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 (<151 km, 151-250 km, >250 km), By Battery Capacity (<201 kWh, 201-300 kWh, >300 kWh), 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- 2028

  • Industry : Automotive
  • Pages : 75
  • Published Date : February, 2023
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Summary

Report Description

India Electric Bus Market is expected to grow from USD 219.42 million in 2022 to USD 865.70 million in 2028, growing with a CAGR of 26.20% in the forecast period. India is heading towards rapid adoption of green energy vehicles through various government initiatives, subsidies which boost the sales of public electric vehicles across the country to drive the India electric bus market in the upcoming years.

 

The demand for electric buses in India is rising along with the demand for low-emission, fuel-efficient public transportation. The growth is also being fueled by a number of government programs to cut carbon emissions, the expansion of the infrastructure for charging, and improvements in battery technology. Based on propulsion, there are two categories of electric buses: BEV and FCEV. Due to its zero emissions, BEV, which is wholly powered by rechargeable batteries, is becoming more and more popular. FCEV uses hydrogen fuel cell as its power source.  Currently all the electric buses which are sold in India are battery operated, which contribute around 9.8% of total buses sold in financial year 2022 . The FCEV market has additional development potential for both intra and intercity travel in the future years.

 

Increasing demand for emission free and energy efficient transport

One of the main contributors to greenhouse gas emissions is the transportation industry. Under the FAME II initiative in India, the government is prioritizing the transition to clean mobility as well as the quicker adoption and manufacturing of electric buses, making them more accessible. Long-range electric buses are being funded by well-known companies such as Tata Motors and PMI Electro Mobility Solutions for intercity travel with shorter charging times. Currently, state transportation agencies are taking advantage of governmental incentives. In the future years, a surge of private bus operators will penetrate the market owing to the deployment of charging infrastructure in every region of the nation.

Technological Improvement

Rapid technological advancements in battery capacity, increased comfort, increased battery range, shorter charging times, lower maintenance requirements, and a contribution to the reduction of pollution are all factors driving the growth of the India electric bus industry. Owing to additional advantages over other batteries in terms of energy density, resulting in better range and quicker charge times, lithium-ion batteries are quickly gaining popularity.

 

Increasing demand for FCEV Bus

The government is promoting green energy by increasing environmental consciousness and focusing on cost-effective transportation. The FCEV buses are powered by hydrogen fuel cell for electrically driven wheels. Hydrogen fuel cell technology is emerging as a promising alternative for replacing fossil fuels due to high range and less refueling time.


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Market Segmentation

The India electric bus market is segmented based on propulsion type, length of bus, range, battery capacity, application, seating capacity and by company. On the basis of propulsion type, the market is segmented into BEV and FCEV. Further, based on length of bus, it is segmented into up to 8, 8.1-10, 10.1-12, more than 12. Based on range in km, the market is split into <151, 151-250, >250. Based on battery capacity, the market is segmented into <201 kWh, 201-300 kWh, >300 kWh. Based on application, the market is bifurcated into intracity and intercity. Based on seating capacity, the market is divided into up to 30 seats, 31-40 seats, and more than 40 seats. The global electric bus market, based on propulsion type, is fully captured by battery operated electric bus in 2022 as fuel cell buses are being introduced in the market. Also, FCEV segment is expected to register a CAGR of nearly 60% during the forecast period. Based on length of bus, 10.1 to 12 m segment capture more than half of India electric bus market followed by 8.1 to 10 m and up to 8 m segment.

Company Profiles

Some of the major companies which are leading in India electric bus market are Tata Motors Limited, PMI Electro Mobility Solutions Private Limited, and JBM Auto Ltd. Contributing more than 75% of electric bus sales in 2022. Many new players are emerging with high capacity and long-range electric buses for intercity travel. Recently, Olectra Greentech Ltd. has got an order for 2100 electric buses to Brihanmumbai Electric Supply & Transport (BEST) over a period of 10 to 12 years. Moreover, Tata motors will supply 921 electric buses to Bengaluru Metropolitan Transport Corporation (BMTC) for a period of 12 years.

Attribute

Details

Market Size Value in 2022

USD 219.42 Million

Revenue Forecast in 2028

USD 865.70 Million

Growth Rate

26.20%

Base Year

2022

Historical Years

2018 – 2021

Estimated Year

2023

Forecast Period

2024 – 2028

Quantitative Units

Revenue in USD million and volume in units and CAGR for 2018-2022 and 2023-2028

Report Coverage

Revenue forecast, company share, competitive landscape, growth factors, and trends

Segments Covered

·         Propulsion Type

·         Length of Bus

·         Range

·         Battery Capacity

·         Application

·         Seating Capacity

·         Region

·         Top States

·         Company

Key Companies Profiled

PMI Electro Mobility Solutions Pvt. Ltd., Tata Motors Ltd., JBM Auto Ltd., Olectra Greentech Ltd., Ashok Leyland Ltd., Eicher Motors Ltd., Mytrah Mobility Pvt. Ltd., Mahindra & Mahindra Ltd., Bharat Heavy Electricals Ltd. (BHEL), VE Commercial Vehicles Ltd.

