Dublin, Dec. 01, 2023 (GLOBE NEWSWIRE) -- The "Electric Bus Market in India 2023 - 2028" report has been added to ResearchAndMarkets.com's offering.
In FY 2023, a total of 1,919 unit of electric buses were sold in the country, and by the end of FY 2028 around 41,566 e-buses are expected to be sold expanding at a compound annual growth rate (CAGR) of ~89.21% during the FY 2024 - FY 2028 period.
The electric bus market in India is currently in its early stages of development. As of July 2023, approximately 3,000 electric buses have been registered, with pending orders nearing 7,000 units. Maharashtra, Uttar Pradesh, Delhi, and Gujarat together contribute to over 75% of the total registrations.
Over the last couple of years, the e-bus market in India has undergone significant expansion, propelled by factors such as increased demand aggregation, standardization initiatives, advancements in product technology, and enhancements in charging infrastructure.
The government's initiative to electrify fleets and the endeavours of original equipment manufacturers (OEMs) in creating integrated electric vehicle ecosystems have emerged as key catalysts for the notable growth of e-buses in the country. Consequently, a substantial increase in the penetration of electric buses is anticipated over the next 5-7 years.
This landscape is expected to undergo significant transformation due to the Indian Government's strong emphasis on promoting cleaner public transportation and substantial investments planned for mobility infrastructure. Both the Central and state governments are actively supporting electric vehicles (EVs) through a range of incentives, including the FAME II scheme, PLI scheme, road tax exemptions, and reduced GST.
Key trends:
The electric bus (e-bus) category has demonstrated notably higher electric vehicle (EV) integration compared to other vehicle segments across the three primary electric vehicle sales states.
Specifically, penetration rates are recorded at 15% in Uttar Pradesh (UP), 12% in Karnataka, and 8% in Maharashtra. The substantial growth of the electric bus market in India in recent years can be attributed to factors such as heightened consumer demand, standardized products, technological advancements, and enhancements in charging infrastructure.
The progression of technology, leading to improvements in charging efficiency, extended range, and the anticipated decrease in battery prices (which constitute 40% of the overall vehicle cost), is expected to propel the widespread adoption of electric vehicles in the bus sector. Several states have implemented pro-electric vehicle policies, complete with specified targets for e-bus penetration.
Analyzing the outlined policy frameworks and targets for electric buses, it is evident that state and city road transport corporations (STUs) alone present a cumulative annualized potential exceeding 15,000 e-buses.
Competitive landscape
- Ashok Leyland Limited
- Eicher Motors Limited
- JBM Auto Limited
- Mahindra & Mahindra Limited
- Olectra Greentech Limited
- Tata Motors Limited
- Hyundai Motor India Limited
- PMI Electro Mobility Solutions Private Limited
- Switch Mobility Automotive Limited
- VE Commercial Vehicles Limited
Key Topics Covered:
Chapter 1: Executive summary
Chapter 2: Socio-economic indicators
Chapter 3: Introduction
3.1. Market definition and structure
3.1.1. Comparison among types of charging and battery swapping in e-buses
Chapter 4: Market overview
4.1. India e-bus market overview
4.1.1. Market size and growth forecast (FY 2022 - FY 2028e)
4.2. Current market scenario
4.3. Total number of e-bus deployed in major states in India
Chapter 5: Business model
5.1. Business model
Chapter 6: Technology landscape
6.1. Key technologies used by electric buses
Chapter 7: Government policies
7.1. Central government policies
Chapter 8: Market trends
8.1. Market trends
Chapter 9: Market influencers
9.1. Market drivers
9.2. Market challenges
For more information about this report visit https://www.researchandmarkets.com/r/yixv40
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