Press Release

India Electric Bus Market to Register a CAGR of 26.20% by 2028

Continuously increasing demand for public transport and increasing shift toward electric mobility is expected to drive the India Electric Bus Market through 2028.

According to TechSci Research report,
India Electric Bus Market - Industry Size, Share, Trends, Competition, Opportunity and Forecast, 2018- 2028F, India Electric Bus Market is expected to reach USD 865.70 million, registering a CAGR of 26.20% by 2028. India is quickly moving toward the adoption of green energy vehicles owing to a variety of government programs and incentives that increase the demand for public electric vehicles nationwide. Along with the desire for low-emission, fuel-efficient public transportation, the market for electric buses is growing in India.

Moreover, deployment of electric buses in Indian market has considerably increased in the past few years. Many companies have grabbed the order to supply electric buses in India including Olectra Greentech Ltd., Tata Motors Ltd., and PMI electro mobility solutions etc. The transportation sector is a major source of greenhouse gas emissions. The Government of India is prioritizing the switch to clean mobility as well as the rapid uptake and production of electric buses, making them more widely available, as part of the FAME II initiative.

Browse more than 31 market data Figures spread through
 70 Pages and an in-depth TOC on 
"India Electric Bus Market"

In addition, hydrogen fuel cell technology is emerging as a promising alternative for replacing fossil fuels due to high range and less refuelling time. Majority of electric buses sold in India has <201 kWh battery capacity. Furthermore, top firms, as well as many emerging players, are expected to increase their focus on R&D in order to create sophisticated technology and features while keeping low cost, which will result in increased sales of
electric vehicles. However, after the COVID-19 outbreak, which resulted in an economic catastrophe in 2020, the country's public transport sector plummeted due to lockdowns imposed by government.

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.


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