Indian Electric Bus Market to Witness 53.0% CAGR during 2019-2025 | Top Key Players are Ashok Leyland Limited, JBM Auto Limited, Solaris Bus & Coach S.A., Deccan Auto Limited, Tata Motors Limited

India is one of the most populated countries in the world, and the strong economic growth and the rise in disposable income in the past few years has resulted in an extensive adoption of vehicles in the country. This has also led to the surging levels of pollution in the country, making it one of the most polluted countries across the globe. Attributed to this, the requirement for electric vehicles in the country is increasing as well. People are becoming increasingly aware regarding the surging air pollution levels and hence are trying to opt for electric vehicles instead of the conventional fuel-based vehicles.

Indian Electric Bus Market Key Players are:
1- Ashok Leyland Limited
2- JBM Auto Limited
3- Solaris Bus & Coach S.A.
4- Deccan Auto Limited
5- Tata Motors Limited

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The government of the country is also taking several initiatives in order to curb the air pollution levels. One of the recent ventures is the step towards electrifying the public transport fleet in India, due to which the requirement for electric buses is growing. The Ministry of Heavy Industry and Public Enterprise laid out the eligibility criteria regarding passenger vehicles, two and three-wheeler vehicles, and electric buses to avail the FAME II incentives. The recent investment of $1,460 million (INR 10,000 crore) offers a stable ground for the promotion of green mobility in India and is expected to support over 1,500,000 electric vehicles in the next three years.

INDIA ELECTRIC BUS MARKET

By Type - Battery Electric Bus (BEB) and Hybrid Electric Bus (HEB)
By Length - Less than 10 meter and More than 10 meter
By Battery - Lithium-Iron-Phosphate (LFP), Lithium-Nickel-Manganese-Cobalt Oxide (NMC), and Others
By Region -South, East, West, and North

As per the scheme, through an investment of $517.5 million (INR 3,545 crore), the Indian government would incentivize 7,090 electric buses. Because of all these factors, the Indian electric bus market is projected to reach 7,187 units by 2025, advancing at a 53.0% CAGR during the forecast period (2019-2025). Hybrid electric bus (HEB) and battery electric bus (BEB) are the two types of electric buses that are functional in the country. Between these two, the demand for BEBs is predicted to be higher in the years to come.

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In conclusion, the demand for electric buses in India is growing because of the declining air quality.

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