South Korea electric bus market is expected to grow at a substantial rate during the forecast period. An electric bus is an eco-friendly and cost-effective mode of transport which is gaining popularity globally. Government strategies and supportive regulations, mounting price of gasoline, increasing government plans for electrification of public transport and launch of novel technologies are the key factors driving the growth of South Korea electric bus market. Moreover, the government of the country is taking initiatives to replace the petroleum based automotive fleet with electric powered vehicles due to rising concern for global warming and greenhouse gas emissions. Over the last few decades, the carbon emission has increased to extremely alarming level due to vehicular and industrial emissions. To tackle this situation government is looking for low or no-emission alternative for transport and industrial processes. However, the higher cost of electric buses can act as a major impediment to the electric bus market through 2024.
The South Korea electric bus market is segmented based on seating type, battery type, application, bus length, region and company. Battery type can be bifurcated into lead acid and lithium ion, of which the latter is anticipated to dominate the market owing to its excellent thermal stability, long lifespan, and faster charging time. Based on seating type, the market can be segmented into up to 30-seater, 31-40-seater and above 40. The up to 30-seater seater segment is expected to hold significant market share through 2024 on account of its capability to carry large volume of luggage.
The major players operating in the electric bus market are Hyundai Motor Company, Edison Motors, BYD Motors Inc., Higer Bus Co Ltd. and others. Major companies are developing advanced technologies and launching new products in order to stay competitive in the market. Other competitive strategies include mergers & acquisitions and new product developments.
Years considered for this report:
Historical Years: 2017
Base Year: 2018
Estimated Year: 2019
Forecast Period: 2020–2024
Objective of the
- To analyze and forecast the market size of South
Korea electric bus market.
- To classify and forecast South Korea electric
bus market based on seating capacity, battery type, application, bus
length, company and regional distribution.
- To identify drivers and challenges for South
Korea electric bus market.
- To examine competitive developments such as
expansions, new product launches, mergers & acquisitions, etc., in South
Korea electric bus market.
- To conduct pricing analysis for South Korea electric
- To identify and analyze the profile of leading
players operating in South Korea electric bus market.
Click here to download the brochure
TechSci Research performed both primary as well as
exhaustive secondary research for this study. Initially, TechSci Research
sourced a list of electric bus manufacturers across the country. Subsequently,
TechSci Research conducted primary research surveys with the identified
companies. While interviewing, the respondents were also enquired about their
competitors. Through this technique, TechSci Research could include the players
which could not be identified due to the limitations of secondary research.
TechSci Research analyzed the manufacturers, distribution channels and presence
of all major players across the country.
TechSci Research calculated the market size of South Korea electric bus market by using a bottom-up approach, wherein data for various end-user
segments was recorded and forecast for the future years. TechSci Research
sourced these values from the industry experts and company representatives and
externally validated through analyzing historical data of these product types
and applications for getting an appropriate, overall market size. Various
secondary sources such as company websites, news articles, press releases,
company annual reports, investor presentations and financial reports were also studied
by TechSci Research.
Key Target Audience:
- Electric bus manufacturers
- Market research and
- Government bodies such as
regulating authorities and policy makers
- Organizations, forums and
alliances related to electric bus
The study is useful in providing answers
to several critical questions that are important for the industry stakeholders
such as manufacturers, suppliers and partners, end users, etc., besides
allowing them in strategizing investments and capitalizing on market
In this report, South Korea electric
bus market has been segmented into following categories, in addition to
the industry trends which have also been detailed below:
- Market, By Seating Capacity:
- Up to 30-Seater
- Above 40
- Market, By Battery Type:
- Market, By Application:
Company Profiles: Detailed analysis of the major
companies present in South Korea electric bus market.
With the given market data,
TechSci Research offers customizations according to a company’s specific needs.
The following customization options are available for the report:
It is an upcoming report to
be released soon. If you wish an early delivery of this report or want to
confirm the date of release, please contact us at [email protected]
- Detailed analysis and
profiling of additional market players (up to five).