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

The Market Report Covers Electric Bus Manufacturers in India and is Segmented by Fuel Type (BEV, FCEV, HEV, PHEV)

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India Electric Bus Market Size

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India Electric Bus Market
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https://s3.mordorintelligence.com/study%20period/1629296433432_test~study_period_study_period.svg Study Period 2016 - 2029
https://s3.mordorintelligence.com/cagr/1629296433433_test~cagr_cagr.svg Market Size (2024) USD 0.86 Billion
https://s3.mordorintelligence.com/cagr/1629296433433_test~cagr_cagr.svg Market Size (2029) USD 2.48 Billion
https://s3.mordorintelligence.com/hydraulic_fluids/1629285650767_test~hydraulic_fluids_hydraulic_fluids.svg Largest Share by Fuel Type HEV
https://s3.mordorintelligence.com/cagr/1629296433433_test~cagr_cagr.svg CAGR (2024 - 2029) 23.59 %
https://s3.mordorlabs.com/hydraulic_fluids/1629285650767_test~hydraulic_fluids_hydraulic_fluids.svg Fastest Growing by Fuel Type BEV

Major Players
major-player-company-image major-player-company-image major-player-company-image major-player-company-image

*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 USD 0.86 billion in 2024, and is expected to reach USD 2.48 billion by 2029, growing at a CAGR of 23.59% during the forecast period (2024-2029).

  • Largest Segment by Fuel Type - HEV : Hybrids can ideally improve fuel efficiency by about 25 percent and the lack of charging infrastructure for pure battery engines is also the reason for hybrid bus growth in India.
  • Fastest-growing Segment by Fuel Type - BEV : The government practices and private programs to cut carbon emission, and development in charging infrastructure is making BEV the fastest-growing fuel type in buses in India.

India Electric Bus Market Trends

This section covers the major market trends shaping the India Electric Bus Market according to our research experts:

HEV is the largest segment by Fuel Type.

  • With an increasing population, worsening traffic congestion, and shifting focus on public transportation, the bus segment in India is poised for substantial growth. Government policies, domestic industrial growth, rising urbanization, and increased environmental awareness are all driving factors in the Indian bus market. OEMs are now focusing more on alternative fuel vehicles as a result of government regulations for more energy-efficient automobiles and tightening emission standards. These key elements are fueling India's demand for electric buses.
  • Almost every industry in India, including the automotive and transportation sectors, has been greatly impacted by the COVID-19 outbreak. The cessation of plant operations, along with lower vehicle use and sales during the pandemic, have all impeded the industry's growth. Since the growth of this industry is directly related to the production of electric vehicles, the resumption of manufacturing and industrial use of electric vehicles in many parts of the world is expected to fuel the growth of the bus industry.
  • Increasing pollution and emissions encouraged many to convert to electric buses in the bus fleet. Moreover, the government's initiatives toward improving public transportation, along with the growth of on-demand bus services, are expected to propel market growth. The Indian business is expanding quickly, and certain well-known indigenous players are in charge. To fulfill the rapidly increasing domestic demand for electric buses, local businesses are working with established overseas players. For instance, Green Cell Mobility plans to install 350 electric buses in Uttar Pradesh, India, in collaboration with PMI Electro Mobility Solutions. This project would also generate 1,000 jobs for the nation.
India Electric Bus Market

India Electric Bus Industry Overview

The India Electric Bus Market is fairly consolidated, with the top five companies occupying 79.08%. The major players in this market are Ashok Leyland, Foton-PMI, JBM Auto Ltd, Olectra Greentech Ltd and Tata motors (sorted alphabetically).

India Electric Bus Market Leaders

  1. Ashok Leyland

  2. Foton-PMI

  3. JBM Auto Ltd

  4. Olectra Greentech Ltd

  5. Tata motors

*Disclaimer: Major Players sorted in no particular order

India Electric Bus Market
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India Electric Bus Market News

  • August 2022: JBM Auto bags order for 200 low-floor electric buses from Delhi govt
  • June 2022: Punjab Governor flags off the first of 40 Eicher electric buses of Chandigarh Transport Undertaking. VE Commercial Vehicles Limited, a joint venture between Volvo Group and Eicher Motors Limited, will support the state's vision of building a greener and sustainable state by supplying 40 units of Eicher Skyline Pro E 3012H electric buses to Chandigarh Transport Undertaking (CTU).
  • June 2022: Ashok Leyland's EV arm unveils the electric bus platform EiV12, the buses would be available in two variants EiV 12 low floor and EiV 12 standard buses that would offer the best in reliability, range, and comfort.

