Vietnam Electric Bus Market By Seating Capacity (Upto 30 Seater, 31-40 Seater, above 40 Seater), 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, 2017-2027

  • Industry : Automotive
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Summary

Report Description

Vietnam electric bus market was valued USD 28 million in 2021 and is predicted to grow at a CAGR of 23.25% through 2027 on account of increasing trend toward zero emission vehicles and increasing transportation.

Market demand for electric vehicles is being driven by rising demand for low emission and fuel-efficient buses. The transportation sector contributes significantly to both glasshouse gas emissions and urban and regional air quality. The market for electric buses in Vietnam is expected to expand steadily during the forecast period. The market's growth is attributable to rising fuel prices and lower energy costs for electric vehicles. Additionally, the development of electric buses is being fueled by government efforts to meet zero emissions targets, strict controls, and growing environmental concerns.

The Vietnam electric bus market is in its early stages and is predicted to grow steadily throughout the forecast period. The low cost of power and rising fuel prices in Vietnam are the primary factors driving the global electric buses market. Furthermore, continuous infrastructure improvements are boosting the market as Hanoi and Ho Chi Minh City have severe pollution levels and an irregular public transportation system. Owing to the above elements, it is expected to encourage market expansion in the coming years.

The market for electric buses in Vietnam is also expanding as a result of the country's expanding infrastructure, which is expected to fuel consistent economic growth and rising personal disposable incomes. Furthermore, adoption of electric buses across the country is driving the growth of the Vietnam electric bus market.

The COVID-19 epidemic, however, has hampered the industry's expansion. The pandemic interrupted worldwide vehicle production and affected the supply chain, which had a domino effect on the expansion of the sector. Vietnam vehicle industry experienced drop in sales and delays in launch of electric vehicles.  However, following the pandemic, the government offered a number of subsidies and incentives to persuade bus manufacturers to produce electric buses rather than gasoline-powered ones. As a result, with the launch of Vinbus in 2021, the market saw a swift recovery in 2021 for the sales of electric buses, thereby, is driving the Vietnam electric bus market.


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Rising Demand for Electric Buses

Owing to expanding urbanization and pollution levels, there has been a significant demand for electric buses in transportation fleets, which has resulted in a rise in the use of electric passenger vehicles. In addition, strict regulations force automakers to produce environment-friendly and fuel-efficient electric cars, fostering the expansion of the Vietnam electric bus vehicle industry. Many public transportation firms have begun to show interest in electrifying buses in order to cut operating costs and minimize their carbon footprint, which is favorably influencing the growth of the Vietnam electric bus market.

Increasing Infrastructural Developments

Vietnam is a developing nation that actively participates in international agreements for the preservation of the environment. Currently, there are fewer electric vehicles on the road in Vietnam, making it a particularly promising market for green and environment- friendly vehicles. The Vietnamese government has made significant investments in infrastructure development over the last ten years. Vietnam spent around 5.7% of its GDP on infrastructure in 2019, which rose to 6% by 2020. Owing to the above development, rapid growth is being seen in the demand for electric buses in the market.

Covid Impact on Investment in EV Industry

The COVID-19 pandemic disrupts global commerce. Owing to the Vietnamese government's quick and effective pandemic containment measures, Vietnam was among the top performing nations in 2020, even though the corporate sector was severely affected. Moreover, the auto industry was severely affected by the pandemic and investment in the electric vehicle industry was also affected by it. The city Hanoi itself needs an investment of over 887 USD million to replace all gasoline and diesel-powered buses with electric alternatives in the upcoming years. As a result, a considerable rate of market expansion is projected in the upcoming years.

Market Segmentation

The Vietnam electric bus market is 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 further bifurcated into lead acid and lithium ion. Based on application, the market is divided into intercity, intracity, and airport bus. Based on bus length, the market is fragmented into 6-8 m, 9-12 m, and above 12 m. The market analysis also studies the region wise segmentation to devise regional market, divided into Northern, Southern, and Central.

Company Profiles

Vingroup JSC is the major player developing advanced technologies and increasing penetration in the market and enhancing their product portfolio in the regions to increase their customer outreach.

Attribute

Details

Base Year

2021

Historical Years

2017 – 2021

Estimated Year

2022

Forecast Period

2023 – 2027

Quantitative Units

Revenue in USD Billion, Volume in Thousand Units, and CAGR for 2017-2021 and 2022-2027

Report Coverage

Revenue forecast, volume forecast, company share, competitive landscape, growth factors, and trends

Segments Covered

By Seating Capacity

By Battery Type

By Application

By Bus Length

Region

Key Companies Profiled

Vingroup JSC

Customization Scope

10% free report customization with purchase. Addition or alteration to country, regional & segment scope.

Pricing and Purchase Options

Avail customized purchase options to meet your exact research needs. Explore purchase options

Delivery Format

PDF and Excel through Email (We can also provide the editable version of the report in PPT/pdf format on special request)

 Report Scope:

In this report, Vietnam Electric Bus Market has been segmented into following categories, in addition to the industry trends which have also been detailed below:

·          Vietnam Electric Bus Market, By Seating Capacity:

    • Up to 30 Seater
    • 31-40 Seater
    • Above 40 Seater
  • Vietnam Electric Bus Market, By Battery Type:
    • Lead Acid
    • Lithium Ion

·         Vietnam Electric Bus Market, By Application:

    • Intercity
    • Intracity
    • Airport Bus
  • Vietnam Electric Bus Market, By Bus Length:
    • 6-8 m
    • 9-12 m
    • Above 12
  • Vietnam Electric Bus Market, By Region:
    • Northern
    • Southern
    • Central

Competitive Landscape

Company Profiles: Detailed analysis of the major companies present in Vietnam electric bus market.

