Vietnam Electric Bus Market to Grow at Steady CAGR During the Forecast Period

Rapid economic growth along with increasing disposable income to drive Vietnam electric bus market through 2024

According to TechSci Research report, “Vietnam Electric Bus Market By Seating Capacity, By Battery Type, By Application, By Bus Length, Competition, Forecast & Opportunities, 2024”, Vietnam electric bus market is in its nascent stage and is expected to grow at a steady rate during the forecast period owing to the growing greenhouse gas emissions and rising air pollution. Moreover, increasing fuel costs, depleting fossil fuels, coupled with lower maintenance and operational costs are some of the other factors supporting the growth of Vietnam electric bus market. However, the battery and charging infrastructure issues are likely to hamper the growth of Vietnam electric bus market. Additionally, factors like obstacles such as taxation policies, lack of technical knowledge, among others are further anticipated to restrict the growth of the market.

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Vietnam electric bus market is segmented based on seating type, battery type, application, bus length, region and company. Based on seating type, the market can be fragmented 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 during the forecast period owing to the growing preference of transport authorities for them. Based on battery type, the market can be bifurcated into lead acid and lithium ion. Lithium ion battery segment is expected to dominate the market since they have excellent specific energy and energy density, thus making them ideal for battery electric vehicles. Additionally, Li-ion batteries are also excellent in retaining energy, with a self-discharge rate of less than 5% which is significantly lower compared to any other type of battery.

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VinFast and THACO are two of the leading players operating in Vietnam electric bus market. The companies operating in the market are using organic strategies such as product launches, mergers and collaborations to boost their share. “Vietnam is one of the emerging markets in the Asia-Pacific region and is expected to create huge opportunities for the electric bus market. As of now, Vietnam’s supportive policies for electric bus lag behind the ones from other countries such as Thailand, Malaysia, Indonesia, among others in the Asia-Pacific region. However, changing political winds could quickly create an enabling environment for electric bus market in Vietnam.” said Mr. Karan Chechi, Research Director with TechSci Research, a research based global management consulting firm.

“Vietnam Electric Bus Market By Seating Capacity, By Battery Type, By Application, By Bus Length, Competition, Forecast & Opportunities, 2024” has evaluated the future growth potential of Vietnam electric bus market and provides statistics & information on market size, structure and future market growth. The report intends to provide cutting-edge market intelligence and help decision makers take sound investment decisions. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges and opportunities in Vietnam electric bus market.

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