
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