Introduction
The India Electric Bus Market has witnessed significant growth, driven by a confluence of factors such as increasing environmental concerns, government incentives, and the demand for low-emission, fuel-efficient public transportation. India’s rapid strides toward green energy vehicles and the notable progress in deploying electric buses across the nation underscore the market’s potential. This report by TechSci Research delves into the comprehensive analysis of the India Electric Bus Market.
The Road to a Greener India
India’s shift toward green energy vehicles has been underpinned by a myriad of government programs and incentives, creating a burgeoning demand for electric public transport. This is especially critical, considering the role electric buses play in curbing greenhouse gas emissions. The Indian government’s initiatives, such as the Faster Adoption and Manufacturing of Hybrid and Electric Vehicles (FAME) and the National Electric Mobility Mission Plan (NEMMP), have propelled the rapid adoption of electric buses.
Rising Deployment of Electric Buses
In recent years, the deployment of electric buses in India has witnessed remarkable growth. Notably, several prominent companies, including Olectra Greentech Ltd., Tata Motors Ltd., and PMI electro mobility solutions, have secured orders to supply electric buses in India. This increased adoption can be attributed to both governmental priorities and the mounting demand for eco-friendly, cost-effective public transportation solutions.
Hydrogen Fuel Cell Technology on the Horizon
The emergence of hydrogen fuel cell technology is opening new avenues for replacing fossil fuels. This alternative is gaining traction due to its extended range and faster refueling capabilities, making it a promising option for the Indian electric bus market. The majority of electric buses sold in India feature battery capacities of <201 kWh.
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Focus on R&D for Technological Advancements
Top players in the market, along with emerging firms, are actively investing in research and development to develop advanced technology and features while keeping costs competitive. This approach is expected to foster increased sales of electric vehicles and drive innovation in the sector.
Impact of COVID-19
The COVID-19 pandemic had a significant impact on India’s public transport sector. The economic upheaval and lockdown measures imposed by the government led to a decline in public transportation. However, the industry is poised for recovery as the situation stabilizes.
Government’s Ambitious Plans
The Government of India has greenlit a substantial $7 billion plan aimed at introducing electric buses in nearly 170 cities. This initiative is a pivotal step in India’s endeavor to reduce air pollution and promote sustainable transportation. The ambitious long-term plan aims to introduce 50,000 electric buses across the country, at an estimated cost of $12 billion. This not only promises to enhance air quality but also create job opportunities in the manufacturing and maintenance of electric buses and their components.
Addressing Air Pollution in India
India grapples with severe air pollution problems, particularly in its major cities. The country ranks as the second most polluted globally, as per the Air Quality Life Index, and air quality significantly impacts average life expectancy. The adoption of electric buses is recognized as a crucial step in mitigating this issue, as they produce no tailpipe emissions.
Rapid Urbanization and Environmental Awareness
India, as the world’s second-most populous country, is witnessing continued population growth, resulting in an increased number of vehicles, both passenger and commercial. This surge in vehicles has contributed to deteriorating air quality, which has become a pressing health concern. In response to these challenges, the government has transitioned from the BS IV to the more stringent BS VI emission standards since 2020.
Furthermore, the rapid urbanization of India has created an imperative need for sustainable transport systems. In response to the worsening environmental conditions, the government is promoting zero-emission buses through awareness campaigns and environmental organizations. These efforts are poised to drive production and sales of electric buses in the country.
Battery Electric Buses Dominate
Battery electric buses (BEBs) hold a dominant position in the market, capturing over 90% of the market share in 2022. The prevalence of subsidies, incentives, and other financial benefits to promote eco-friendly buses has boosted the demand for BEBs. The focus on reducing greenhouse gas emissions through central and state-level government programs, coupled with advancements in EV charging infrastructure and battery technology, is driving the demand for electric buses.
Northern India: A Hub for Electric Buses
Electric bus sales in Northern India are projected to experience the highest compound annual growth rate (CAGR) in the forecast period, exceeding 60%. The state governments in the region are actively supporting the adoption of electric buses, particularly due to high pollution levels, with Delhi leading the way. The Delhi government, for instance, is planning to phase in electrically powered coaches, with a long-term vision to have 8,000 electrically powered coaches in its public transport fleet. The government also offers various financial incentives to make electric vehicles more accessible for private operators.
Uttar Pradesh’s EV Policy
Uttar Pradesh, another state in Northern India, approved a comprehensive EV policy in September 2022. The policy is designed to position the state as a global hub for manufacturing EVs, batteries, and associated equipment. Additionally, it offers a 15% rebate on the purchase of electric two-/three-/four-wheelers, including buses.
Key market players in the India Electric Bus Market include:
- Tata Motors Ltd.
- Olectra Greentech Ltd.
- PMI Electro Mobility Solutions Pvt. Ltd.
- JBM Auto Ltd.
- Ashok Leyland Ltd.
- Eicher Motors Ltd.
- Mytrah Mobility Pvt. Ltd.
- Mahindra & Mahindra Ltd.
- Bharat Heavy Electricals Ltd. (BHEL)
- VE Commercial Vehicles Ltd.
India Electric Bus Market can be segmented based on propulsion type, length of bus, range, battery capacity, application, seating capacity, region, top states and by company. On the basis of propulsion type, BEV buses dominate the India electric bus market, currently accounting for 100% of total market share. FCEV buses shows promising growth for intercity travel and is expected to register a CAGR of 59% in upcoming years. On the basis of length of bus, 10.1 to 12 m segment has largest share of nearly 55% followed by 8.1 to 10 m segment. On the basis of range, majority of electric buses fall into 151-250 segment followed by <151 segment. On the basis of battery capacity, <201 kWh segment is dominating current market but >300 kWh segment is expected to grow at an CAGR of 58.14% in upcoming years. Based on application, majority of electric buses are used for intracity travel due lack of charging infrastructure, high charging time, and low range. Based on seating capacity, 31-40 seats segment occupy nearly 70% of the overall market share.
PMI Electro Mobility Solutions Pvt. Ltd., Tata Motors Ltd., JBM Auto Ltd., Olectra Greentech Ltd., Ashok Leyland Ltd. etc. Are the major players in the electric bus market. Moreover, with government subsidies and demand for electrification of public transport, many companies are investing in increasing production capacity and development of electrical bus
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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.
Who Will Benefit from This Report?
This report offers indispensable insights for a wide range of stakeholders:
- Automotive Industry Professionals: Professionals in the automotive industry can gain valuable insights into market trends, government initiatives, and technological advancements in the electric bus sector.
- Government Authorities: Government and regulatory bodies can benefit from the report’s comprehensive overview of governmental programs and their impact on sustainable transportation.
- Environmental Organizations: Environmental organizations focused on promoting zero-emission transportation can find insights into awareness campaigns and their role in driving change.
- Investors: Investors looking for opportunities in India’s electric bus market can use this report to assess the market’s potential and government support.
- Market Researchers: Researchers and analysts seeking detailed data and analysis of the Indian electric bus market will find this report to be an essential resource.
The India Electric Bus Market is on an upward trajectory, driven by environmental concerns, government backing, and the pressing need for sustainable public transportation. With ambitious government plans and a focus on technological advancements, electric buses promise to be a transformative force in addressing India’s air quality challenges. TechSci Research’s report offers a comprehensive exploration of these dynamics, making it an invaluable resource for a diverse range of stakeholders interested in the Indian electric bus market.
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