Market Size of india electric bus Industry
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Study Period | 2017 - 2030 |
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Market Size (2024) | USD 0.86 Billion |
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Market Size (2030) | USD 2.83 Billion |
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Largest Share by Fuel Category | BEV |
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CAGR (2024 - 2030) | 21.89 % |
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Fastest Growing by Fuel Category | FCEV |
Major Players |
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*Disclaimer: Major Players sorted in no particular order |
India Electric Bus Market Analysis
The India Electric Bus Market size is estimated at 0.86 billion USD in 2024, and is expected to reach 2.83 billion USD by 2030, growing at a CAGR of 21.89% during the forecast period (2024-2030).
0.86 Billion
Market Size in 2024 (USD)
2.83 Billion
Market Size in 2030 (USD)
157.54 %
CAGR (2017-2023)
21.89 %
CAGR (2024-2030)
Largest Segment by Fuel Category
99.88 %
value share, BEV, 2023
BEVs dominate India's electric bus market due to government incentives, lower operational costs, reduced emissions, and growing urban demand for cleaner public transportation options.
Leading Market Player
43.92 %
market share, Tata Motors Limited, 2023
Tata Motors Limited dominates the market with its extensive electric bus portfolio, strong manufacturing capabilities, and leadership in providing eco-friendly public transportation solutions across India.
Second leading Market Player
11.45 %
market share, Olectra Greentech Ltd., 2023
Olectra is the second leading player in the electric bus market in India. Its success can be attributed to its experience in the electric vehicle industry, diverse product portfolio.
Third Leading Market Player
9.70 %
market share, PMI Electro Mobility Solutions Pvt. Ltd., 2023
PMI Electro Mobility Solutions Pvt. Ltd. is a key player due to its focus on electric bus manufacturing, strong partnerships with state transport authorities, and commitment to sustainable urban mobility.
Fourth Leading Market Player
8.65 %
market share, JBM Auto Limited, 2023
JBM products like the JBM ECOLIFE and JBM GALAXY are designed for high efficiency and low total cost of ownership, making them attractive to public transport systems.
India's electric bus market is expanding, supported by policies and investment in charging infrastructure for sustainable public transport
- India's electric bus market is witnessing a robust growth trajectory, propelled by a blend of national and subnational policies aimed at facilitating the shift towards electric mobility. At the national level, India has displayed a resolute commitment to electrify its public transportation, with substantial funding earmarked for charging infrastructure. This endeavor aligns with a broader strategy to curtail reliance on fossil fuels and slash carbon emissions in the transport domain. Moreover, at the subnational level, targeted goals have been set to incentivize the adoption of electric buses. For instance, the government of Tamil Nadu unveiled plans to incentivize 750 charging stations under its State EV policy and aspires for 30% of its bus fleet to be electric by 2030. These policies underscore a clear intent to seamlessly integrate electric buses into the public transit network, bolstering the sustainability and efficacy of urban mobility in India.
- The backing for electric buses in India is further substantiated by resource allocation and the establishment of definitive electrification targets. The emphasis on building requisite charging infrastructure and setting ambitious benchmarks for electric bus uptake underscore the government's multifaceted approach to tackle both the environmental and logistical hurdles of urban transport. By prioritizing bus electrification, India not only aims to curtail greenhouse gas emissions but also enhance air quality in its rapidly urbanizing cities. The unwavering commitment, both at the national and subnational levels, to promote electric buses through financial support, infrastructure development, and policy frameworks, reflects a comprehensive endeavor to foster sustainable transport solutions.
India Electric Bus Industry Segmentation
BEV, FCEV, HEV, PHEV are covered as segments by Fuel Category.
- India's electric bus market is witnessing a robust growth trajectory, propelled by a blend of national and subnational policies aimed at facilitating the shift towards electric mobility. At the national level, India has displayed a resolute commitment to electrify its public transportation, with substantial funding earmarked for charging infrastructure. This endeavor aligns with a broader strategy to curtail reliance on fossil fuels and slash carbon emissions in the transport domain. Moreover, at the subnational level, targeted goals have been set to incentivize the adoption of electric buses. For instance, the government of Tamil Nadu unveiled plans to incentivize 750 charging stations under its State EV policy and aspires for 30% of its bus fleet to be electric by 2030. These policies underscore a clear intent to seamlessly integrate electric buses into the public transit network, bolstering the sustainability and efficacy of urban mobility in India.
- The backing for electric buses in India is further substantiated by resource allocation and the establishment of definitive electrification targets. The emphasis on building requisite charging infrastructure and setting ambitious benchmarks for electric bus uptake underscore the government's multifaceted approach to tackle both the environmental and logistical hurdles of urban transport. By prioritizing bus electrification, India not only aims to curtail greenhouse gas emissions but also enhance air quality in its rapidly urbanizing cities. The unwavering commitment, both at the national and subnational levels, to promote electric buses through financial support, infrastructure development, and policy frameworks, reflects a comprehensive endeavor to foster sustainable transport solutions.
| Fuel Category | |
| BEV | |
| FCEV | |
| HEV | |
| PHEV |
India Electric Bus Market Size Summary
The electric bus market in India is experiencing significant growth, driven by a combination of national and regional policies aimed at promoting electric mobility. The Indian government has made a strong commitment to electrifying public transportation, supported by substantial investments in charging infrastructure. This initiative is part of a broader strategy to reduce dependence on fossil fuels and decrease carbon emissions in the transportation sector. Regional governments, such as Tamil Nadu, are setting ambitious targets to increase the share of electric buses in their fleets, further supporting the national agenda. These efforts are designed to integrate electric buses into the public transit system, enhancing the sustainability and efficiency of urban mobility in India.
The market is also benefiting from financial support and the establishment of clear electrification targets, which address both environmental and logistical challenges in urban transport. The government's focus on building necessary charging infrastructure and setting high benchmarks for electric bus adoption reflects a comprehensive approach to fostering sustainable transport solutions. Initiatives like the Fame India scheme have been instrumental in driving vehicle electrification, with subsequent phases continuing to boost electric vehicle sales. State governments are actively transitioning from internal combustion engine buses to electric ones, reducing operational costs and improving air quality. The market is fairly consolidated, with major players like JBM Auto Limited, Olectra Greentech Ltd., and Tata Motors Limited leading the charge in this evolving landscape.
India Electric Bus Market Size - Table of Contents
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1. MARKET SEGMENTATION (includes market size in Value in USD and Volume, Forecasts up to 2030 and analysis of growth prospects)
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1.1 Fuel Category
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1.1.1 BEV
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1.1.2 FCEV
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1.1.3 HEV
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1.1.4 PHEV
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India Electric Bus Market Size FAQs
How big is the India Electric Bus Market?
The India Electric Bus Market size is expected to reach USD 863.52 million in 2024 and grow at a CAGR of 21.89% to reach USD 2.83 billion by 2030.
What is the current India Electric Bus Market size?
In 2024, the India Electric Bus Market size is expected to reach USD 863.52 million.
