Dublin, Dec. 10, 2024 (GLOBE NEWSWIRE) -- The "India Electric Bus Market, By Region, Competition, Forecast and Opportunities, 2020-2030F" report has been added to ResearchAndMarkets.com's offering.
The Indian Electric Bus Market was valued at USD 0.32 Billion in 2024, and is expected to reach USD 1.10 Billion by 2030, rising at a CAGR of 22.84%.
The Indian electric bus market has been experiencing significant growth due to the country's increasing focus on sustainable transportation and reducing air pollution. With the government's push for cleaner energy solutions, electric buses are becoming an attractive alternative to conventional diesel-powered buses. Various incentives, such as subsidies under the Faster Adoption and Manufacturing of Hybrid and Electric Vehicles (FAME) scheme, have made electric buses more affordable for operators.
The shift toward electric buses is also supported by advancements in battery technology, leading to improved efficiency, longer ranges, and reduced operational costs. This growing adoption of electric buses aligns with India's national goal of achieving net-zero emissions by 2070, positioning the electric bus sector as a vital component in the country's broader green energy strategy.
The market is propelled by several key growth drivers. The government's continued investment in infrastructure for electric vehicles (EVs), including charging stations, is enhancing the feasibility of electric buses for public transport systems. These developments are complemented by cities expanding their public transportation networks to accommodate growing urban populations. Furthermore, environmental concerns are driving consumer and governmental demand for cleaner public transport solutions.
As urban air quality deteriorates, electric buses offer a practical way to reduce emissions and decrease noise pollution in city environments. The decreasing cost of lithium-ion batteries and improvements in charging technology are also contributing factors, making electric buses increasingly cost-competitive compared to traditional fossil-fuel buses.
Key Market Trends
Integration with Smart City Initiatives
Smart city initiatives are increasingly incorporating electric buses as part of their urban mobility strategies. These cities are focusing on creating efficient, eco-friendly transportation networks that align with sustainability goals. Electric buses fit well into these frameworks due to their low environmental impact and potential for integration with smart infrastructure. Intelligent traffic systems and real-time tracking technologies can optimize electric bus routes, ensuring better operational efficiency and improved passenger experiences.
Focus on Green Energy Partnerships
Many electric bus manufacturers and fleet operators are increasingly focusing on partnerships with renewable energy providers. This trend aims to power electric buses using clean energy sources like solar and wind, reducing the overall carbon footprint of public transport. By integrating renewable energy sources into the charging infrastructure, electric buses can operate in a fully sustainable loop, contributing to the wider adoption of green energy in urban transport systems.
Adoption of Autonomous and Connected Features
The rise of autonomous driving technologies is influencing the development of electric buses. Manufacturers are exploring the integration of self-driving systems in electric buses to improve safety and reduce operational costs. Additionally, connected vehicle technologies, such as IoT-based monitoring and real-time diagnostics, are becoming increasingly common in electric buses, helping operators optimize routes and improve fleet management efficiency.
Customization of Electric Buses for Diverse Needs
The electric bus market is seeing a trend toward the customization of vehicles to meet the specific needs of different urban environments. Electric buses are being designed in varying sizes and configurations to accommodate different passenger capacities and operational requirements. This trend allows for greater flexibility in the deployment of electric buses, ensuring they can be used in a wide range of applications, from city routes to rural areas, making them a more versatile solution for public transport.
Increased Investment from Private Players
With the increasing focus on clean energy and sustainability, private companies are investing heavily in the electric bus sector. These investments are not limited to manufacturing but also extend to building the necessary infrastructure and offering innovative financing models. Private sector involvement is accelerating the pace of electric bus adoption by bringing in fresh capital, new technologies, and more competitive pricing, thus making electric buses more accessible to transport operators and municipalities.
Regional Insights
In 2024, North India has emerged as a dominant region in the electric bus market, with growing adoption driven by government initiatives and urbanization. Cities like Delhi, Chandigarh, and Jaipur are leading the charge in transitioning their public transportation systems to electric buses. The National Capital Region (NCR), particularly Delhi, has been a key driver in this shift, with the city government implementing aggressive plans to reduce air pollution and promote cleaner transport options. Delhi's fleet of electric buses has expanded rapidly, supported by subsidies and incentives under government schemes like FAME II, which has made electric buses more affordable for operators.
The pollution crisis in North Indian cities has been a major catalyst for the adoption of electric buses. With air quality levels in cities like Delhi often falling into hazardous categories, there has been a strong push from local authorities to shift away from fossil-fuel-powered vehicles. The introduction of electric buses is seen as an effective way to combat air pollution, providing a cleaner, more sustainable mode of transportation. Public demand for better air quality and cleaner urban environments has led to a growing willingness to embrace electric buses as part of broader green mobility initiatives.
In addition to environmental concerns, North India benefits from a relatively more developed charging infrastructure compared to other regions. This infrastructure is critical for the widespread deployment of electric buses, particularly in busy urban areas where high frequency and long operational hours demand consistent access to charging stations. Charging infrastructure in Delhi and other northern cities has been expanded as part of the government's broader push to support electric vehicle adoption.
North India's market also benefits from the increasing political will to address climate change and reduce carbon emissions. Various state governments in the region are aligning their policies with national sustainability goals, offering additional incentives for electric bus adoption. As these policies continue to evolve and improve, the region is expected to see further growth in the electric bus sector, with North India likely to play a pivotal role in the country's transition to greener urban transportation.
Key Market Players
- Eicher Motors
- JBM Auto
- Olectra Greentech
- Solaris Bus & Coach
- PMI Electro Mobility Solutions
- Switch Mobility
- Tata Motors
- GreenCell Mobility
- BYD Motors
- Volvo Buses India
Key Attributes:
| Report Attribute | Details |
| No. of Pages | 85 |
| Forecast Period | 2024 - 2030 |
| Estimated Market Value (USD) in 2024 | $0.32 Billion |
| Forecasted Market Value (USD) by 2030 | $1.1 Billion |
| Compound Annual Growth Rate | 22.8% |
| Regions Covered | India |
Report Scope:
In this report, the India Electric Bus Market has been segmented into the following categories, in addition to the industry trends which have also been detailed below:
India Electric Bus Market, By Propulsion Type:
- BEV
- FCEV
- HEV
- PHEV
India Electric Bus Market, By Length:
- Less Than 10 m
- More Than 10 m
India Electric Bus Market, By Application:
- Intercity
- Intracity
India Electric Bus Market, By Region:
- North India
- West India
- South India
- East India
For more information about this report visit https://www.researchandmarkets.com/r/s9c6ir
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