Market Trends of india electric bus Industry
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.
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