The detailed report on “Electric Bus Market in India 2023 – 2028” is conducted by ResearchAndMarkets.
Highlights from the report include a significant surge in e-bus sales, with 1,919 units sold in FY 2023, expected to reach 41,566 units by FY 2028, boasting an impressive CAGR of ~89.21% between FY 2024 and FY 2028.
Currently in its early stages, the Indian electric bus market has seen around 3,000 registrations, with pending orders reaching 7,000 units. Maharashtra, Uttar Pradesh, Delhi, and Gujarat contribute to over 75% of these registrations.
Factors fueling this growth include demand aggregation, technological advancements, and improved charging infrastructure. Government initiatives to electrify fleets and OEMs’ efforts to establish integrated electric vehicle ecosystems are driving forces behind this expansion.
Expectations point toward a substantial increase in electric bus penetration in the next 5-7 years, further propelled by the Indian government’s emphasis on cleaner public transportation and considerable investments in mobility infrastructure.
Key Trends:
- Electric buses have shown higher EV integration compared to other vehicle segments in primary EV sales states, reaching penetration rates of 15% in Uttar Pradesh (UP), 12% in Karnataka, and 8% in Maharashtra.
- Advancements in technology, including improved charging efficiency, extended range, and anticipated reductions in battery prices (which currently account for 40% of the vehicle cost), are anticipated to drive widespread e-bus adoption.
Policy Initiatives:
State and city road transport corporations (STUs) show a cumulative annualized potential exceeding 15,000 e-buses, reflecting strong pro-electric vehicle policies and specified e-bus penetration targets.
Competitive Landscape:
Key players driving the Indian electric bus market include 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, and VE Commercial Vehicles Limited.