Customization Scope

10% free report customization with purchase. Addition or alteration to country, regional & segment scope.

Pricing and Purchase Options

Avail customized purchase options to meet your exact research needs. Explore purchase options

Delivery Format

PDF and Excel through Email (We can also provide the editable version of the report in PPT/pdf format on special request)

 

Report Scope:

In this report, India Electric Bus Market has been segmented into following categories, in addition to the industry trends which have also been detailed below:

  • India Electric Bus Market, By Propulsion Type:
    • BEV
    • FCEV
  • India Electric Bus Market, By Length of Bus:
    • 10.1 to12 m
    • 8.1 to 10 m
    • up to 8 m
    • more than 12 m
  • India Electric Bus Market, By Range:
    • 151-250 km
    • < 151 km
    • > 250 km
  • India Electric Bus Market, By Battery Capacity:
    • < 201 kWh
    • 201-300 kWh
    • > 300 kWh
  • India Electric Bus Market, By Application:
    • Intracity
    • Intercity
  • India Electric Bus Market, By Seating Capacity:
    • 31-40 seats
    • more than 40 seats
    • up to 30 seats
  • India Electric Bus Market, By Region:
    • West
    • North
    • South
    • East

Competitive Landscape

Company Profiles: Detailed analysis of the major companies present in India electric bus market

Available Customizations:

With the given market data, TechSci Research offers customizations according to a company’s specific needs. The following customization options are available for the report:

Company Information

  • Detailed analysis and profiling of additional market players (up to five).

Table of content

1.    Product Overview

2.    Research Methodology

3.    Executive Summary

4.    Impact of COVID-19 on India Electric Bus Market

5.    Voice of Customer

5.1.   Factors Influencing Purchase Decision

5.2.   Aided and Unaided Brand Recall

5.3.   Brand Satisfaction Level

5.4.   Challenges and Unmet Needs

6.    India Electric Bus Market Outlook

6.1.  Market Size & Forecast

6.1.1.     By Value & Volume

6.2.  Market Share & Forecast

6.2.1.     By Propulsion Type (BEV, FCEV)

6.2.2.     By Length of Bus m (up to 8m, 8.1 to 10m, 10.1 to 12m, more than 12m)

6.2.3.     By Range km (<151km, 151-250km, >250km)

6.2.4.     By Battery Capacity kWh (<201 kWh, 201-300 kWh, >300 kWh)

6.2.5.     By Application (Intracity, Intercity)

6.2.6.     By Seating Capacity (up to 30 seats, 31-40 seats, more than 40 seats)

6.2.7.     By Region

6.2.8.     By Top States (2022)

6.2.9.     By Company (2022)

6.3.  Market Map (By Propulsion, By length of Bus, By Range, By Battery Capacity, By Application, By Seating Capacity, By Region)

7.    India BEV Bus Market Outlook

7.1.  Market Size & Forecast

7.1.1.     By Value & Volume

7.2.  Market Share & Forecast

7.2.1.     By Propulsion Type

7.2.2.     By Length of Bus m

7.2.3.     By Range km

7.2.4.     By Battery Capacity kWh

7.2.5.     By Application

7.2.6.     By Seating Capacity

8.    India FCEV Bus Market Outlook

8.1.  Market Size & Forecast

8.1.1.     By Value & Volume

8.2.  Market Share & Forecast

8.2.1.     By Propulsion Type

8.2.2.     By Length of Bus m

8.2.3.     By Range km

8.2.4.     By Battery Capacity kWh

8.2.5.     By Application

8.2.6.     By Seating Capacity

9.    Market Dynamics

9.1.     Drivers

9.2.     Challenges

10.  Market Trends and Developments

11.  Policy & Regulatory Landscape

12.  Cost Benefit Analysis of Electric Bus Over ICE & CNG Buses

13.  Supply Chain Analysis

14.  India Economic Profile

15.  Competitive Landscape

15.1.     Tata Motors Ltd.

15.2.     Olectra Greentech Ltd.

15.3.     PMI Electro Mobility Solutions Pvt. Ltd.

15.4.     JBM Auto Ltd.

15.5.     Ashok Leyland Ltd.

15.6.     Eicher Motors Ltd.

15.7.     Mytrah Mobility Pvt. Ltd.

15.8.     Mahindra & Mahindra Ltd.

15.9.     Bharat Heavy Electricals Ltd. (BHEL)

15.10.   VE Commercial Vehicles Ltd.

16.  Strategic Recommendations

17.  About Us & Disclaimer

Note: The data given for any year represents the market during the fiscal year, i.e., 1st April to 31st March of that year. e.g., For 2022, the data represents the period, 1st April 2021 to 31st March 2022.

