India Electric Bus Market: Top Companies, Industry Size & Share to 2028- TechSci Research
In accordance with a report published by TechSci Research, titled "India Electric Bus Market - Industry Size, Share, Trends, Competition, Opportunity and Forecast, 2018-2028F," it is anticipated that the India Electric Bus Market will attain a valuation of USD 865.70 million by the year 2028, exhibiting a commendable Compound Annual Growth Rate (CAGR) of 26.20%. This notable growth is primarily attributed to India's proactive approach in embracing environmentally-friendly transportation solutions, spurred by a confluence of government initiatives and incentives that have significantly stimulated the demand for electric public transportation options across the nation.
The surge in demand for electric buses within the Indian market has been discernible over recent years. Various leading companies, such as Olectra Greentech Ltd., Tata Motors Ltd., and PMI Electro Mobility Solutions, have been successful in securing contracts to supply electric buses in India. This burgeoning interest in electric buses underscores the broader movement toward eco-friendly and fuel-efficient modes of public transportation within the Indian landscape.
Furthermore, the transportation sector has long been a substantial contributor to greenhouse gas emissions. In response, the Government of India has taken resolute measures to encourage the transition to clean mobility, with a specific emphasis on the rapid proliferation of electric buses. This initiative is further bolstered by the "Faster Adoption and Manufacturing of Hybrid and Electric Vehicles in India Phase II" (FAME II) scheme.
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The Government of India has also unveiled an array of initiatives aimed at promoting the adoption of electric buses within the country. Notably, the "National Electric Mobility Mission Plan (NEMMP) 2020" was introduced in 2013, designed to stimulate the domestic manufacturing and adoption of hybrid and electric vehicles by offering attractive incentives. Additionally, the government has committed substantial financial resources, with an investment of $12.5 billion (INR 80,000 crore) allocated under the "Green Urban Transport Scheme 2017," aimed at facilitating the transition towards electric vehicles for public transportation.
The implementation of the "Bharat Stage (BS) VI" emission norms in 2020 represents a pivotal moment in India's automotive industry. This regulation mandates stringent emission control measures, further augmenting the demand for electric vehicles as a cleaner and more sustainable alternative.
Furthermore, the emergence of hydrogen fuel cell technology is gaining prominence as a promising alternative to conventional fossil fuels. This technology is appealing due to its extended range and swift refueling capabilities. Notably, a majority of electric buses currently available in the Indian market possess battery capacities of less than 201 kWh. It is expected that both established industry leaders and emerging players will intensify their Research and Development (R&D) efforts, with a primary focus on advancing technology and incorporating innovative features while maintaining cost-effectiveness, thus leading to an upswing in electric vehicle sales.
Nonetheless, it is imperative to acknowledge the impact of the COVID-19 pandemic, which wreaked economic havoc in 2020 and led to substantial disruptions in the country's public transportation sector, as lockdown measures were enforced by the government. This unforeseen crisis had a notable dampening effect on the sector's growth and operations.
India Electric Bus Market Trends
This section delves into the predominant market trends that are shaping the landscape of the India Electric Bus Market, as discerned by our team of research experts.
Hybrid Electric Vehicles (HEV) Dominate the Fuel Type Segment
Within the India Electric Bus Market, the largest segment by fuel type is Hybrid Electric Vehicles (HEV). The prominence of HEVs in this market is driven by several factors, including a burgeoning population, escalating traffic congestion, and a growing emphasis on public transportation. Government policies, the expansion of domestic industries, urbanization trends, and a heightened awareness of environmental concerns are all pivotal elements propelling the demand for electric buses in India. As a response to governmental regulations advocating for more energy-efficient vehicles and stringent emission standards, Original Equipment Manufacturers (OEMs) have been shifting their focus towards alternative fuel vehicles, further bolstering the demand for electric buses in the country.
