Vietnam Electric Bus Market to Grow with a CAGR of 18.46% through 2030
Rising urbanization, government support for
electrification, and increasing investment in sustainable public transport
infrastructure are the factors driving the market in the forecast period
2026–2030.
According to TechSci Research report, “Vietnam
Electric Bus Market – By Region, Competition, Opportunities and Forecast, 2020-2030F”,
The Vietnam Electric Bus Market was valued at USD 50.64 Million in 2024 and is
expected to reach USD 139.94 Million by 2030 with a CAGR of 18.46% during the
forecast period.
The Vietnam electric bus market is undergoing a
transformative phase as the country integrates green mobility into its
long-term transportation and environmental strategies. Unlike traditional
public transport upgrades, this transition is being shaped by a combination of
urban population growth, digital technology adoption, and evolving consumer
expectations around service quality, environmental responsibility, and
convenience. The rise of smart cities is creating demand for connected and
sustainable transit systems, positioning electric buses as a core component of
future-ready urban planning. Integration of features such as telematics,
passenger information systems, and real-time fleet tracking is making electric
buses not just environmentally friendly, but also more operationally
intelligent than conventional alternatives.
One of the unique factors fueling market expansion is the
government’s structured roadmap for converting entire bus fleets to electric
and green alternatives. Mandates such as the shift to 100% electric or green
energy buses for new or replacement units by 2025 are creating clear market
signals. Supportive financial mechanisms, including low-interest loans, tax
reliefs, and direct subsidies for electric vehicle procurement, are reducing
adoption barriers for transport operators. At the same time, domestic automakers
and new entrants are accelerating innovation with compact, purpose-built
electric buses tailored for congested city routes and short-distance
operations, such as the recently launched EB 6.
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Vietnam Electric Bus Market Is Segmented by Propulsion
Type, Range, Battery Capacity, End Use, and Region.
In
2024, the public segment emerged as the fastest-growing end use in Vietnam's
electric bus market. This growth was driven by aggressive government-led
initiatives to replace aging diesel fleets with electric alternatives under
national decarbonization policies. Urban transit authorities rapidly adopted
electric buses to align with clean energy goals and address rising pollution
levels in high-density areas. Public transport networks prioritized electric
buses for intra-city operations due to their low operating costs, noise
reduction, and suitability for fixed-route deployment. Regulatory mandates,
pilot route conversions, and dedicated funding channels significantly
accelerated procurement and deployment under public transit programs. The
preference for electric solutions in the public sector was further bolstered by
infrastructure investments supporting charging depots and maintenance hubs
tailored for public bus fleets. This segment saw faster scale compared to
private operators who remained cautious due to upfront investment concerns and
infrastructure limitations.
In terms of regional performance, the Southern region of
Vietnam recorded the fastest growth in electric bus adoption in 2024. High
population density, increasing urbanization, and higher demand for clean
mobility in major cities like Ho Chi Minh City contributed to the surge.
Municipal authorities in the South prioritized green fleet deployment to meet
air quality targets and reduce transport-related emissions. More extensive
route networks, better funding access, and proactive policy implementation made
the region a focal point for electric bus integration.
Major Market Players Operating in Vietnam Electric Bus
Market Are:
- VinFast
Commercial and Services Trading Limited Liability Company
- Mercedes-Benz
Vietnam
- THACO
AUTO Limited Liability Company
- Yutong
Bus Co., Ltd.
- Beijing
Foton International Trade Co., Ltd.
- Tata
Motors Limited.
- Olectra
Greentech Limited
- HYUNDAI
THANH CONG COMMERCIAL VEHICLE JSC
- Toyota
Motor Vietnam Co., Ltd
- CHERY
Automobile Co., Ltd
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“As Vietnam accelerates its transition toward sustainable
mobility, the electric bus market is becoming a key pillar of the country's
green transportation agenda. What’s fascinating is how swiftly public transport
authorities are embracing electrification not just to cut emissions, but to
modernize services, reduce urban noise, and improve passenger experience. With
targeted policy support, rising environmental consciousness, and a clear
roadmap for diesel phaseout, electric buses are no longer a future concept
they’re a present-day solution. And what we’re witnessing now is a real turning
point where infrastructure, regulation, and market demand are aligning to push
this segment into its next growth phase”, said Mr. Karan Chechi, Research
Director of TechSci Research, a research-based global management consulting
firm.
“Vietnam Electric Bus Market By Propulsion Type (BEV, PHEV, FCEV), By Range (Less than 200 miles, More than 200 miles), By Battery Capacity (Upto 400 kWh, Above 400 kWh), By End Use (Public, Private), By Region, Competition, Opportunities and Forecast, 2020-2030F”, assesses the market's future growth potential and provides
data on market size, trends, and forecasts. It aims to offer comprehensive
market insights, helping decision-makers make informed investment choices. The
report also highlights emerging trends, key drivers, challenges, and
opportunities in the Vietnam Electric Bus Market.
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