Figures and Tables

List of Figures:

Figure 1: India Electric Bus Market Size, By Value (USD Million) & Volume (Units), 2018-2028F

Figure 2: India Electric Bus Market Share, By Propulsion, By Volume, 2018-2028F

Figure 3: India Electric Bus Market Share, By Length of Bus, By Volume, 2018-2028F

Figure 4: India Electric Bus Market Share, By Range, By Volume, 2018-2028F

Figure 5: India Electric Bus Market Share, By Battery Capacity, By Volume, 2018-2028F

Figure 6: India Electric Bus Market Share, By Application, By Volume, 2018-2028F

Figure 7: India Electric Bus Market Share, By Seating Capacity, By Volume, 2018-2028F

Figure 8: India Electric Bus Market Share, By Region, By Volume, 2018-2028F

Figure 9: India Electric Bus Market Share, By Top States, By Volume, 2022

Figure 10: India Electric Bus Market Share, By Company, By Volume, 2022

Figure 11: India Electric Bus Market Map, By Propulsion Type, Market Size (Units) & Growth Rate (%)

Figure 12: India Electric Bus Market Map, By Length of Bus, Market Size (Units) & Growth Rate (%)

Figure 13: India Electric Bus Market Map, By Range, Market Size (Units) & Growth Rate (%)

Figure 14: India Electric Bus Market Map, By Battery Capacity, Market Size (Units) & Growth Rate (%)

Figure 15: India Electric Bus Market Map, By Application, Market Size (Units) & Growth Rate (%)

Figure 16: India Electric Bus Market Map, By Seating Capacity, Market Size (Units) & Growth Rate (%)

Figure 17: India Electric Bus Market Map, By Company, Market Size (Units) & Growth Rate (%)

Figure 18: India BEV Bus Market Size, By Value (USD Million) & Volume (Units), 2018-2028F

Figure 19: India BEV Bus Market Share, By Propulsion, By Volume, 2018-2028F

Figure 20: India BEV Bus Market Share, By Length of Bus, By Volume, 2018-2028F

Figure 21: India BEV Bus Market Share, By Range, By Volume, 2018-2028F

Figure 22: India BEV Bus Market Share, By Battery Capacity, By Volume, 2018-2028F

Figure 23: India BEV Bus Market Share, By Application, By Volume, 2018-2028F

Figure 24: India BEV Bus Market Share, By Seating Capacity, By Volume, 2018-2028F

Figure 25: India FCEV Bus Market Size, By Value (USD Million) & Volume (Units), 2018-2028F

Figure 26: India FCEV Bus Market Share, By Propulsion, By Volume, 2018-2028F

Figure 27: India FCEV Bus Market Share, By Length of Bus, By Volume, 2018-2028F

Figure 28: India FCEV Bus Market Share, By Range, By Volume, 2018-2028F

Figure 29: India FCEV Bus Market Share, By Battery Capacity, By Volume, 2018-2028F

Figure 30: India FCEV Bus Market Share, By Application, By Volume, 2018-2028F

Figure 31: India FCEV Bus Market Share, By Seating Capacity, By Volume, 2018-2028F

Frequently asked questions

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Electric buses demand is increasing at a faster rate in India. In the public transportation segment, electric buses are playing key role to curb the emissions. At present, BEV segment is completely dominating the market with its wide range of buses and battery capacity. Furthermore, FCEV segment shows rapid growth rate in upcoming years for intercity travel.

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India Electric Bus Market is estimated to reach USD 865.70 million by 2028, registering a CAGR of 26.20%, owing to increasing adoption of electric buses in both segments, intracity as well as intercity.

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The top players in the India electric bus market include Tata Motors Ltd., Olectra Greentech Ltd., PMI Electro Mobility Solutions Pvt. Ltd., JBM Auto Ltd., and Ashok Leyland Ltd.

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With various central and state subsidies coupled with faster adoption of electric buses increases demand of the electric bus in all regions. Currently, West is leading the market in terms of volume, followed by North, South and East.

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Srishti Verma

Business Consultant
Press Release

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

Feb, 2023

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

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