The China bus industry is projected to surpass 690,000 units by 2017. The sales volume is estimated to grow at a 9% CAGR over the forecast period (2014-2017). The bus market in China has seen an annual growth rate of 5%, considering the sales decline of the commercial vehicle market.
Products of the China bus industry are divided by size, which include light, medium-sized, and large buses. Large and light buses together registered sales of 477,000 units in 2012. This has seen a 12.1% rise in sales in the same year. In the first quarter of 2014, the bus market sold almost 112,980 units. This was a 13.6% rise in sales as compared to 2013. Almost 79,067 large buses were sold in 2013, showing a steady annual growth of 5.2%.
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Light buses performed better than its counterparts, registering a sales volume of 329,315 units in 2013. This was a 17% rise in growth as compared to 2012. Light buses grew at a 17.7% CAGR during the periods of 2008 to 2013. School buses faced a mediocre growth due to lack of financial support or government policies supporting its growth. But a policy highlighting the importance of school bus safety is expected to trigger high sales by 2017.
Demand for energy buses and buses for long-distance transportation have contributed to the market growth. But demand for long-distance buses has reduced by 5% on account of energy buses. Medium-sized buses have reportedly sold almost 69,000 units in 2013. Downsizing school buses and passenger transport buses in rural areas will lead to decreased sales for medium-sized buses over the forecast period.
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Major enterprises operating in the China bus industry include Yutong Bus, Anhui Ankai Automobile, Dongfeng Motor Corporation, Zhongtong Bus, Kinglong Motor Group, Foton, SG Automotive Group, Asiastar, BYD, Sinotruk, JMC, Brilliance Jinbei Automobile, JAC, and Jinhua Youngman Automobile-Manufacturing Co., Ltd.
Brilliance Jinbei has sold 104,000 units in 2013. It held a 22% share of the China bus industry, leading the regional market. Kinglong Motor Group, Yutong Bus, Nanjing Automobile, and JMC followed Brillinace, in terms of sales. Golden Dragon, Zhongtong Bus, and King Long reported a sales slump from 2011-2012. The macroeconomic conditions of the country were considered to be the biggest contributor to the decline in market volume.
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