Latin America Electric Bus Market Size
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| Forecast Data Period | 2024 - 2029 |
| Historical Data Period | 2019 - 2022 |
| CAGR | > 15.00 % |
| Market Concentration | Medium |
Major Players
*Disclaimer: Major Players sorted in no particular order |
Latin America Electric Bus Market Analysis
The Latin America electric bus market is anticipated to register a CAGR of about 15% during the forecast period (2020 - 2025).
- The rapid urbanization, growing environmental concerns, traffic congestion, shifting mobility patterns, government promoting public transport, are anticipated to fuel the demand of the Latin American electric bus market in the forecast period.
- In a year one electric bus is capable of reducing up to 60 tons of carbon emissions. Many countries around the region are using electric buses and other electric vehicles to reduce emissions and air pollution, and while some are making progress by following, others for the adoption of the electric vehicle.
- According to the United Nations Environment Programme's Integrated Assessment of Short-lived Climate Pollutants in Latin America and the Caribbean report, around 64,000 people prematurely die every year in Latin America and the Caribbean due to air pollution that to which is caused by transportation.
Latin America Electric Bus Market Trends
This section covers the major market trends shaping the Latin America Electric Bus Market according to our research experts:
New Contracts of E-Buses is Contributing the Market Growth
Electric bus purchases are expected to increase, supported by continuous government initiatives to promote e-mobility, and the overall e-bus adoption is likely to reach a new level during the forecast period.
For instance, in 2019, Mexico City has ordered 63 battery trolleybuses from the Yutong a Chinese bus manufacturer, in which 40 of the buses have already been received by the Mexican government, and the remaining 23 are scheduled to be delivered by year-end. The buses are double drive consisting of battery-electric and overhead line components.
In 2018, Yutong has been awarded the contract of supplying 100 electric buses, these buses are of the E12 variety to be delivered in Santiago de Chile. The order follows another order, where the city ordered 100 electric buses from BYD.
Chile will drive the Electric Bus Market
In past in comparison to other developing countries such as China and India, Latin American countries have a comparatively less strategic interest in electric buses but from the past few years, governments are actively laying out their plan for the adoption of electric buses in the future.
Local governments have made several announcements to electrify their public transport. For instance, Chile is leading from the front to reduce emissions and air pollution with the adoption of electric buses. The country is scheduled to host the UN Climate Change Conference COP25 in December 2019. Chile has also announced that by 2040 it will achieve total electrification of its public transportation fleets. Already Chile has one of the largest electric bus fleets in Latin America as it added 200 new e-buses in Santiago, which is one of the most polluted cities in Latin America. Previously Santiago has announced its plan to make 80% of its buses electric by 2022, and now it is expected to add 500 more electric buses by 2020.
Similarly, Colombia in its National Electro Mobility Strategy planned to reach 600,000 electric vehicles by 2030, and Ecuador has made it clear with the announcement that all new vehicles which will be added into the public transport fleet will be electric from 2025. According to the Costa Rica national decarbonization plan, it is planning to have an all-electric fleet of buses and taxis by 2050. Whereas many other countries are providing incentives for electric vehicle customers, like Peru lifted tax from electric vehicles in 2018.
Latin America Electric Bus Industry Overview
The major players in the market studied include Daimler, BYD, Yutong, Zhongtong Bus, and King Long, among others. The companies are expanding their presence by making strategic alliances, acquiring regional players, introducing new bus models, and making partnerships with governments. For instance,
- ZEBRA (Zero Emission Bus Rapid-deployment Accelerator) project has been started in 2018 on a cooperative basis. In this project, financial institutions will invest 1 billion USD in zero-emission electric drive technology in Latin America by 2021 which will be utilized for research financing and business model applications in Latin America.
Latin America Electric Bus Market Leaders
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Zhongtong Bus Holding Co., Ltd
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Zhengzhou Yutong Bus Co., Ltd.
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BYD Auto Co., Ltd.
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King Long United Automotive Industry Co., Ltd
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Daimler AG
*Disclaimer: Major Players sorted in no particular order
Latin America Electric Bus Market Report - Table of Contents
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1. INTRODUCTION
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1.1 Study Assumptions
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1.2 Scope of the Study
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2. RESEARCH METHODOLOGY
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3. EXECUTIVE SUMMARY
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4. MARKET DYNAMICS
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4.1 Market Drivers
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4.2 Market Restraints
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4.3 Industry Attractiveness - Porter's Five Forces Analysis
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4.3.1 Threat of New Entrants
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4.3.2 Bargaining Power of Buyers/Consumers
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4.3.3 Bargaining Power of Suppliers
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4.3.4 Threat of Substitute Products
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4.3.5 Intensity of Competitive Rivalry
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5. MARKET SEGMENTATION
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5.1 By Vehicle Type
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5.1.1 Battery Electric
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5.1.2 Plug-In Hybrid Electric
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5.2 By Consumer Type
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5.2.1 Government
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5.2.2 Fleet Operators
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5.3 By Geography
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5.3.1 Latin America
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5.3.1.1 Brazil
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5.3.1.2 Columbia
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5.3.1.3 Mexico
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5.3.1.4 Chile
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5.3.1.5 Rest of Latin America
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6. COMPETITIVE LANDSCAPE
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6.1 Vendor Market Share
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6.2 Company Profiles
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6.2.1 Advanced Power Vehicles
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6.2.2 Higer Bus
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6.2.3 Zhongtong Bus Holding Co., Ltd
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6.2.4 Zhengzhou Yutong Bus Co., Ltd.
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6.2.5 King Long United Automotive Industry Co., Ltd
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6.2.6 BYD Auto Co., Ltd.
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6.2.7 Daimler AG
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- *List Not Exhaustive
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7. MARKET OPPORTUNITIES AND FUTURE TRENDS
Latin America Electric Bus Industry Segmentation
The Latin America electric bus market covers the latest trends and technological development in the market, demand for the vehicle type, consumer type, and market share of major Latin American electric bus manufacturers.
| By Vehicle Type | |
| Battery Electric | |
| Plug-In Hybrid Electric |
| By Consumer Type | |
| Government | |
| Fleet Operators |
| By Geography | |||||||
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Latin America Electric Bus Market Research FAQs
What is the current Latin America Electric Bus Market size?
The Latin America Electric Bus Market is projected to register a CAGR of greater than 15% during the forecast period (2024-2029)
Who are the key players in Latin America Electric Bus Market?
Zhongtong Bus Holding Co., Ltd, Zhengzhou Yutong Bus Co., Ltd., BYD Auto Co., Ltd., King Long United Automotive Industry Co., Ltd and Daimler AG are the major companies operating in the Latin America Electric Bus Market.
What years does this Latin America Electric Bus Market cover?
The report covers the Latin America Electric Bus Market historical market size for years: 2019, 2020, 2021, 2022 and 2023. The report also forecasts the Latin America Electric Bus Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029.
Latin America Electric Bus Industry Report
Statistics for the 2024 Latin America Electric Bus market share, size and revenue growth rate, created by 糖心vlog传媒鈩� Industry Reports. Latin America Electric Bus analysis includes a market forecast outlook 2029 and historical overview. Get a sample of this industry analysis as a free report PDF download.
