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India Electric Bus Market Size

The market size of the electric bus sector in India is experiencing significant expansion, driven by a combination of national and regional policies that support the transition to electric mobility. The Indian government's strong commitment to electrifying public transportation, along with substantial investments in charging infrastructure, is central to this growth. These efforts are part of a larger strategy to reduce dependence on fossil fuels and decrease carbon emissions in the transportation sector. Additionally, regional initiatives, such as those in Tamil Nadu, aim to further incentivize the adoption of electric buses, highlighting a focused effort to integrate them into the public transit system. This comprehensive approach, which includes resource allocation and clear electrification targets, underscores India's dedication to promoting sustainable transport solutions and improving urban air quality.

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Market Size of india electric bus Industry

India Electric Bus Market Summary
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svg icon Study Period 2017 - 2030
svg icon Market Size (2024) USD 0.86 Billion
svg icon Market Size (2030) USD 2.83 Billion
svg icon Largest Share by Fuel Category BEV
svg icon CAGR (2024 - 2030) 21.89 %
svg icon Fastest Growing by Fuel Category FCEV
svg icon Market Concentration High

Major Players
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*Disclaimer: Major Players sorted in no particular order

Key Players

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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

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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

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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

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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

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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

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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 Market

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
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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.

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India Electric Bus Market Size - Table of Contents

  1. 1. MARKET SEGMENTATION (includes market size in Value in USD and Volume, Forecasts up to 2030 and analysis of growth prospects)

    1. 1.1 Fuel Category

      1. 1.1.1 BEV

      2. 1.1.2 FCEV

      3. 1.1.3 HEV

      4. 1.1.4 PHEV

India Electric Bus Market Size FAQs

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.

In 2024, the India Electric Bus Market size is expected to reach USD 863.52 million.

Electric Bus Market in India Report Snapshots

Electric Bus Market in India Size - Industry Report on Share, Growth Trends & Forecasts Analysis (2024 - 2029)

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