Mordor Intelligence has published a new report on the United States India Electric Bus Market, comprehensively analyzing trends, growth drivers, and future projections.
The India Electric Bus Market is projected to be valued at USD 0.86 billion in 2024 and is anticipated to grow to USD 2.83 billion by 2030, registering a Compound Annual Growth Rate (CAGR) of 21.89% during the forecast period (2024-2030). India’s electric bus market is experiencing strong growth, driven by a combination of national and regional policies designed to accelerate the transition to electric mobility.
Key Trends Driving the India Electric Bus Market
- Government Initiatives and Incentives
The Indian government has launched several programs to promote electric mobility, including the Faster Adoption and Manufacturing of Hybrid and Electric Vehicles (FAME) scheme, which offers financial incentives for electric vehicle adoption. In September 2024, the government approved the PM E-DRIVE scheme, allocating USD 1.3 billion to boost electric vehicle adoption, with a significant portion dedicated to procuring over 14,000 electric buses for public transport agencies.
2. Urbanization and Environmental Concerns
Rapid urbanization has led to increased traffic congestion and air pollution in Indian cities. Electric buses present a viable solution by reducing emissions and dependence on fossil fuels, aligning with the country’s environmental objectives and improving urban air quality.
3. Technological Advancements
Advancements in battery technology have enhanced the efficiency and range of electric buses, making them more competitive with traditional diesel-powered buses. The development of robust charging infrastructure further supports the integration of electric buses into existing public transportation networks.
Market Segmentation
The India electric bus market is segmented by fuel category:
- Battery Electric Vehicles (BEV): Currently holding the largest market share, BEVs are fully electric buses powered by rechargeable battery packs.
2. Fuel Cell Electric Vehicles (FCEV): Expected to be the fastest-growing segment, FCEVs utilize hydrogen fuel cells to generate electricity, offering longer ranges and shorter refueling times.
3. Hybrid Electric Vehicles (HEV): Combining internal combustion engines with electric propulsion, HEVs provide improved fuel efficiency and reduced emissions.
4. Plug-in Hybrid Electric Vehicles (PHEV): Featuring larger batteries that can be recharged via external power sources, PHEVs operate on both electric and conventional fuels.
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Key Players
The India electric bus market is fairly consolidated, with the top five companies occupying 79.05%.
Major players include:
- JBM Auto Limited
- Olectra Greentech Ltd.
- PMI Electro Mobility Solutions Pvt. Ltd.
- Switch Mobility (Ashok Leyland Limited)
- Tata Motors Limited
Conclusion
The India electric bus market is on a robust growth trajectory, driven by favorable government policies, technological advancements, and a pressing need for sustainable urban transportation solutions. As infrastructure develops and consumer acceptance increases, electric buses are set to play a pivotal role in transforming India’s public transportation landscape, contributing to environmental sustainability and enhanced urban mobility.
Industry Related Reports
India Electric Car Market: The India Electric Car Market is categorized by Vehicle Configuration (Passenger Cars) and Fuel Category (BEV, FCEV, HEV, PHEV). The report provides market size data in terms of both market value (USD) and market volume (units).
Electric Bus Market: The Electric Bus Market is divided by Fuel Category (BEV, FCEV, HEV, PHEV) and Region (Africa, Asia-Pacific, Europe, Middle East, North America, South America). The report provides market size data in terms of both market value (USD) and market volume (units).
Asia-Pacific Electric Bus Market: The report highlights Asia Pacific Electric Bus Companies and segments the market by Vehicle Type (Battery Electric Bus and Plug-in Hybrid Electric Bus), Power Source Type (DC/AC Inverter, DC/DC Converter, DC/DC Boost Converter, E-Motor, AC/DC Charger, and Motor Controller), Consumer (Government and Fleet Operators), and Country (China, India, Japan, South Korea, and the Rest of Asia-Pacific).