India Electric Bus Market to Grow at over 37% CAGR during the Forecast Period

Rising need for cleaner vehicles due to constantly increasing air pollution levels coupled with growing government support towards the use of electric buses to fuel demand for electric buses across India through 2024

According to TechSci Research report, “India Electric Bus Market By Seating Capacity, By Battery Type, By Application, By Bus Length, Competition Forecast & Opportunities, 2017-2024”, India electric bus market is projected to grow at 37.6% CAGR during the forecast period. Rising inclination towards electric vehicles to address the problem of rising air pollution levels in the country coupled with the expanding government support for electric vehicles are few of the key reasons buoying demand for electric buses in India. In addition, the rising number of research and development activities carried out for electrification of fuel powered buses is further anticipated to compliment the country’s electric bus market during the forecast period. Furthermore, in March 2019, Ministry of Heavy Industry and Public Enterprise laid down new eligibility criteria for electric vehicles under FAME II incentives. Based on the scheme, the government will incentivize over 7000 electric bus by investing over USD 5000 million.

Browse 25 market data Figures and 8 data Tables spread through 70 Pages and an in-depth TOC on “India Electric Bus Market”

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On account of growing requirement for technologically advanced and environment-friendly automobiles to curb the rising pollution levels in the country, the need for electric buses is anticipated to surge at a robust pace during the forecast period in India. Moreover, major chunk of demand for electric buses is expected to emanate from major cities as various state governments are gradually replacing diesel buses with electric ones. In 2018, the electric bus market was witnessed to be largely concentrated in the country’s North region owing to the region’s early adoption of electric buses. However, the penetration of electric buses in India’s southern region is expected to increase at a robust pace by 2024. Prices of electric buses is the major factor influencing the purchase decision for various fleet owners and state transport regulating bodies.

Foraying of various leading bus manufacturers such as TATA, Goldstone Infratech Ltd, JBM, Volvo Eicher, Foton among others into electric bus market, and their continuing research and development to manufacture technologically advanced and affordable electric buses is anticipated to have a huge positive impact on the market over the course of next five years. Moreover, with major leading players bidding for incorporation of their buses in various state city transport systems, the electric bus market is expected to witness a strong growth in revenue generation during the forecast period.

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“With many ongoing research and development projects in pipeline, increasing government focus on electric buses across the country, demand for electric buses is expected to grow at a robust pace in the coming years. Moreover, the electric buses have several advantages over the conventional automobiles, like they are much cleaner than the combustible automobiles and help curb the alarmingly rising air pollution levels. All these factors would steer the growth in India electric bus market in the coming years.” said Mr. Karan Chechi, Research Director with TechSci Research, a research based global management consulting firm.

“India Electric Bus Market By Seating Capacity, By Battery Type, By Application, By Bus Length, Competition Forecast & Opportunities, 2017-2024” has analyzed the potential of electric bus market across the country, and provides statistics and information on market sizes, shares and trends. The report will suffice in providing the intending clients with cutting-edge market intelligence and help them in taking sound investment decisions. Besides, the report also identifies and analyzes emerging trends along with essential drivers and key challenges faced by India electric bus market.

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