Available Customizations:

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:

Company Information

  • Detailed analysis and profiling of additional market players (up to five).

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]

Table of content

1.    Introduction

1.1.  Product Overview

1.2.  Key Highlights of the Report

1.3.  Market Coverage

1.4.  Market Segments Covered

1.5.  Research Tenure Considered

2.    Research Methodology

2.1.  Objective of the Study

2.2.  Baseline Methodology

2.3.  Key Industry Partners

2.4.  Major Association and Secondary Sources

2.5.  Forecasting Methodology

2.6.  Data Triangulation & Validation

2.7.  Assumptions and Limitations

3.    Executive Summary

3.1.  Market Overview

3.2.  Market Forecast

3.3.  Key Regions

3.4.  Key Segments

4.    Impact of COVID-19 on Vietnam Electric Bus Market

5.    Voice of Customer

5.1.  Factors Influencing Purchase Decision

5.2.  Aided and Unaided Brand Recall

5.3.  Brand Satisfaction Level

6.    Vietnam Electric Bus Market Outlook

6.1.  Market Size & Forecast

6.1.1.     By Volume

6.1.2.     By Value

6.2.  Market Share & Forecast

6.2.1.     By Seating Capacity (Up to 30-Seater, 31-40-Seater, Above 40)

6.2.2.     By Battery Type (Lead Acid and Lithium Ion)

6.2.3.     By Application (Intercity, Intracity, Airport Bus)

6.2.4.     By Bus Length (6-8m, 9-12m, Above 12m)

6.2.5.     By Region

6.2.6.     By Company (2022)

6.3.  Vietnam Electric Bus Market Mapping & Opportunity

6.3.1.     Market Mapping & Opportunity by Seating Capacity

6.3.2.     Market Mapping & Opportunity by Battery Type

6.3.3.     Market Mapping & Opportunity by Application

6.3.4.     Market Mapping & Opportunity by Bus Length

6.3.5.     Market Mapping & Opportunity by Region

7.    Vietnam Electric Bus Up to 30-Seater Market Outlook

7.1.  Market Size & Forecast

7.1.1.     By Volume

7.1.2.     By Value

7.2.  Market Share & Forecast

7.2.1.     By Battery Type (Lead Acid and Lithium Ion)

7.2.2.     By Application (Intercity, Intracity, Airport Bus)

7.2.3.     By Bus Length (6-8m, 9-12m, Above 12m)

8.    Vietnam Electric Bus 31- 40-Seater Market Outlook

8.1.  Market Size & Forecast

8.1.1.     By Volume

8.1.2.     By Value

8.2.  Market Share & Forecast

8.2.1.     By Battery Type (Lead Acid and Lithium Ion)

8.2.2.     By Application (Intercity, Intracity, Airport Bus)

8.2.3.     By Bus Length (6-8m, 9-12m, Above 12m)

9.    Vietnam Electric Bus Above 40-Seater Market Outlook

9.1.  Market Size & Forecast

9.1.1.     By Volume

9.1.2.     By Value

9.2.  Market Share & Forecast

9.2.1.     By Battery Type (Lead Acid and Lithium Ion)

9.2.2.     By Application (Intercity, Intracity, Airport Bus)

9.2.3.     By Bus Length (6-8m, 9-12m, Above 12m)

10.  Market Dynamics

10.1.              Drivers

10.1.1.  Rising Demand for Electric buses

10.1.2.  Increasing Infrastructural developments

10.2.              Challenges

10.2.1.  Covid Impact on Investment in EV Industry

11.  Market Trends and Developments

11.1.              Reducing carbon emission

11.2.              Increasing penetration of electric buses

12.  Porter’s Five Forces Model

12.1.              Competition Landscape

12.2.              Buyer Power

12.3.              Supplier Power

12.4.              Threat of New Entrants

12.5.              Threat of Substitutes

13.  Vietnam Economic Profile

14.  Competitive Landscape

14.1.              Vingroup JSC

14.1.1.  Company Details

14.1.2.  Products & Services

14.1.3.  Financial (As Reported)

14.1.4.  Key Market Focus & Geographical Presence

14.1.5.  Recent Development

14.1.6.  Key Management Personnel

15.  Strategic Recommendations

15.1.              Key Focus Areas

15.2.              Target Regions & Countries

15.3.              Target Type

15.4.              Target Category

16. About Us & Disclaimer

Figures and Tables

Frequently asked questions

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The emergence of electric bus for intracity travel is driving the Vietnam Electric Bus Market.

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Vietnam electric bus market based on seating capacity is segmented into up to 30 seater, 31-40 seater, and above 40 seater.

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The major player in the Vietnam Electric Bus Market is Vingroup JSC.

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In 2021, Northern region was leading with considerable amount of share, and it is expected to lead the Vietnam Electric Bus Market during the forecast period as well.

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Srishti Verma

Business Consultant
Press Release

Vietnam Electric Bus Market Is Dominated By Northern Region And It Is Expected To Lead By 2027F

Dec, 2022

Increasing adoption of advanced charging technology for electric buses and increasing urbanization in the country drives the Vietnam Electric Bus Market through 2027.

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