On account of its high level of industrialization and vast population, China is the largest greenhouse gas (GHG) emitter in the world. As per the International Energy Agency (IEA), “…the emissions growth in 2018 was largely driven by non-OECD countries, led by China and India.”, reflecting why the country is now trying to bring a major reduction in these emissions. As a result of the continued government efforts, China has also become one of the largest producers and consumers of renewable energy!
Consistent with its efforts to clean up the country’s air, the People’s government has been offering strong support to electric vehicles (EVs) for quite some time. This is why P&S Intelligence says that the electric bus market in china will see176.4 thousand unit sales in 2025 compared to 104.3 thousand units in 2017, with the number increasing at an 8.6% CAGR between 2018 and 2025 (forecast period). China is already the largest EV user in the world, with the IEA saying in the context of electric buses for 2019 that “About half a million electric buses are in circulation, most of which are in China.”
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The three type of electric buses are hybrid electric bus, battery electric bus, and plug-in electric bus. Out of these, the largest demand was created for battery electric buses during 2015–2017 and the situation is projected to remain the same in the coming years as well, which is attributed to the increased government support for these buses. The fastest growth in demand is expected to be witnessed by the plug-in electric buses during the forecast period.
The two major battery types utilized in electric buses are lithium nickel manganese cobalt oxide (NMC) and lithium-iron-phosphate (LFP). Between these two, the largest demand was created for LFP during 2013–2017 and the situation is projected to remain the same in the coming years as well. The fastest growth in demand is expected to registered by the NMC battery type during the forecast period. This is attributed to the inclusion of these batteries in the subsidy scheme and the advantages that these batteries provide over LFP batteries, such as higher energy density and lower self-charge.
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Thus, with the government efforts to control air pollution, electric bus sales will keep rising in China.
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