India Electric Bus Market Report - Table of Contents

  1. EXECUTIVE SUMMARY & KEY FINDINGS

  2. REPORT OFFERS

  3. 1. INTRODUCTION

    1. 1.1. Study Assumptions & Market Definition

    2. 1.2. Scope of the Study

    3. 1.3. Research Methodology

  4. 2. KEY INDUSTRY TRENDS

    1. 2.1. Population

    2. 2.2. GDP

    3. 2.3. CVP

    4. 2.4. Inflation Rate

    5. 2.5. Interest Rate For Auto Loans

    6. 2.6. Battery Price (per Kwh)

    7. 2.7. Electrification Impact

    8. 2.8. New XEV Models Announced

    9. 2.9. Charging Stations Deployment

    10. 2.10. Regulatory Framework

    11. 2.11. Value Chain & Distribution Channel Analysis

  5. 3. MARKET SEGMENTATION

    1. 3.1. Fuel Type

      1. 3.1.1. BEV

      2. 3.1.2. FCEV

      3. 3.1.3. HEV

      4. 3.1.4. PHEV

  6. 4. COMPETITIVE LANDSCAPE

    1. 4.1. Key Strategic Moves

    2. 4.2. Market Share Analysis

    3. 4.3. Company Landscape

    4. 4.4. Company Profiles

      1. 4.4.1. Ashok Leyland

      2. 4.4.2. Foton-PMI

      3. 4.4.3. JBM Auto Ltd

      4. 4.4.4. Olectra Greentech Ltd

      5. 4.4.5. Tata motors

      6. 4.4.6. VE Commercial Motors

  7. 5. KEY STRATEGIC QUESTIONS FOR VEHICLES CEOS

  8. 6. APPENDIX

    1. 6.1. Global Overview

      1. 6.1.1. Overview

      2. 6.1.2. Porter's Five Forces Framework

      3. 6.1.3. Global Value Chain Analysis

      4. 6.1.4. Market Dynamics (DROs)

    2. 6.2. Sources & References

    3. 6.3. List of Tables & Figures

    4. 6.4. Primary Insights

    5. 6.5. Data Pack

    6. 6.6. Glossary of Terms

List of Tables & Figures

  1. Figure 1:  
  2. INDIA ELECTRIC BUS MARKET, POPULATION YOY GROWTH RATE, MILLION UNITS, 2016 – 2026
  1. Figure 2:  
  2. INDIA ELECTRIC BUS MARKET, GDP YOY GROWTH RATE, USD MILLION, 2016 – 2026
  1. Figure 3:  
  2. INDIA ELECTRIC BUS MARKET, CVP YOY GROWTH RATE, 2016 – 2027
  1. Figure 4:  
  2. INDIA ELECTRIC BUS MARKET, INFLATION RATE YOY GROWTH RATE, PERCENT, 2016 – 2026
  1. Figure 5:  
  2. INDIA ELECTRIC BUS MARKET, INTEREST RATE FOR AUTO LOANS YOY GROWTH RATE, PERCENT, 2016 – 2026
  1. Figure 6:  
  2. INDIA ELECTRIC BUS MARKET, BATTERY PRICES YOY GROWTH RATE, 2016 – 2026
  1. Figure 7:  
  2. INDIA ELECTRIC BUS MARKET, ELECTRIFICATION IMPACT, VOLUME, YOY GROWTH RATE, PERCENT, 2016 – 2026
  1. Figure 8:  
  2. INDIA ELECTRIC BUS MARKET, NEW XEV MODELS ANNOUNCED, VOLUME, YOY GROWTH RATE, UNITS, 2016 – 2026
  1. Figure 9:  
  2. INDIA ELECTRIC BUS MARKET, CHARGING STATIONS DEPLOYMENT, VOLUME, YOY GROWTH RATE, UNITS, 2016 – 2026
  1. Figure 10:  
  2. INDIA ELECTRIC BUS MARKET, VOLUME IN UNITS, 2016 – 2026
  1. Figure 11:  
  2. INDIA ELECTRIC BUS MARKET, VALUE IN USD, 2016 – 2026
  1. Figure 12:  
  2. INDIA ELECTRIC BUS MARKET, BY FUEL TYPE, BY VOLUME IN UNITS, 2016-2028
  1. Figure 13:  
  2. INDIA ELECTRIC BUS MARKET, BY FUEL TYPE, BY VALUE IN USD, 2016-2028
  1. Figure 14:  
  2. INDIA ELECTRIC BUS MARKET MARKET, SHARE(%), BY FUEL TYPE, 2016 - 2028
  1. Figure 15:  
  2. INDIA ELECTRIC BUS MARKET MARKET, SHARE(%), BY FUEL TYPE, 2016 - 2028
  1. Figure 16:  
  2. INDIA ELECTRIC BUS MARKET, BY BEV, BY VOLUME IN UNITS, 2016-2028
  1. Figure 17:  
  2. INDIA ELECTRIC BUS MARKET, BY BEV, BY VALUE IN USD, 2016-2028
  1. Figure 18:  
  2. INDIA ELECTRIC BUS MARKET MARKET, SHARE(%), BY FUEL TYPE, 2021 - 2028
  1. Figure 19:  
  2. INDIA ELECTRIC BUS MARKET, BY FCEV, BY VOLUME IN UNITS, 2016-2028
  1. Figure 20:  
  2. INDIA ELECTRIC BUS MARKET, BY FCEV, BY VALUE IN USD, 2016-2028
  1. Figure 21:  
  2. INDIA ELECTRIC BUS MARKET MARKET, SHARE(%), BY FUEL TYPE, 2021 - 2028
  1. Figure 22:  
  2. INDIA ELECTRIC BUS MARKET, BY HEV, BY VOLUME IN UNITS, 2016-2028
  1. Figure 23:  
  2. INDIA ELECTRIC BUS MARKET, BY HEV, BY VALUE IN USD, 2016-2028
  1. Figure 24:  
  2. INDIA ELECTRIC BUS MARKET MARKET, SHARE(%), BY FUEL TYPE, 2021 - 2028
  1. Figure 25:  
  2. INDIA ELECTRIC BUS MARKET, BY PHEV, BY VOLUME IN UNITS, 2016-2028
  1. Figure 26:  
  2. INDIA ELECTRIC BUS MARKET, BY PHEV, BY VALUE IN USD, 2016-2028
  1. Figure 27:  
  2. INDIA ELECTRIC BUS MARKET MARKET, SHARE(%), BY FUEL TYPE, 2021 - 2028
  1. Figure 28:  
  2. INDIA ELECTRIC BUS MARKET, MOST ACTIVE COMPANIES, BY NUMBER OF STRATEGIC MOVES, 2018 - 2021
  1. Figure 29:  
  2. INDIA ELECTRIC BUS MARKET, MOST ADOPTED STRATEGIES, 2018 - 2021
  1. Figure 30:  
  2. INDIA ELECTRIC BUS MARKET SHARE(%), BY MAJOR PLAYERS, 2021

