India Electric Bus Market Overview

Base Year: 2023

Historical Years: 2018-2023

Forecast Years: 2024-2032

Market Growth Rate: 20.50% (2024-2032)

Market Size in 2023: USD 305.2 Million

Market Size in 2032: USD 1,774 Million

The India electric bus market is growing rapidly, driven by government initiatives, environmental concerns, and advancements in technology. According to the latest report by IMARC Group, the market size reached USD 305.2 Million in ​2023​. Looking forward, IMARC Group expects the market to reach USD 1,774 Million by ​2032​, exhibiting a growth rate (CAGR) of 20.50% during 2024-2032.

India Electric Bus Market Trends and Drivers:

The India electric bus market is experiencing significant growth due to a strong push by government authorities towards sustainable and eco-friendly transportation solutions. Initiatives such as the Faster Adoption and Manufacturing of Hybrid and Electric Vehicles (FAME) scheme are playing a key role by offering substantial incentives and subsidies to promote the adoption of electric buses nationwide.

Additionally, growing concerns over air pollution and the urgency to reduce carbon emissions are driving both public and private sector investments in electric mobility. The increasing urban population and the rising demand for efficient public transportation further support this trend, with electric buses emerging as cost-effective and environmentally friendly alternatives to traditional diesel-powered vehicles.

Key trends shaping the market include advancements in battery technology and charging infrastructure, which are essential for the widespread adoption of electric buses. High-capacity batteries with longer lifespans and faster charging capabilities are making electric buses more practical for long-distance and high-frequency routes.

Moreover, there is a rising focus on developing indigenous electric bus manufacturing capabilities, with several Indian companies entering the market to produce buses tailored to local requirements. The integration of smart technologies, such as telematics and real-time monitoring systems, is enhancing the efficiency and reliability of these buses. Continued government support and increased participation from private players are expected to fuel the growth of the India electric bus market in the coming years.

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India Electric Bus Market Industry Segmentation:

The report has segmented the market into the following categories:

Breakup by Propulsion Type:

• Battery Electric Vehicle (BEV)
• Fuel Cell Electric Vehicle (FCEV)
• Plug-in Hybrid Electric Vehicle (PHEV)

Breakup by Battery Type:

• Lithium-ion Battery
• Nickel-Metal Hydride Battery (NiMH)
• Others

Breakup by Length:

• Less Than 9 Meters
• 9-14 Meters
• Above 14 Meters

Breakup by Range:

• Less Than 200 Miles
• More Than 200 Miles

Breakup by Battery Capacity:

• Up To 400 kWh
• Above 400 kWh

Breakup by Region:

• North India
• West and Central India
• South India
• East and Northeast India

Competitive Landscape:

The report offers an in-depth examination of the competitive landscape. It includes a thorough competitive analysis encompassing market structure, key player positioning, leading strategies for success, a competitive dashboard, and a company evaluation quadrant.

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Key highlights of the Report:

• Market Performance (2018-2023)
• Market Outlook (2024-2032)
• COVID-19 Impact on the Market
• Porter’s Five Forces Analysis
• Strategic Recommendations
• Historical, Current and Future Market Trends
• Market Drivers and Success Factors
• SWOT Analysis
• Structure of the Market
• Value Chain Analysis
• Comprehensive Mapping of the Competitive Landscape

Note: If you need specific information that is not currently within the scope of the report, we can provide it to you as a part of the customization.

About Us:

IMARC Group is a global management consulting firm that helps the world’s most ambitious changemakers to create a lasting impact. The company provide a comprehensive suite of market entry and expansion services.

IMARC offerings include thorough market assessment, feasibility studies, company incorporation assistance, factory setup support, regulatory approvals and licensing navigation, branding, marketing and sales strategies, competitive landscape and benchmarking analyses, pricing and cost research, and procurement research.

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