China New Energy Bus Exports in 2024

Throughout 2024, the total export volume of Chinese new energy buses (over 3.5 meters in length) reached 15,444 units, marking a year-on-year increase of 28.33%. This growth rate is 3 percentage points higher than the 25.33% recorded in the first 11 months. In December 2024 alone, the export volume of Chinese new energy buses (over 3.5 meters) totaled 2,361 units, up 47.93% year-on-year and a significant 113.67% month-on-month. It's worth noting that although the year-on-year growth rate of new energy bus exports lagged behind the overall bus export growth rate for both December and the entire year of 2024, the proportion of new energy bus exports in total exports has stabilized at around 25%, laying a solid foundation for further positive development in the future.

In December 2024, Yutong Bus continued its strong performance from November, claiming the top spot with 807 new energy bus exports. This represents a stunning 127.97% year-on-year and 284.29% month-on-month increase, with a market share of 34.18%, up over 15 percentage points from 19% in November, demonstrating remarkable momentum.

CRRC Electric Vehicle, which ranked tenth in November, leaped to second place this time, with 521 new energy bus exports. This is a 135.75% year-on-year increase and an astonishing 6412.50% month-on-month surge, making it the company with the highest month-on-month growth among the top ten. Its market share stood at 22.07%, up nearly 22 percentage points from November, emerging as the biggest "dark horse" of the month.

Higer Bus moved up from fourth place in November to third this time, with 351 new energy bus exports. This represents a 123.57% year-on-year and 165.91% month-on-month increase, with a market share of 14.87%, up nearly 3 percentage points from November, showing impressive performance.

Among the top ten companies, seven achieved year-on-year growth, with Golden Dragon Bus recording the highest year-on-year growth rate of 216.67%. Seven companies also achieved month-on-month growth. Five companies, including Yutong Bus, CRRC Electric Vehicle, Higer Bus, Golden Dragon Bus, and Ankai Bus, achieved both year-on-year and month-on-month growth, injecting more vitality and confidence into the industry.

For the full year of 2024, BYD maintained its top position with 3,582 new energy bus exports, the only company in the industry to exceed 3,000 new energy bus exports annually. It's worth mentioning that unlike the monthly new energy bus export sales champion, which changes almost every month, BYD has led the industry in cumulative monthly new energy bus exports since the beginning of 2024. Its annual growth rate was 13.79%, with a market share of 23.19%, consistently maintaining its position as the front-runner.

Yutong Bus exported 2,700 new energy buses, jumping from third place in 2023 to second place in 2024, with an 84.55% year-on-year increase. Its market share was 17.48%, up over 5 percentage points from 2023 and over 3 percentage points from the first 11 months of 2024, indicating robust growth.

Higer Bus rose from fourth place in 2023 to third place in 2024, exporting 1,897 new energy buses, up 49.14% year-on-year. Its market share was 12.28%, up nearly 2 percentage points from 2023 and nearly 1 percentage point from the first 11 months of 2024, demonstrating strong potential.

For the full year of 2024, seven out of the top ten companies achieved year-on-year growth. Among them, Dongfeng Special Automobile recorded the highest year-on-year growth rate of 525%, mainly due to its low base in the previous year. CRRC Electric Vehicle, which ranked seventh, also achieved a significant year-on-year growth of 366.52%, entering the top ten compared to 2023 and improving its ranking compared to the first 11 months of 2024. Its market share also increased from 3.9% in the first 11 months to 6.68%, indicating a promising outlook.