India Electric Bus Industry Segmentation

BEV, FCEV, HEV, PHEV are covered as segments by Fuel Type.
Fuel Type
BEV
FCEV
HEV
PHEV
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Market Definition

  • Body Type - A road vehicle that carries significantly more passengers than an average car or van. It is most commonly used in public transport but is also used for charter purposes or private ownership.
  • Engine Type - Hybrid and electric vehicles are vehicles that run on batteries and use one or more electric motors for propulsion. Under this category, electric buses have been included.
  • Fuel Type - Hybrid and electric vehicles include HEV, PHEV, BEV, and FCEV.
  • Sub Body Type -
  • Vehicle Type - Commercial vehicles are motorized road vehicles designed for transporting people or goods. The category includes medium and heavy-duty buses.
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Research Methodology

Mordor Intelligence follows a four-step methodology in all our reports.

  • Step-1: Identify Key Variables: In order to build a robust forecasting methodology, the variables and factors identified in Step-1 are tested against available historical market numbers. Through an iterative process, the variables required for market forecast are set and the model is built on the basis of these variables.
  • Step-2: Build a Market Model: Market-size estimations for the historical and forecast years have been provided in revenue and volume terms. For sales conversion to volume, the average selling price (ASP) is kept constant throughout the forecast period for each country, and inflation is not a part of the pricing.
  • Step-3: Validate and Finalize: In this important step, all market numbers, variables and analyst calls are validated through an extensive network of primary research experts from the market studied. The respondents are selected across levels and functions to generate a holistic picture of the market studied.
  • Step-4: Research Outputs: Syndicated Reports, Custom Consulting Assignments, Databases & Subscription Platforms
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India Electric Bus Market Research FAQs

The India Electric Bus Market size is expected to reach USD 0.86 billion in 2024 and grow at a CAGR of 23.59% to reach USD 2.48 billion by 2029.

In 2024, the India Electric Bus Market size is expected to reach USD 0.86 billion.

Ashok Leyland, Foton-PMI, JBM Auto Ltd, Olectra Greentech Ltd and Tata motors are the major companies operating in the India Electric Bus Market.

In the India Electric Bus Market, the HEV segment accounts for the largest share by fuel type.

In 2024, the BEV segment accounts for the fastest growing by fuel type in the India Electric Bus Market.

In 2023, the India Electric Bus Market size was estimated at USD 563.10 million. The report covers the India Electric Bus Market historical market size for years: 2016, 2017, 2018, 2019, 2020, 2021, 2022 and 2023. The report also forecasts the India Electric Bus Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029.

Electric Bus in India Industry Report

Statistics for the 2024 Electric Bus in India market share, size and revenue growth rate, created by Mordor Intelligence™ Industry Reports. Electric Bus in India analysis includes a market forecast outlook to 2029 and historical overview. Get a sample of this industry analysis as a free report PDF download.

Electric Bus Market in India Report Snapshots

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