Impact of COVID-19 on the India Electric Bus Market
The COVID-19 pandemic has exerted a significant impact on virtually every sector in India, and the automotive and transportation industries are no exception. Plant closures, reduced vehicle usage, and decreased sales during the pandemic have collectively hindered the growth of these sectors. Given that the expansion of the electric bus market is inherently linked to the production and utilization of electric vehicles, the resumption of manufacturing and the increased industrial use of electric vehicles across the globe is anticipated to be a catalyst for the growth of the bus industry in India.
Environmental Concerns Driving the Shift to Electric Buses
The mounting concerns over pollution and emissions have motivated a notable shift towards electric buses within the country's bus fleet. Concurrently, government initiatives aimed at enhancing public transportation infrastructure, in conjunction with the proliferation of on-demand bus services, are expected to further accelerate market growth. Notably, the Indian market is undergoing rapid expansion, with several prominent domestic players taking the lead. To meet the surging domestic demand for electric buses, local enterprises are collaborating with established international counterparts. For instance, Green Cell Mobility, in partnership with PMI Electro Mobility Solutions, is planning the deployment of 350 electric buses in Uttar Pradesh, India. This significant endeavor not only underscores the growth potential of the Indian electric bus market but also stands to create approximately 1,000 jobs within the nation.
Key market players in the India Electric Bus Market include:
Adoption of Electric Buses Soars in Northern India
The northern region of India is poised to exhibit the most substantial growth in electric bus adoption, with a projected Compound Annual Growth Rate (CAGR) of over 60% during the forecast period. This remarkable expansion can be attributed to the robust support provided by state governments to promote the uptake of these eco-friendly vehicles. A pivotal driver behind this burgeoning market growth is the alarming level of pollution in the national capital, Delhi.
The Delhi government is orchestrating a phased deployment of electrically powered coaches within the capital city. With a visionary objective to make Delhi the first city in India boasting a fleet of 8,000 electrically powered coaches for public transportation, significant strides have already been taken. Notably, the Delhi Transport Corporation (DTC) added 97 such electric vehicles to its fleet in August of this year. Furthermore, the government is actively offering diverse financial incentives to enhance the affordability of Electric Vehicles (EVs) for private operators.
Beyond Delhi, other states in the northern region are equally proactive in advancing the electric bus agenda. A prime illustration is the Uttar Pradesh Cabinet's approval of a new EV policy in September 2022. This policy aims to position the state as a global hub for the manufacturing of electric vehicles, batteries, and related equipment. As an additional incentive, a 15% rebate will be extended for the purchase of electric two-/three-/four-wheelers, encompassing buses.
Segmentation of the India Electric Bus Market
The India Electric Bus Market can be segmented across several dimensions, including propulsion type, bus length, range, battery capacity, application, seating capacity, region, top states, and key market players.
Key Market Players
Prominent players in the electric bus market in India include PMI Electro Mobility Solutions Pvt. Ltd., Tata Motors Ltd., JBM Auto Ltd., Olectra Greentech Ltd., and Ashok Leyland Ltd. Capitalizing on government subsidies and the burgeoning demand for the electrification of public transport, numerous companies are augmenting their production capacity and investing in the development of electric buses.
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“Many companies are investing in infrastructure and technology for faster adoption of electric buses. At present BEV buses completely dominates the market and FCEV buses shows great potential to replace diesel and CNG buses for intercity travel due to less refueling time. Additionally, overall market size is expected to reach USD 865.70 million by 2028,” said Mr. Karan Chechi, Research Director with TechSci Research, a research-based global management consulting firm.
“India Electric Bus Market By Propulsion Type (BEV, FCEV), By Length of Bus (up to 8, 8.1-10, 10.1-12, more than 12), By Range km (<151, 151-250, >250), By Battery capacity kWh (<201, 201-300, >300), By Application (Intracity, intercity), By Seating Capacity (up to 30 seats, 31-40 seats, more than 40 seats), By Region, By Top States,?By Competition,?Forecast & Opportunities, 2018- 2028F”?has evaluated the future growth potential of India 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 the India Electric Bus Market.
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