India Electric Bus Market To Reach USD 2,766.1 Million by 2030

It is stated by a market research company, P&S Intelligence, the total size of the Indian electric bus market size will USD 603.1 million in 2022, and it will grow at a rate of 21% by the end of this decade, to reach USD 2,766.1 million by 2030.

India is the second-most populated nation, following China. The national population figures continued to grow and so does the count of vehicles. The emissions from these automobiles are worsening the air quality, becoming a serious health concern. Because of this, the government has already switched from the BS IV to the BS VI emission standards 2020 onward.

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The government is promoting zero-emission buses through numerous environmental consciousness campaigns. Numerous environmental organizations are also concentrating on awareness programs, to cause a change in the preference of people and support the government achieve its objective of cutting the carbon footprint. These efforts will drive the production and sale of these vehicles in India, in the years to come.

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The BEB market held the larger share, above 90%, in the recent past, as a result of the accessibility of incentives, subsidies, and other monetary benefits, to endorse the use of ecological buses.
Moreover, most e- buses make use of LFP batteries because of the fact that they are cheaper to manufacture compared to other batteries. Therefore, cost sensitivity is one of the important factors in the decision of using LFP batteries in e- buses.

E- bus sales in North India will have the fastest growth in the years to come, of over 60%, because of the support delivered by the state governments for boosting the acceptance of these vehicles. The Indian electric bus market growth is mainly driven by the high pollution level in Delhi.
It is because of the rapid urbanization and the government initiatives for green public transportation, the demand for electric buses in India will increase rapidly.

About P&S Intelligence

P&S Intelligence provides market research and consulting services to a vast array of industries across the world. As an enterprising research and consulting company, P&S believes in providing thorough insights on the ever-changing market scenario, to empower companies to make informed decisions and base their business strategies with astuteness. P&S keeps the interest of its clients at heart, which is why the insights we provide are both honest and accurate. Our long list of satisfied clients includes entry-level firms as well as multi-million-dollar businesses and government agencies.

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This release was published on openPR.